{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "elm": "http://www.elementis.com/20251231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.elementis.com/xbrl/2025/549300LQIH685LI2ML36-2025-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "Our products don\u2019t have everyday names, but there is a little bit of Elementis in many everyday items. We create specialty chemicals using our deep expertise in the science of how materials flow and feel (rheology) and in combining ingredients in the right way to make products that perform better, feel nice and last longer (formulation solutions). This helps us to deliver crucial end-product attributes for our customers in the personal care and coatings markets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "Annual report on remuneration (\u2018report\u2019)
This report details how the Company\u2019s policies and practices on Directors\u2019 remuneration were applied in respect of the \ufb01nancial year ended 31 December 2025 and how they will be applied in the
2026 \ufb01nancial year.
Remuneration payable to Directors for 2025 (audited)
Although the Company reports its results in US dollars, the remainder of this report on remuneration is presented in pounds sterling because the majority of the Directors are UK-based and paid in
pounds sterling. A breakdown of the Directors\u2019 remuneration for the year ended 31 December 2025 is set out in the table below.
\n \n
Fixed
Performance-related
\u00a3\u2019000
Year
Salary/fees
Bene\ufb01ts
2
Pension
Total \ufb01xed
Bonus
LTIP
Other
3
Total variable
Total
Executive Directors
Luc van Ravenstein
1
, CEO
2025
369
55
30
454
399
264
6
669
1,123
2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Non-Executive
John O\u2019Higgins, Chair
2025
224
\u2013
\u2013
224
\u2013
\u2013
\u2013
\u2013
224
Directors
2024
216
\u2013
\u2013
216
\u2013
\u2013
\u2013
\u2013
216
Dorothee Deuring
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
59
\u2013
\u2013
59
\u2013
\u2013
\u2013
\u2013
59
Trudy Schoolenberg
4
2025
71
\u2013
\u2013
71
\u2013
\u2013
\u2013
\u2013
71
2024
69
\u2013
\u2013
69
\u2013
\u2013
\u2013
\u2013
69
Christine Soden
4
2025
77
\u2013
\u2013
77
\u2013
\u2013
\u2013
\u2013
77
2024
74
\u2013
\u2013
74
\u2013
\u2013
\u2013
\u2013
74
Clement Woon
4
2025
71
\u2013
\u2013
71
\u2013
\u2013
\u2013
\u2013
71
2024
65
\u2013
\u2013
65
\u2013
\u2013
\u2013
\u2013
65
Maria Ciliberti
5
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
47
\u2013
\u2013
47
\u2013
\u2013
\u2013
\u2013
47
Heejae Chae
5
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
45
\u2013
\u2013
45
\u2013
\u2013
\u2013
\u2013
45
Christopher Mills
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Former Directors
Paul Waterman
1,6
, former CEO
2025
475
64
97
636
510
1,371
0
1,881
2,517
2024
808
120
167
1,095
978
949
0
1,927
3,022
Ralph Hewins
7
, former CFO
2025
429
30
90
549
386
761
0
1,147
1,696
2024
414
29
87
530
418
430
18
866
1,396
Steve Good
2025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2024
23
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
23
Total
2025
1,960
149
217
2,326
1,295
2,396
6
3,697
6,023
Total
2024
1,820
149
254
2,223
1,396
1,379
18
2,793
5,016
1
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025. His base salary from
appointment was $720,000. Paul Waterman stepped down as CEO and retired from the Board on the same date,
but remained in employment until 31 July 2025 in order to ensure an orderly handover to his successor. The
remuneration shown in the table above is in respect of his employment during the year (i.e., until 31 July 2025).
His base salary during the year was $1,071,055. The foreign exchange rate applied to both individuals is the 2025
average rate of $1.3162:\u00a31.00 (2024: $1.2806:\u00a31.00).
2
Taxable bene\ufb01ts for Paul Waterman consist of a car allowance, private health care (\u00a320,324), dental, life
assurance, accidental death and disablement cover and long-term disability insurance (\u00a317,273), and tax advice
(\u00a322,793). Taxable bene\ufb01ts for Ralph Hewins consist of a car allowance (\u00a318,000), private health care and life
assurance. Taxable bene\ufb01ts for Luc van Ravenstein consist of a car allowance (\u00a312,156), private health care
(\u00a321,169), dental, life assurance, accidental death and disablement cover and long-term disability insurance, and
tax advice (\u00a315,195). For Paul Waterman and Luc van Ravenstein the tax advice bene\ufb01t allows appropriate tax
\ufb01lings to be made in both the UK and US as a result of Company business travel requirements in the relevant year,
which exceeded the normal business expectations and gave rise to the need for dual \ufb01lings.
3
As required by remuneration reporting regulations, the valuation of Luc Ravenstein\u2019s SAYE grant is based on the face
value of shares at grant (September 2023), less the exercise price. There are no performance measures for the SAYE.
4
Trudy Schoolenberg is the SID. Christine Soden is the DNED for workforce engagement and is also Chair of the
Audit Committee. Clement Woon is Chair of the Remuneration Committee.
5
Maria Ciliberti was appointed to the Board on 11 March 2024, and Heejae Chae was appointed to the Board on
25 March 2024.
6
As stated elsewhere in this report, Paul Waterman\u2019s pension contribution is 21% of salary. He receives cash in lieu
of pension into his 401(k) up to the prescribed IRS limit, and non-quali\ufb01ed deferred compensation in respect of
the remaining amount.
7
Ralph Hewins stepped down as CFO and retired from the Board on 31 December 2025. Kath Kearney-Croft
was appointed as CFO designate on 3 November 2025 and became CFO and member of the Elementis plc Board
as of 1 January 2026.
Determination of annual bonus outcome for performance in 2025 (audited)
\n
This section shows the performance targets set in respect of the 2025 annual bonus scheme and the level of performance achieved.
\n
Full details of the bonus assessment for the Executive Directors is set out below. The bonus targets were set at the start of the \ufb01nancial year. The targets were set to be similarly challenging to those
\n
set in prior years having had regard to both internal planning and prevailing market conditions. Following the sale of the Talc business in the \ufb01rst half of the year, the Committee restated the targets (as
\n
set out below) so that they excluded the Talc business and the targets were based on the continuing operations of the business. This approach mirrored past practice where there have been material
\n
divestments. The Committee is comfortable that the adjusted targets were at least as challenging as the targets when originally set and aligned with the original intent of the target setting process.
\n
As disclosed, Luc van Ravenstein was promoted to the role of CEO and joined the Board on 29 April 2025. The \ufb01gure shown in this report in respect of his bonus relates only to the time served as an
\n
Executive Director in the year. Paul Waterman continued to be employed by Elementis and provided transition support to Luc until 31 July 2025, so his bonus has been pro-rated to this date. Ralph
\n
Hewins was CFO until 31 December 2025 (the \ufb01nal day of the \ufb01nancial year), so his bonus has not been pro-rated for time.
\n
The total bonuses payable based on the performance achieved are 71.9% of maximum for Luc van Ravenstein, Paul Waterman and Ralph Hewins. The Committee was comfortable with the bonus
\n
earned in the context of the performance delivered and did not consider it necessary to use discretion in relation to the bonus out-turn. Accordingly, and in line with the Policy, 50% of the bonus
\n
payable will be deferred over shares which will be released to the Director after two years and which are forfeitable for gross misconduct.
\n\n \n
Relative
2025 bonus plan targets
Percentage of maximum bonus earned
Percentage of salary earned
weighting of
Plan
Stretch
Luc van
Paul
Luc van
Paul
performance
Threshold
(50%
(100%
Percentage of
Ravenstein
Waterman
Ralph Hewins
Ravenstein
Waterman
Ralph Hewins
Full-year bonus
conditions
(0% pay-out)
pay-out)
pay-out)
Actual result
maximum
CEO
Former CEO
Former CFO
CEO
Former CEO
Former CFO
Maximum
PBT ($m)
50%
99.3
102.8
113.1
107.5
72.8%
36.4%
36.4%
36.4%
54.6%
54.6%
45.5%
AWC to sales (%)
20%
24.8%
24.5%
22.5%
23.8%
67.5%
13.5%
13.5%
13.5%
20.25%
20.25%
16.875%
Non-\ufb01nancial
30%
0/30
15/30
30/30
22/30
73.3%
22%
22%
22%
33%
33%
27.5%
Total full year
100%
71.9%
71.9%
71.9%
107.85%
107.85%
89.875%
Set out below is a summary of the Committee\u2019s assessment of the challenging 2025 non-\ufb01nancial targets. The objectives were categorised into two categories: (1) sustainability priorities
\n
(15% weighting) and (2) Innovation, Growth and Ef\ufb01ciency (15% weighting).
\n
2025 bonus assessment for CEO and CFO: Non-\ufb01nancial targets
\n\n \n
Summary
Measure
Performance indicator
Achievements
scoring
Sustainability objectives
Safety
Recordable injuries: threshold 5; target 3; stretch 1
Recordable injuries: 4
Focus on maintaining and strengthening
Safety engagement: threshold 75% employee participation and
Safety engagement: 90.5
responsible workplace practices through safety
minimum 2 activities/employee per quarter; maximum 75%
Recordables between threshold and target and Engagement close to maximum
3%/5%
engagement
employee participation and 4 activities/employee per quarter
Diversity, Equity and Inclusion
Gender diversity: new-hire diversity; ELT and direct reports at
New hire diversity: 28%
Continue to build organisational capability
least 40% of each gender
ELT and Direct Reports: 40% female and 60% male
through actions that increase employee
Gallup Q12 and Culture of Inclusion index
Gallup Q12: from 3.91 to 4.04 and Gallup Culture of inclusion: from 3.96 to 4.09
4%/5%
engagement and create a more diverse,
Targets met or exceeded for each objective
equitable and inclusive organisation
Environmental
Overall GHG emissions
Overall GHG emissions: 14% reduction vs 5.9% target
Continue to demonstrate progress towards
2030 target progress
2030 target progress: all 4 environmental intensity targets exceeded
achieving our 2030 and SBT goals through
SBT target validated and roadmap progressed
SBT target validated and roadmap progressed: validated in March and roadmap updated
4%/5%
implementation of energy-ef\ufb01ciency and
Sustainability fully integrated into portfolio and innovation
Sustainability fully integrated into portfolio and innovation management: progressing with
environmental impact improvement projects,
management
more work to do
and put further actions in place to minimise
Responsible sourcing approach in place
Responsible sourcing approach in place: system live and understood
pollution and risk of environmental Tier 1 and 2
Product lifecycle analysis further expanded
Product lifecycle analysis further expanded: expanded to cover NiSAT and Organic
incidents. SBT greenhouse gas emission
% naturally-derived product revenue
Thixotrope technologies
reduction target to be validated, and all
Audit readiness activities complete
% naturally-derived product revenue: increased from 58% to 59%
environmental data to be audit ready
Audit readiness activities complete: partially completed, hindered by EU regulation change
Strategic objectives
CMD Growth Platform
Above-market sales of $7m in Personal Care and $19m in
Above-market sales of $7m in Personal Care and $19m in Coatings and Energy in 2025:
Deliver 2025 components of $90m growth
Coatings and Energy in 2025
not achieved
platform promise, setting up 2026 for success
15 new products with sustainability bene\ufb01ts
15 new products with sustainability bene\ufb01ts: 19 new products with 16 having sustainability
3%/5%
Innovation Revenue increasing to 16%
bene\ufb01ts: target exceeded
Pipeline of new products for 2026
Innovation Revenue increasing to 16%: achieved 16.4%: target exceeded
$35m NBO revenue delivered in 2025 plus growth in pipeline
Pipeline of new products for 2026 minimum of 15 planned: target achieved
to >$290m
$35m NBO revenue delivered in 2025 plus growth in pipeline to >$290m: $56m NBO
revenue delivered; pipeline increase to $263m: target partially achieved
CMD Ef\ufb01ciency Platform
Deliver Fit for the Future \u2013 $8m; Supply Chain \u2013 $4m; and
Fit for the Future: target exceeded; $8m: target achieved
Deliver 2025 components of CMD targeted
Procurement \u2013 $4m
Supply Chain $5m: target exceeded; Procurement $4m: target achieved; and all on
ef\ufb01ciency savings, and drive key improvements
Supply Chain and Procurement initiatives on track for further
track/slightly ahead for 2026 delivery: target achieved
4%/5%
at STL site and Customer Service delivery in
delivery in 2026
St. Louis OEE stable, OTIF up 1% and costs behind plan: target partially achieved
Porto
St. Louis OEE, OTIF and costs
Corporate Development
Completion of Talc strategic review. If Talc is to be sold, optimise value
Successful completion of Talc strategic review with divestment completed at end of May:
Continue to improve the Elementis portfolio
and contract terms, and ensure a smooth and timely deal completion
target achieved
through completion of the Talc strategic review,
and transition (including removal of any future liability risk)
Sale of the pharmaceutical manufacturing business on track for completion in Q1 2026:
4%/5%
sale of the pharmaceutical manufacturing
Completion of sale of the pharmaceutical manufacturing business
target on track for achievement
business and other steps aligned to strategy
in line with Board expectations
Completion of acquisition of Alchemy Ingredients: target achieved
(e.g. bolt-on M&A)
Other strategic steps that demonstrate enhanced value
Development of appropriately sized M&A pipeline: target achieved
\n
Key to summary scoring
\n
Achieved in full or predominantly achieved
Partially achieved
Not achieved
Directors\u2019 share-based awards
\n
Determination of 2023 LTIP awards (audited)
\n
Under the 2023 award, the performance is assessed against EPS, relative TSR and operating cash conversion performance metrics, as summarised below.
\n
The EPS growth and relative TSR and AOCC targets were met or exceeded. Overall this has resulted in 76.8% of the award vesting. The Committee considers this to be in line with
\n
underlying performance.
\n
In determining vesting, the Committee considered:
\n
ROCE (excluding goodwill) over the performance period, which increased from 11.8% to 30% in challenging market conditions, and, as such, the Committee con\ufb01rmed the formulaic outcome
\n
The potential for windfall gains, which, given the share price used to determine the number of shares included in awards in April 2023 was \u00a31.19 (which was consistent with the share price used
\n
as the basis to determine the 2022 award (\u00a31.19)), were not considered to have arisen
\n\n \n
Performance metric
Weighting
Threshold target
Threshold payout
Maximum target
Elementis achievement
Payout
EPS
1
33.3%
11.8 cents per share
0%
15.8 cents per share
13.72 cents per share
48%
Operating cash conversion
2
33.3%
80%
0%
100%
97.5%
87.5%
Relative TSR vs FTSE All-Share Index
33.3%
Median (50th percentile)
25%
Upper quartile (75th percentile)
73rd percentile
94.9%
\n
1
As noted in the Chair\u2019s letter, the original EPS targets were restated downwards by 1.2 cents to reflect the sale of Talc. The original threshold was 13.0 cents per share, and the original maximum was 17.0 cents per share.
\n
The Committee is comfortable that the adjusted targets ful\ufb01l their original intent and are no less stretching than the targets originally set.
\n
2
Talc has been included in the 2023 and 2024 cash conversion \ufb01gures and excluded from the 2025 \ufb01gure. The Committee is comfortable that this approach most accurately reflects our business operations over the performance period.
\n
Based on this performance assessment, the table below illustrates the value receivable under the 2023 awards. Any shares vesting will be subject to a two-year holding period.
\n\n \n
Number of shares
Value of dividend
Award holder
Number of shares granted
Payout (% of maximum)
due to vest
Value from share price increase
1
equivalents
2,3
Total value vesting
3
Paul Waterman
1,350,978
76.8%
805,409
5
\u00a3357,602
\u00a354,981
\u00a31,371,020
Ralph Hewins
584,349
76.8%
447,142
6
\u00a3198,531
\u00a330,524
\u00a3761,154
Luc van Ravenstein
4
175,146
88.4%
54,829
\u00a368,744
\u00a310,565
\u00a3263,556
\n
1
There was share price appreciation from the share price used to determine the number of shares granted (\u00a31.19) to the three-month average share price to 31 December 2025 (\u00a31.634).
\n
2
Value of dividend equivalents estimated based on dividends until 31 December 2025.
\n
3
Value of shares based on a three-month average share price of \u00a31.634 to 31 December 2025. This value will be restated next year based on the actual share price on the date of vesting.
\n
4
Luc van Ravenstein\u2019s 2023 LTIP award was granted before he became an Executive Director, 50% of his LTIP award was subject to the same performance conditions as per the awards to Paul Waterman and Ralph Hewins set out above,
\n
and 50% was based on continued employment (i.e. restricted stock) in line with our approach for non PLC Directors.
\n
5
Pro-rated to termination date of 31 July 2025 (i.e. 77.6%).
\n
6
Pro-rated to termination date of 31 March 2025 (i.e. 99.6%).
Annual LTIP awards granted in the year (audited)
\n
On 30 May 2025, LTIP awards were granted in line with the Remuneration Policy. Luc van Ravenstein was granted an award to the value of 200% of salary and Ralph Hewins was granted an award to
\n
the value of 175% of salary. On 3 November 2025 Kath Kearney-Croft was granted an award to the value of 175% of salary in connection with her recruitment as CFO Designate.
\n
Share awards will ordinarily vest after three years, with any shares vesting (other than those sold to meet associated tax liabilities) subject to a two-year holding requirement.
\n
As set out in the \u2018Payments to past Directors or payments for loss of of\ufb01ce\u2019 section of this report, Ralph Hewins, as a retiree, was deemed to be a good leaver under the rules of the Elementis LTIP.
\n
As such, his 2025 LTIP award will vest on the normal vesting date in 2028, subject to a pro-rata reduction to reflect the period from grant to the cessation of his employment on 31 March 2026 relative
\n
to the full three-year performance period and the application of performance conditions. Paul Waterman was not eligible for a 2025 LTIP award.
\n
Details of the main terms of the 2025 LTIP awards are summarised in the table below.
\n\n \n
Face value of award
Award holder
Type of share award
Grant date
Number of shares
at grant (\u00a3000s)
1
Luc van Ravenstein
Conditional share award
30.05.2025
745,591
\u00a31,067,686
Ralph Hewins
Conditional share award
30.05.2025
524,654\u00b2
\u00a3751,305
Kath Kearney-Croft
Conditional share award
03.11.2025
425,791
\u00a3700,000
\n
1
The share price used to determine the number of awards granted on 30 May 2025 was \u00a31.4320, based on the share price on the day prior to grant (29 May 2025). The share price used to determine the number of awards granted on
\n
3 November 2025 was \u00a31.6440, based on the share price on the day prior to grant (31 October 2025).
\n
2
After pro-ration to 31 March 2026, Ralph Hewins has 146,137 shares eligible to vest under the 2025 LTIP award.
\n
The awards are subject to EPS (30% weighting), ROCE (30% weighting), TSR (30% weighting) and Scope 1 & 2 GHG emissions reduction (10% weighting) performance conditions. As set out in the
\n
Chair\u2019s annual statement, the EPS, ROCE and Scope 1 & 2 GHG emissions targets have been adjusted to reflect the sale of Talc. The table below sets out the revised targets for this award in full.
\n
Straight-line vesting takes place between performance points.
\n\n \n
End of the
Threshold
Threshold
Stretch
performance
Performance metric
Weighting
target
payout
Target
Target payout
Stretch target
payout
period
2027 EPS
30%
14.3 cents
0%
\u2013
\u2013
17.5 cents
100%
31.12.2027
per share
per share
2025 to 2027 ROCE
30%
30%
0%
33%
50%
36%
100%
31.12.2027
Relative TSR vs FTSE All-Share Index
30%
Median
25%
\u2013
\u2013
Upper
100%
31.12.2027
quartile
Scope 1 & 2 GHG emissions reduction
10%
57,869t
0%
\u2013
\u2013
50,156t
100%
31.12.2027
CO
2
e
CO
2
e
\n
The awards are subject to an overriding Committee discretion to reduce the number of shares on vesting should it be considered appropriate to do so (e.g. in the event that there was a perceived
\n
disconnect between reward and holistic business performance, or a windfall gain).
\n
Sourcing shares for our share plans
\n
Employee share plans comply with the Investment Association\u2019s guidelines on dilution, which provide that overall issuance of shares under all plans should not exceed an amount equivalent to 10% of
\n
the Company\u2019s issued share capital over any ten-year period. We also operate a discretionary share plan dilution limit of 5% of the Company\u2019s issued share capital over a ten-year period. Based on
\n
the number of awards that remain outstanding as at the year end, the Company\u2019s headroom for all plans is 4.17% and for discretionary plans is 3.50% of issued share capital.
Directors\u2019 scheme interests (audited)
\n
The table below sets out the interests of the Directors during the year in the issued shares of the Company insofar as these relate to awards which remain subject to performance conditions or vested
\n
but unexercised share options:
\n\n \n
Scheme interests
Vested but
Granted during
Exercised during
Lapsed during
unexercised
Interest type
Grant date
Option price (p)
01.01.25
2025
2025
2025
31.12.25
share options
Executive Directors
Luc van Ravenstein
LTIP (PSU)
1
04.04.2022
\u2013
69,334
\u2013
33,765
35,569
0
\u2013
LTIP (RSU)
2
04.04.2022
\u2013
69,333
\u2013
69,333
\u2013
0
\u2013
LTIP (PSU)
1
03.04.2023
\u2013
87,573
\u2013
\u2013
\u2013
87,573
\u2013
LTIP (RSU)
2
03.04.2023
\u2013
87,573
\u2013
\u2013
\u2013
87,573
\u2013
SAYE
20.09.2023
94.86
40,800
\u2013
37,174
3,626
0
\u2013
LTIP (PSU)
1
08.04.2024
\u2013
71,759
\u2013
\u2013
\u2013
71,759
\u2013
LTIP (RSU)
2
08.04.2024
\u2013
71,758
\u2013
\u2013
\u2013
71,758
\u2013
LTIP (PSU)
1
30.05.2025
\u2013
\u2013
745,591
\u2013
\u2013
745,591
\u2013
Total scheme interests
498,130
745,591
140,272
39,195
1,064,254
\u2013
Former Directors
Paul Waterman
LTIP
1
04.04.2022
\u2013
1,236,244
\u2013
602,050
634,194
0
\u2013
DSBP
3
08.03.2023
\u2013
374,376
\u2013
374,376
\u2013
0
\u2013
LTIP
1
03.04.2023
\u2013
1,350,978
\u2013
\u2013
\u2013
1,350,978
\u2013
DSBP
3
08.03.2024
\u2013
323,899
\u2013
323,899
\u2013
0
\u2013
LTIP
1
08.04.2024
\u2013
1,107,011
\u2013
1,107,011
\u2013
0
\u2013
DSBP
3
30.05.2025
\u2013
\u2013
324,003
324,003
\u2013
0
\u2013
Total scheme interests
4,392,508
324,003
2,731,339
634,194
1,350,978
\u2013
Ralph Hewins
DSBP
3
08.03.2017
\u2013
7,140
\u2013
\u2013
\u2013
7,140
7,140
RA
4
08.03.2017
\u2013
17,458
\u2013
\u2013
\u2013
17,458
17,458
RA
5
08.03.2017
\u2013
92,262
\u2013
\u2013
\u2013
92,262
92,262
DSBP
3
05.03.2018
\u2013
73,123
\u2013
\u2013
\u2013
73,123
73,123
DSBP
3
11.03.2019
\u2013
48,865
\u2013
\u2013
\u2013
48,865
48,865
DSBP
3
06.03.2020
\u2013
76,266
\u2013
\u2013
\u2013
76,266
76,266
DSBP
3
08.03.2022
\u2013
213,105
\u2013
\u2013
\u2013
213,105
213,105
LTIP
1
05.04.2022
\u2013
559,656
\u2013
272,552
287,104
0
\u2013
SAYE
6
21.09.2022
88.00
20,454
\u2013
\u2013
20,454
20,454
DSBP
3
09.03.2023
\u2013
147,833
\u2013
\u2013
147,833
147,833
LTIP
1
13.04.2023
\u2013
584,349
\u2013
\u2013
584,349
\u2013
DSBP
3
12.03.2024
\u2013
138,015
\u2013
\u2013
138,015
\u2013
LTIP
1
08.04.2024
\u2013
489,054
\u2013
\u2013
489,054
\u2013
DSBP
3
02.06.2025
\u2013
\u2013
145,966
\u2013
145966
\u2013
LTIP
1
02.06.2025
\u2013
\u2013
524,654
\u2013
524,654
\u2013
Total scheme interests
2,467,580
670,620
272,552
287,104
2,578,544
696,506
Footnote references for Directors\u2019 scheme interests (audited):
\n
1
LTIP (PSU) awards are subject to performance conditions. The same relative TSR performance conditions apply
\n
in respect of all awards. The EPS target for the 2022 awards is based on FY24 EPS of between 8.4 cents and
\n
10.9 cents, for the 2023 awards is based on FY25 EPS of between 11.8 cents and 15.8 cents, for the 2024
\n
awards is based on FY26 EPS of between 12.7 cents and 15.4 (restated for the impact of the Talc divestment)
\n
cents and for the 2025 award based upon FY27 EPS of between 14.3 cents and 17.5 cents (restated for the
\n
impact of the Talc divestment). The operating cash conversion performance conditions for the 2022 award is
\n
based on three-year targets between 85% and 95%, and between 80% and 100% for 2023 and 2024. The 2024
\n
award is also subject to an operating pro\ufb01t margin condition based upon FY26 of between 18% and 20%. These
\n
awards ordinarily vest on the third anniversary of the grant date. Full detail of the vesting conditions for the 2025
\n
awards are set out on page 135.
\n
2
LTIP (RSU) awards are not subject to performance conditions. These awards were granted to Luc van
\n
Ravenstein in his role prior to becoming an Executive Director, in line with our approach for non PLC Directors.
\n
The awards will vest on the third anniversary of the grant date, subject to continued employment.
\n
3
Conditional share award under the DSBP. Structured as restricted stock units for Paul Waterman and nil cost
\n
options for Ralph Hewins. Ralph Hewins\u2019 2020 DSBP award has vested but has not yet been exercised. The
\n
share price at date of grant was 98.95 pence, so the face value of Ralph Hewins\u2019 award at grant was \u00a375,466.
\n
Both Executive Directors recommended and the Committee agreed that no bonus be payable in respect of
\n
2020, therefore no DSBP awards were granted in 2021. For DSBP awards granted in March 2022, the share
\n
price at date of grant was 103.8 pence so the face value of Ralph Hewins\u2019 award at grant was \u00a3221,204. For
\n
DSBP awards granted in March 2023, the share price at date of grant was 126.1 pence with the face value of
\n
awards at grant of \u00a3472,088 and \u00a3186,418 for Paul Waterman and Ralph Hewins respectively. For DSBP awards
\n
granted in March 2024, the share price at date of grant was \u00a31.386 pence with the face value of awards at grant
\n
of \u00a3448,924 and \u00a3191,289 for Paul Waterman and Ralph Hewins respectively. For DSBP awards granted in May
\n
2025, the share price at date of grant was \u00a31.432 pence with the face value of awards at grant of \u00a3463,972 and
\n
\u00a3209,023 for Paul Waterman and Ralph Hewins respectively.
\n
4
Replacement awards structured as nil cost options made under standalone arrangements that borrow terms
\n
from the LTIP as amended. In line with the remuneration forfeited on leaving his former employer, the 2017
\n
award did not have performance conditions, but shares were required to be held for two years. The options
\n
remain unexercised.
\n
5
Replacement awards structured as nil cost options made under standalone arrangements that borrow terms
\n
from the DSBP as amended. The options remain unexercised.
\n
6
Options held under SAYE schemes. This is a savings-based share option scheme that is not subject to
\n
performance conditions. For Luc van Ravenstein, the \ufb01gures shown relate to a 2023 grant made under the US
\n
scheme on 20 September 2023 with an option price of 94.86 pence per share. For Ralph Hewins, the \ufb01gures
\n
shown relate to a 2022 grant made under the UK scheme on 21 September 2022 with an option price of 88.00
\n
pence per share. Further details on the schemes are shown in Note 26 to the consolidated \ufb01nancial statements
\n
on page 181.
\n
Directors\u2019 share interests (audited)
\n
The table below sets out the interests of the Directors (including any connected persons) during
\n
the year in the issued shares of the Company insofar as these relate to bene\ufb01cially owned shares.
\n
Paul Waterman\u2019s shareholding is shown as of the date of his cessation of employment
\n
(i.e. 31 July 2025).
\n\n \n
Shareholding
Acquired
Disposed
level met as at
01.01.25
during 2025
during 2025
31.12.25
31.12.25
Executive Directors
Luc van Ravenstein
393,449
119,164
\u2013
512,613
No
1
Non-Executive Directors
Dorothee Deuring
26,250
\u2013
\u2013
26,250
n/a
John O\u2019Higgins
125,600
\u2013
\u2013
125,600
n/a
Trudy Schoolenberg
30,000
30,000
\u2013
60,000
n/a
Christine Soden
30,000
\u2013
\u2013
30,000
n/a
Clement Woon
50,000
\u2013
\u2013
50,000
n/a
Maria Ciliberti
10,000
\u2013
\u2013
10,000
n/a
Heejae Chae
34,000
\u2013
\u2013
34,000
n/a
Christopher Mills
2
\u2013
\u2013
\u2013
\u2013
n/a
Former Directors
Paul Waterman
1,597,963
1,045,313
\u2013
2,643,276
No
1
Ralph Hewins
289,090
148,708
\u2013
437,798
No
1
\n
1
As per the Policy, Executive Directors are expected to build up a shareholding that is equal in value to 200%
\n
of their basic annual salaries. Share awards vesting over time will contribute to meeting the shareholding requirement.
\n
In accordance with the post-cessation shareholding policy introduced in 2022, Paul Waterman and Ralph Hewins
\n
cannot sell any shares derived from incentive plans from 2022 onwards (other than to pay any tax arising on vesting)
\n
within two years of the cessation of their employment unless the shares retained, after tax, from those awards
\n
exceeds the number of shares calculated to be of value equivalent to the lower of their actual shareholding as of
\n
31 July 2025 and 31 March 2026 respectively (being the respective dates their employment ceased) or 200% of salary.
\n
2
As at 31 December 2025, Christopher Mills\u2019 interest in the Company\u2019s shares is held through North Atlantic
\n
Smaller Companies Investment Trust PLC (\u201cNASCIT\u201d) and Oryx International Growth Fund Limited (\u201cOryx\u201d).
\n
Mr Mills is a director of NASCIT and Oryx. Mr Mills holds 2.50% of the shares in Oryx in his own name. Mr Mills
\n
also owns 27.74% of the shares in NASCIT, which in turn holds 52.68% of the shares in Oryx. Oryx holds
\n
6,000,000 of the Company\u2019s shares. Mr Mills is a partner and Chief Investment Of\ufb01cer of Harwood Capital LLP
\n
(\u201cHarwood\u201d), which is investment manager and investment adviser to NASCIT and Oryx respectively.
\n
Harwood is a wholly owned subsidiary of Harwood Capital Management Limited. Funds managed by
\n
Harwood Capital Management Limited and its af\ufb01liates (including Oryx) own 22.1m of the Company\u2019s shares.
\n
The market price of ordinary shares at 31 December 2025 was \u00a31.66 pence (2024: \u00a31.452 pence)
\n
and the range during 2025 was \u00a31.15 pence to \u00a31.766 pence (2024: \u00a31.156 pence to \u00a31.662 pence).
\n
As at 31 December 2025, the trustee of the Company\u2019s Employee Share Ownership Trust
\n
(\u201cESOT\u201d) held 4,181 shares (2024: 968,021). As an Executive Director and potential bene\ufb01ciary
\n
under the ESOT, Luc van Ravenstein is deemed to have an interest in any shares that become
\n
held in the ESOT.
As at 4 March 2026, no person who was then a Director had any interest in any derivative or other
\n
\ufb01nancial instrument relating to the Company\u2019s shares and, so far as the Company is aware, none
\n
of their connected persons had such an interest. There was no other change, so far as the
\n
Company is aware, in the relevant interests of other Directors or their connected persons.
\n
Other than their service contracts, letters of appointment and letters of indemnity with the
\n
Company, none of the Directors had an interest in any contract of signi\ufb01cance in relation to the
\n
business of the Company or its subsidiaries at any time during the \ufb01nancial year.
\n
Directors\u2019 retirement bene\ufb01ts (audited)
\n
The table below shows the breakdown of the retirement bene\ufb01ts of the Executive Directors,
\n
comprising employer contributions to de\ufb01ned contribution plans and salary supplements paid
\n
in cash.
\n
Luc van Ravenstein receives a salary supplement in lieu of any other retirement bene\ufb01t.
\n
Paul Waterman received a salary supplement and participated in US contractual retirement
\n
schemes. Further detail can be found in the Policy. The amount shown in the table below
\n
represents employer matching contributions, and both this and the salary supplement are
\n
included in the Directors\u2019 emoluments table shown on page 131.
\n
Ralph Hewins received a salary supplement in lieu of any other retirement bene\ufb01t. The amount
\n
received is shown in the table below and in the Directors\u2019 emoluments table.
\n\n \n
De\ufb01ned contribution plans
Salary supplement
2025
2024
2025
2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Executive Directors
Luc van Ravenstein
n/a
\u2013
29
\u2013
Former Directors
Paul Waterman
36
42
61
125
Ralph Hewins
n/a
n/a
90
87
\n
Note: The pensions received were consistent with the Company\u2019s Remuneration Policy at up to a total of 21% of
\n
salary and for Paul Waterman and Ralph Hewins and 8% for Luc van Ravenstein. As stated elsewhere in this report,
\n
Paul Waterman\u2019s pension contribution is 21% of salary. He receives cash in lieu of pension into his 401(k) up to the
\n
prescribed IRS limit, and non-quali\ufb01ed deferred compensation in respect of the remaining amount.
\n
Payments to past Directors or payments for loss of of\ufb01ce (audited)
\n
Paul Waterman
\n
As announced on 18 November 2024, Paul Waterman stepped down from his role as CEO on
\n
29 April 2025. He remained employed by the Group until his employment ended on 31 July 2025
\n
in order to ensure an orderly handover to his successor, Luc van Ravenstein. Remuneration
\n
arrangements in respect of his departure, having taken legal advice in connection with his US
\n
contract, reflect his contractual entitlements, the Directors\u2019 Remuneration Policy approved by
\n
shareholders at the AGM on 26 April 2022 and the Rules of the relevant plans. The details of his
\n
arrangements, as set out in the 2024 Directors\u2019 Remuneration Report, are set out below.
\n
Salary and bene\ufb01ts
\n
These were provided in line with the terms of his service agreement through to 31 July 2025,
\n
after which Mr Waterman ceased to be employed by the Group. He received a payment in lieu
\n
of any accrued but unused annual leave as of 31 July 2025 of \u00a329,976. He continued to receive
\n
his base salary on a monthly basis, subject to mitigation, from 1 August 2025 through to
\n
18 November 2025 in lieu of the balance of his 12-month notice period entitlement.
\n
Annual bonus
\n
Mr Waterman remained eligible to participate in the Elementis Group Annual Bonus Plan for the
\n
\ufb01nancial year ending 31 December 2025, pro-rated to 31 July 2025, subject to achievement of
\n
performance measures. Payment will be made by way of (a) cash lump sum to the value of 50%
\n
of the bonus entitlement, and (b) deferred shares to the value of 50% of the bonus entitlement,
\n
which will vest in March 2028. Any bonuses paid will remain subject to malus and clawback as
\n
well as the wider terms of the plan.
\n
Long-term incentive plan awards
\n
The Remuneration Committee determined Mr Waterman to be a good leaver under the rules of
\n
the Elementis LTIP as a result of his cessation of employment being by way of mutual agreement
\n
in connection with the Board\u2019s leadership succession plans. His 2023 and 2024 LTIP awards
\n
remain eligible to vest on their normal vesting dates in 2026 and 2027 respectively, subject to
\n
pro-rata reduction to reflect the period from grant to the cessation of his employment on 31 July
\n
2025 relative to three years and the application of performance conditions. The vesting of his
\n
2023 award is set out in the \u2018Determination of 2023 LTIP awards\u2019 section of this report. After
\n
pro-ration to 31 July 2025, Paul Waterman has 484,254 shares eligible to vest under the 2024
\n
LTIP award. In accordance with the rules of the LTIP, any vested shares will remain subject to the
\n
terms of the plan, which include a two-year holding period from vesting and malus and clawback
\n
provisions.
\n
Other payments
\n
Paul Waterman received a contribution of \u00a33,649 (excluding VAT) towards legal advisory fees
\n
incurred in connection with his departure; and \u00a337,988 (US$50k in total paid gross) towards the
\n
preparation of tax \ufb01lings for each year in which he receives employment income from the Group
\n
that is taxable in the UK and career transition advisory support. The contribution towards tax
\n
support is consistent with his in-employment bene\ufb01t and provided in lieu of this bene\ufb01t for the
\n
balance of his notice period.
\n
Post-cessation share ownership guidelines
\n
In accordance with the post-cessation shareholding policy introduced in 2022, no shares derived
\n
from incentive plans from 2022 onwards may be sold (other than to pay any tax arising on
\n
vesting) within two years of cessation of employment unless the shares retained, after tax, from
\n
those awards exceed the number of shares calculated to be of value equivalent to 165% of salary,
\n
being Paul\u2019s shareholding at the date of cessation of his employment (calculated on 31 July 2025
\n
by reference to the closing share price on 31 July 2025). LTIP shares are subject to a two-year
\n
holding period under the Remuneration Policy.
Ralph Hewins
\n
As announced on 30 September 2025, Ralph Hewins stepped down as CFO and retired from the
\n
Board on 31 December 2025. He will remain employed by the Group in order to ensure an
\n
orderly handover to his successor, Kath Kearney-Croft, until 31 March 2026. Remuneration
\n
arrangements in respect of his departure reflect his contractual entitlements, the Directors\u2019
\n
Remuneration Policy approved by shareholders at the AGM on 29 April 2025 and the Rules of
\n
the relevant plans. The payments to be made in connection with his loss of of\ufb01ce are as set
\n
out below:
\n
Salary and bene\ufb01ts
\n
Ralph Hewins will receive his normal remuneration under the terms of his service agreement
\n
through to 31 March 2026, after which he will retire and cease to be employed by the Group.
\n
He will receive a payment in lieu of any accrued but unused annual leave as of 31 March 2026.
\n
He is not eligible for any salary increase in 2026.
\n
Annual bonus
\n
As set out earlier in this report, Ralph Hewins remained eligible to participate in the annual bonus
\n
plan for the year ending 31 December 2025. The payment of the bonus earned will be made
\n
by way of (a) cash lump sum to the value of 50% of the bonus earned in March 2026, and (b)
\n
deferred shares to the value of 50% of the bonus earned, which will vest 2 years later in March
\n
2028. He is not eligible for any bonus for 2026.
\n
The deferred shares (net of any tax due) will need to be retained in connection with the two year
\n
post-cessation of employment shareholding policy (see below).
\n
Any bonuses paid remain subject to malus and clawback as well as the wider terms of the plan.
\n
As a result of his retirement and cessation of employment, the deferred shares awarded in
\n
connection with annual bonuses earned for performance in 2023 (138,015 shares) and 2024
\n
(145,966 shares) will vest on the earlier of his cessation of employment and the normal vesting
\n
date of the award. The net of tax number of these deferred share awards will need to be retained
\n
for two years towards the satisfaction of the Company\u2019s post cessation of employment share
\n
ownership guidelines (see below).
\n
Long-term incentive plan awards
\n
As a result of his retirement, Ralph Hewins is a good leaver under the Rules of the Elementis Long
\n
Term Incentive Plan. As a result, his 2023, 2024 and 2025 LTIP awards will vest on their normal
\n
vesting dates in 2026, 2027 and 2028 respectively. The 2024 and 2025 LTIP awards will be
\n
subject to a pro-rata reduction to reflect the period from grant to the cessation of his employment
\n
on 31 March 2026 relative to the three-year performance periods and the application of
\n
performance conditions. Details of the vesting of the 2023 LTIP award are set out in the
\n
\u2018Determination of 2023 LTIP awards\u2019 section of this report.
\n
After pro-ration to 31 March 2026, Ralph Hewins has 322,463 shares eligible to vest under the
\n
2024 LTIP award and 146,137 shares eligible to vest under the 2025 LTIP award. Dividend
\n
equivalents will be additional to these numbers. In accordance with the Rules of the LTIP, any
\n
vested shares will remain subject to the terms of the Plan which include a two year holding period
\n
from vesting, and malus and clawback provisions. Ralph Hewins was not eligible for an LTIP
\n
award in 2026.
\n
Other payments
\n
Ralph Hewins will receive a capped contribution of up to \u00a35,000 (excluding VAT) towards legal
\n
advisory fees incurred in connection with his departure.
\n
Other than the items referenced above, Ralph Hewins will not receive any further remuneration
\n
payments or payments for loss of of\ufb01ce.
\n
Post-cessation shareholding guidelines
\n
In accordance with the post-cessation shareholding policy introduced in 2022, no shares derived
\n
from incentive plans from 2022 onwards may be sold (other than to pay any tax arising on
\n
vesting) within two years of cessation of employment unless the shares retained, after tax, from
\n
those awards exceed the number of shares calculated to be of value equivalent to the lower of
\n
Ralph Hewins\u2019 actual shareholding on 31 March 2026, being the date of his cessation of
\n
employment, or 200% of salary. LTIP shares are subject to a two year holding period under the
\n
Remuneration Policy.
\n
Joining arrangements for new CEO and CFO
\n
Luc van Ravenstein, CEO
\n
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025, following
\n
a thorough search process led by the Nomination Committee. He was appointed on a base salary
\n
of US $720,000 in the context of being an internal promotion. As set out in the Chair\u2019s annual
\n
statement, his salary has been reviewed in light of his performance and market rates of pay for
\n
comparably sized FTSE 250 companies, resulting in an increase of 21.5% to US $875,000 with
\n
effect from 1 April 2026.
\n
Luc receives a Company pension contribution of 8% of base salary (aligned with the majority
\n
of the wider UK workforce). His maximum bonus and long-term incentive opportunities have
\n
been set at 150% and 200% of base salary respectively, consistent with the Directors\u2019
\n
Remuneration Policy.
\n
Kath Kearney-Croft, CFO
\n
Kath Kearney-Croft was appointed as CFO designate on 3 November 2025, before becoming
\n
CFO and a member of the Board on 1 January 2026. She was appointed on a base salary of
\n
\u00a3400,000. As set out in the Chair\u2019s annual statement, Kath\u2019s salary will increase to \u00a3413,000
\n
(representing an increase of 3.25%) with effect from 1 April 2026. As part of Kath\u2019s recruitment it
\n
was agreed that she would receive a long-term incentive award at 175% of salary shortly
\n
following her commencement of employment. The award is subject to the same performance
\n
targets that apply to the Executive Directors\u2019 awards that were granted earlier in the year and
\n
provides immediate alignment with the wider executive leadership team.
\n
Kath receives a Company pension contribution of 8% of base salary (aligned with the majority
\n
of the wider UK workforce). Her maximum annual bonus and long-term incentive opportunities
\n
have been set at 125% of base salary (pro-rata for 2025) and 175% of base salary respectively,
\n
consistent with the Directors\u2019 Remuneration Policy. There were no \u2018buyout\u2019 awards agreed in
\n
connection with her appointment.
Total shareholder return performance and change in CEO\u2019s pay
\n
The graph below illustrates the Company\u2019s total shareholder return for the ten years ended 31 December 2025, relative to the FTSE 250 Index, along with a table illustrating the change in CEO pay
\n
over the corresponding period. The table also details the payouts for the annual bonus scheme and LTIP.
\n
As the Company\u2019s shares are denominated and listed in pence, the graph below looks at the total return to 31 December 2025 of \u00a3100 invested in Elementis on 31 December 2015 compared with that
\n
of the total return of \u00a3100 invested in the FTSE 250 Index. This index was selected for the purpose of providing a relative comparison of performance because the Company is a member of it.
\n
0
\n
50
\n
100
\n
150
\n
200
\n
TSR performance since 2015 (rebased to 100)
\n
\u00a3
\n
Elementis plc
FTSE 250 Index (excl. Investment Trusts)
\n
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
\n\n \n
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
CEO pay (total remuneration \u2013 \u00a3\u2019000s)
1,553
1
2,539
1,229
1,114
1,007
1,946
2,214
2,752
3,039
3,641
Annual bonus payout (% of maximum)
27.5%
93.0%
35.0%
17.3%
0%
93%
75%
74%
77.9%
71.9%
LTIP vesting (% of maximum)
91.2%
2
91.4%
3
0%
0%
0%
0%
11.1%
54.7%
48.7%
76.8%
\n
1
Includes remuneration for Paul Waterman and David Dutro for the period in which each was CEO during 2016, and for Luc van Ravenstein and Paul Waterman for the period in which each was CEO during 2025.
\n
2
Relates to Paul Waterman\u2019s buy-out awards which vested in March 2017.
\n
3
Relates to Paul Waterman\u2019s buy-out awards vesting in March 2018.
\n
CEO to all-employee pay ratio
\n
Whilst Elementis is not required to publish a CEO to all-employee pay ratio given it has fewer than 250 UK employees, voluntary disclosure of the pay ratio is included below. In line with the relevant
\n
legislation, the analysis has been completed using Option A (i.e. actual total remuneration earned has been used as the basis for comparison). The reference date for the analysis was 31 December 2025.
Whilst this is only based upon circa 80 UK employees, there is a mix of factory-based employees (circa 75%) and corporate head of\ufb01ce employees. Option A was used as it was deemed the most
\n
accurate and prevalent among recent FTSE 250 disclosures. The 2025 ratio is equivalent to the 2024 \ufb01gure due to the continued higher ratio of variable pay within the CEO\u2019s overall compensation as
\n
a result of the vesting of the 2023 LTIP award. Circa 10% of UK employees are eligible for LTIP. The ratio is consistent with the pay, reward and progression policies for the Company\u2019s UK employees
\n
taken as a whole. The pay ratio illustrates the greater leverage in Director packages versus the wider workforce in that in years where Elementis performs strongly against its performance targets,
\n
the ratio is generally higher. For the purposes of the CEO pay ratio calculation the single \ufb01gure proportion in relation to Paul Waterman has been calculated up until 29 April 2025, being the date at
\n
which he stepped down as CEO.
\n\n \n
CEO pay ratio
2019
2020
2021
2022
2023
2024
2025
Method
A
A
A
A
A
A
A
CEO single \ufb01gure
\u00a31,114
\u00a31,007
\u00a31,946
\u00a32,214
\u00a32,752
\u00a33,039
\u00a33,181
Upper quartile
15
14
23
24
31
37
34
Median
21
19
34
40
52
52
54
Lower quartile
25
23
42
49
67
66
63
\n
The salary and total pay for the individuals identi\ufb01ed at the lower quartile, median and upper quartile positions in 2025 are set out below:
\n\n \n
2025
Salary
Total pay
Upper quartile individual
\u00a373,680
\u00a391,720
Median individual
\u00a353,285
\u00a358,752
Lower quartile individual
\u00a345,596
\u00a350,605
\n
Relative importance of spend on pay
\n
The table below shows the total remuneration paid across the Group together with the total dividends paid in respect of 2025 and the preceding \ufb01nancial year.
\n\n \n
\u00a3m
2025
2024
Change
Remuneration paid to all employees
1
60.9
59.8
1.8%
Total dividends paid in the year
18.9
14.7
28.6%
\n
1
See Note 8 to the consolidated \ufb01nancial statements. The amounts for 2025 and 2024 have been converted from dollars into pounds sterling using the average USD/GBP exchange rates for those years.
\n
Malus and clawback
\n
Malus and clawback provisions apply to the annual bonus and LTIP where the following circumstances become known within three years of any payments being made:
\n
Performance outcomes were determined based on mis-stated \ufb01nancial information
\n
Performance outcomes being incorrectly calculated
\n
Gross misconduct
\n
Actions within the performance period that lead to corporate failure
\n
Activities within the performance period that result in a material \ufb01nancial downturn
\n
A material failure of risk management within the relevant performance period
\n
The occurrence of an event in the performance period that caused a serious health and
\n
safety event
\n
Following an individual being deemed a \u2018good leaver\u2019 within an incentive plan by reason of
\n
retirement with the agreement of the Remuneration Committee, their taking on subsequent
\n
employment in a paid executive role
\n
A three-year period for the operation of malus and clawback is believed to be best-suited to Elementis, noting that this is standard market practice outside of \ufb01nancial services companies and the
\n
clear and transparent nature of reporting pro\ufb01tability and other measures of \ufb01nancial performance at Elementis.
\n
There was no exercise of malus and clawback in the year.
Percentage change in the remuneration of the Directors (unaudited)
\n
The table below shows the change in the Directors\u2019 pay and the corresponding change of these elements across all UK employees within the Group from 2024 to 2025.
\n\n \n
Average percentage change 2020-21
Average percentage change 2021-22
Average percentage change 2022-23
Average percentage change 2023-24
Average percentage change 2024-25
Taxable
Annual
Taxable
Annual
Taxable
Annual
Taxable
Annual
Taxable
Annual
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Luc van Ravenstein\u00b9
,2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
n/a
n/a
John O\u2019Higgins
3
131%
\u2013
\u2013
86%
\u2013
\u2013
4.5%
\u2013
\u2013
4%
3.6%
\u2013
3.8%
\u2013
\u2013
Dorothee Deuring
2%
\u2013
\u2013
3%
\u2013
\u2013
10.5%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Trudy Schoolenberg
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
31.9%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Christine Soden
5
512%
\u2013
\u2013
14%
\u2013
\u2013
9.3%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Clement Woon
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5%
\u2013
\u2013
16.1%
\u2013
\u2013
3.8%
\u2013
\u2013
Maria Ciliberti
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30%
\u2013
\u2013
Heejae Chae
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
36%
\u2013
\u2013
Christopher Mills
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
\u2013
\u2013
Employees
11.1%
\u2013
\u2013
1.8%
\u2013
-12%
0.4%
\u2013
-20.7%
4%
\u2013
25.5%
1.8%
\u2013
-9%
Former Directors
Paul Waterman
1,2,8
2%
26%
100%
3%
-4%
-17%
3.2%
24.7%
2.7%
4%
17.8%
11.8%
n/a
n/a
n/a
Ralph Hewins
7
2%
4%
100%
3%
4%
-16%
4.5%
0%
2.7%
4%
13.2%
9.1%
3.8%
3.4%
-7.7%
\n
1
All percentages are based on converting relevant local currencies into pounds sterling using the average rates for the respective year.
\n
2
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025. Paul Waterman stood down as CEO on the same date, and remained in employment until 31 July 2025.
\n
3
John O\u2019Higgins assumed the role of Chair on 1 September 2021.
\n
4
Trudy Schoolenberg was appointed NED on 15 March 2022 and assumed the role of SID in April 2022.
\n
5
Christine Soden joined the Board as NED and DNED for workforce engagement on 1 November 2020.
\n
6
Clement Woon was appointed NED on 1 December 2022. Maria Ciliberti was appointed NED on 11 March 2024. Heejae Chae was appointed NED on 25 March 2024.
\n
7
Paul Waterman and Ralph Hewins recommended and the Committee agreed that no bonuses should be payable in relation to 2020 performance.
\n
8
Paul Waterman\u2019s actual bene\ufb01ts cost for FY2022 were effectively understated in FY2022 by approximately \u00a315,000 due to the timing of the medical payments. This was corrected for 2023 and accounts for the majority of the increase in
\n
that year. Foreign exchange rates and changes in costs due to age and salary also impact 2023.
\n
Statement of shareholder voting
\n
The resolutions to approve the 2025 Directors\u2019 Remuneration Policy and the 2024 Directors\u2019 Remuneration report were passed by a poll at the Company\u2019s 2025 AGM respectively. Set out in the table
\n
below are the votes cast by proxy in respect of these resolutions.
\n\n \n
Votes for
% for
Votes against
% against
Votes withheld
1
2024 Directors\u2019 Remuneration report (2025 AGM)
434,598,682
91.88
38,413,539
8.12
16,163
2025 Directors\u2019 Remuneration Policy (2025 AGM)
467,252,524
98.78
5,759,912
1.22
15,948
\n
1
Votes withheld are not included in the \ufb01nal \ufb01gures as they are not recognised as a vote in law.
Other information about the Committee\u2019s membership and operation
\n
Committee composition
\n
The Chair and members of the Committee are shown on pages 92-94, together with their
\n
biographical information. Five meetings were held during 2025 and the attendance of Committee
\n
members is shown on page 121.
\n
The Chair of the Board, CEO and other Non-Executive Directors who are not members of the
\n
Committee have a standing invite to attend, and the CFO and Chief Human Resources Of\ufb01cer
\n
also attend meetings by invitation, as appropriate. The Executive Directors are not present when
\n
their own remuneration arrangements are discussed or, if they are, they do not participate in the
\n
decision-making process.
\n
External adviser
\n
Korn Ferry was appointed as external independent adviser to the Committee in 2017 following
\n
a competitive tender process. During 2025, Korn Ferry provided advice to the Committee in
\n
relation to emerging market practice and benchmarking. Through a separate advisory team to
\n
the remuneration advisory team, Korn Ferry provided other human capital related services to
\n
the Nomination Committee. The Committee is therefore satis\ufb01ed that the advice received was
\n
objective and independent. Korn Ferry is a member of the Remuneration Consultants Group and
\n
abides by the voluntary code of conduct of that body, which is designed to ensure objective and
\n
independent advice is given to remuneration committees. Fees paid to Korn Ferry for
\n
remuneration advisory services in 2025 were \u00a366,941 (excluding VAT) and were charged on a
\n
time and materials basis.
\n
Terms of reference
\n
A full description of the Committee\u2019s terms of reference is available on the Company\u2019s website at
\n
www.elementis.com
\n
Activities during the year
\n
The Committee operated in line with its terms of reference during the year, setting the pay for the
\n
Executive Directors and wider senior leadership team, having oversight of pay across the
\n
organisation and setting the Board Chair\u2019s fee. The Committee considered the following at its
\n
meetings during 2025:
Committee
meeting dates
Agenda items
February
2022 LTIP performance outcomes
2025
2024 Executive Director bonus awards
2025 LTIP targets/performance conditions and delegated authority to grant
the 2025 awards
ELT salary review and bonus payments
CEO pay ratio calculations
Approval of \ufb01nal draft of Directors\u2019 Remuneration report
June 2025
2025 LTIP grant
July 2025
Market update
Preliminary consideration of Talc divestment impact on incentives
October 2025
Application of Remuneration Policy in 2026
Update on 2025 performance against annual bonus targets and 2023 LTIP
Consideration of the impact of the Talc divestment on incentive plans
December
Institutional investor and proxy agency update
2025
Preliminary discussion on Director pay increases
Conclusion on Talc divestment impact on incentives and associated impact of
share buyback
Workforce engagement
Committee terms of reference
\n
Outside of the above meeting dates, the Committee considered and con\ufb01rmed operational
\n
matters in appropriate forums (e.g. the Executive Directors\u2019 annual bonus targets, granting of the
\n
2025 LTIP awards, and Executive Director joining and leaving arrangements).
\n
Evaluation, training and development
\n
On an annual basis, the Committee\u2019s effectiveness is reviewed as part of the evaluation of the
\n
Board. Following the evaluation last year, there were no major issues to report. During 2025, all
\n
members received brie\ufb01ngs from the Group General Counsel & Company Secretary and the
\n
Committee\u2019s remuneration advisers throughout the year to keep them updated on topical matters
\n
and developments relating to executive remuneration.
\n
Auditable sections of the Directors\u2019 Remuneration Report
\n
The sections of the Annual Report on Remuneration that are required to be audited by law are as
\n
follows: Remuneration payable to Directors for 2025 and Directors\u2019 retirement bene\ufb01ts; and tables
\n
headed Annual LTIP awards granted in the year, Directors\u2019 scheme interests, Directors\u2019 share
\n
interests and Directors\u2019 retirement bene\ufb01ts.
\n
Approved by the Board on 4 March 2026
\n
Clement Woon
\n
Chair, Remuneration Committee
\n\n\n8. Employees
Employee costs:
\u00a0
2025
2024
\u00a0
$m
$m
Wages and salaries
92.4
90.0
Social security costs
9.0
7.7
Pension costs
2.8
4.3
Share-based payment costs
6.9
6.1
Total employee costs
111.1
108.1
\n
Average number of FTE employees
1
:
\u00a0
2025
2024
\u00a0
Number
Number
Personal Care and Coatings
1,024
1,045
Central
29
24
Discontinued segments
74
232
Total
1,127
1,301
\n
1
Full-time equivalent includes contractors.The aggregate amount of Directors\u2019 remuneration (salary, bonus and bene\ufb01ts) is shown in the
Remuneration Report on page 131:
The aggregate amount of gains made by Directors on exercise of share options was
$nil (2024: $nil)
The remuneration of the highest paid Director was $3.3m (2024: $3.9m)
Payments have been made to a de\ufb01ned contribution pension scheme on behalf of
one Director (2024: one Director). For the highest-paid Director, pension contributions of $0.1m
(2024: $0.2m) were made25. Retirement bene\ufb01t obligations
The Group has a number of contributory and non-contributory post-retirement bene\ufb01t
plans providing retirement bene\ufb01ts for the majority of employees and Executive Directors.
At 31 December 2025, the main schemes in the UK and US were of the de\ufb01ned bene\ufb01t type,
the bene\ufb01t being based on number of years of service and either the employee\u2019s \ufb01nal
remuneration or the employee\u2019s average remuneration during a period of years before retirement.
The assets of these schemes are held in separate trustee-administered funds or are unfunded
but provided for on the Group balance sheet.
The UK de\ufb01ned bene\ufb01t scheme had a surplus under IAS 19 of $21.1m (2024: $23.0m). In addition,
the US de\ufb01ned bene\ufb01t scheme also had a surplus under IAS 19 of $5.4m (2024: $4.6m).
In accordance with the requirements of IFRIC 14, management have concluded that the
unconditional right to a refund of any surplus under any winding up of the plan provides suf\ufb01cient
evidence that an asset ceiling does not exist and as such the full surplus has been recognised.
In addition the Group operates an unfunded post-retirement medical bene\ufb01t (\u201cPRMB\u201d) scheme in
the US. The entitlement to these bene\ufb01ts is usually based on the employee remaining in service
until retirement age and completion of a minimum service period.
Other employee bene\ufb01t schemes included in the table overleaf relate to two unfunded pension
schemes, a long-term service award scheme in Germany and a special bene\ufb01ts programme for a
small number of former employees of the Eaglescliffe plant. The Group also acquired two further
unfunded pension schemes and two long-term service award schemes, all in Germany, as part of
the SummitReheis acquisition in 2017. These are included within this category.
The Group also operates a small number of de\ufb01ned contribution schemes, and the contributions
payable during the year are recognised as incurred. The pension charge for the de\ufb01ned
contribution pension schemes for the year is $2.2m (2024: $3.6m).
Employer contributions in 2025 were $nil (2024: $nil) to the UK scheme and $1.9m (2024: $1.0m)
to US schemes. Top-up contributions to the UK scheme in 2026 will be $nil based on the 2024
triennial valuation.
The Group is aware of a case involving Virgin Media and NTL Pension Trustee and the decision
on 24 July 2024, upholding the High Court\u2019s ruling in the Virgin Media v NTL Pension Trustees II
court case relating to section 37 and contracted-out de\ufb01ned bene\ufb01t scheme amendments.
The Trustees to the scheme have considered the implications of this case for the UK scheme,
and have concluded that no additional liabilities are required as a result of this ruling. This is
because the ruling does not apply to the UK scheme, which was not contracted out over the
relevant period.
Net de\ufb01ned bene\ufb01t liability
The net liability was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0 \u00a0
\u00a0
pension
pension
PRMB
\u00a0 \u00a0
\u00a0
scheme
schemes
scheme
Other
Total
\u00a0
$m
$m
$m
$m
$m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total market value of assets
419.0
88.6
\u2013
\u2013
507.6
Present value of scheme liabilities
(397.9)
(83.2)
(3.3)
(5.4)
(489.8)
Net asset/(liability) recognised in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
balance sheet
21.1
5.4
(3.3)
(5.4)
17.8
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total market value of assets
414.0
88.5
\u2013
\u2013
502.5
Present value of scheme liabilities
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Net asset/(liability) recognised in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
balance sheet
23.0
4.6
(3.4)
(5.2)
19.0
\n
Plan assets
Plan assets for the schemes comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0\u00a0
\u00a0
pension
pension
PRMB
Other
\u00a0
\u00a0
scheme
schemes
scheme
schemes
Total
\u00a0
$m
$m
$m
$m
$m
Equities
\u2013
5.2
\u2013
\u2013
5.2
Bonds
1
402.1
67.4
\u2013
\u2013
469.5
Cash/liquidity funds
16.9
16.0
\u2013
\u2013
32.9
At 31 December 2025
419.0
88.6
\u2013
\u2013
507.6
Equities
60.0
4.8
\u2013
\u2013
64.8
Bonds
1
297.9
72.1
\u2013
\u2013
370.0
Cash/liquidity funds
56.1
11.6
\u2013
\u2013
67.7
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
\n
1
Including LDI repurchase agreement liabilities.
To reduce volatility risk, a liability-driven investment (\u201cLDI\u201d) strategy forms part of the Trustees\u2019
management of the UK de\ufb01ned bene\ufb01t scheme\u2019s assets, including government bonds, corporate
bonds and derivatives. The bond assets category in the table above includes gross assets of
$432.7m (2024: $298.3m) and associated repurchase agreement liabilities of $30.6m (2024: $nil).
Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s
exposure to interest and inflation rates, while remaining invested in assets of a similar risk pro\ufb01le.
Interest rate and inflation rate derivatives are also employed to complement the use of \ufb01xed and
index-linked bonds in matching the pro\ufb01le of the scheme\u2019s liabilities.
All equities, bonds and liquidity funds have quoted prices in active markets. Other assets include
insured annuities, an insurance fund and various swap products.
Within the UK pension scheme, the current asset allocation is approximately 71% in a liability
matching fund consisting of gilts (\ufb01xed interest and index linked), bonds, cash and swaps, 23% in
a buy and maintain fund, and 6% in an investment fund that includes various equity and equity-
like funds. The aim of the trustees is to manage the risk relative to the liabilities associated with
the scheme\u2019s investments through a combination of diversi\ufb01cation, inflation protection and
hedging of risk (currency, interest rate and inflation risk). The US scheme currently has
approximately 6% of its asset value invested in a range of equity funds designed to target higher
returns and thus reduce the pension de\ufb01cit, with the balance invested in \ufb01xed-income bonds and
cash. The strategy is that as the de\ufb01cit reduces, a greater proportion of investments will be made
into liability matching funds.
Fair value of plan assets
Changes in the fair value of plan assets for the schemes are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0 \u00a0
\u00a0
pension
pension
PRMB
Other
\u00a0
\u00a0
scheme
schemes
scheme
schemes
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
483.6
93.8
\u2013
\u2013
577.4
Expected return
20.7
4.3
\u2013
\u2013
25.0
Running costs
(1.4)
(0.4)
\u2013
\u2013
(1.8)
Actuarial gains
(46.2)
(2.2)
\u2013
\u2013
(48.4)
Contributions by employer
\u2013
0.4
\u2013
\u2013
0.4
Bene\ufb01ts paid
(34.9)
(7.4)
\u2013
\u2013
(42.3)
Exchange differences
(7.8)
\u2013
\u2013
\u2013
(7.8)
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
Expected return
22.7
4.5
\u2013
\u2013
27.2
Running costs
(2.1)
(0.5)
\u2013
\u2013
(2.6)
Actuarial losses
(10.3)
1.8
\u2013
\u2013
(8.5)
Contributions by employer
\u2013
1.2
\u2013
\u2013
1.2
Bene\ufb01ts paid
(35.7)
(6.9)
\u2013
\u2013
(42.6)
Exchange differences
30.4
\u2013
\u2013
\u2013
30.4
At 31 December 2025
419.0
88.6
\u2013
\u2013
507.6
\n
De\ufb01ned bene\ufb01t obligation
Changes in the present value of the de\ufb01ned bene\ufb01t obligation for the schemes are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0\u00a0
\u00a0
pension
pension
PRMB
Other
\u00a0
\u00a0
scheme
schemes
scheme
schemes
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
(444.9)
(90.4)
(3.4)
(5.6)
(544.3)
Service cost
(0.1)
(0.3)
\u2013
(0.1)
(0.5)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(19.0)
(4.2)
(0.2)
(0.2)
(23.6)
Actuarial gains/(losses)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 demographic assumptions
8.5
\u2013
\u2013
\u2013
8.5
\u2013 \ufb01nancial assumptions
26.8
4.1
(0.4)
\u2013
30.5
\u2013 experience adjustments
(4.4)
(0.5)
\u2013
\u2013
(4.9)
Bene\ufb01ts paid
34.9
7.4
0.6
0.3
43.2
Exchange differences
7.2
\u2013
\u2013
0.4
7.6
At 31 December 2024
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Service cost
(0.1)
(0.4)
\u2013
(0.1)
(0.6)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(21.4)
(4.3)
(0.2)
(0.2)
(26.1)
Actuarial gains/(losses)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 demographic assumptions
(0.5)
\u2013
\u2013
\u2013
(0.5)
\u2013 \ufb01nancial assumptions
11.4
(1.2)
(0.4)
0.1
9.9
\u2013 experience adjustments
(3.7)
(0.3)
\u2013
\u2013
(4.0)
Bene\ufb01ts paid
35.7
6.9
0.7
0.5
43.8
Exchange differences
(28.3)
\u2013
\u2013
(0.5)
(28.8)
At 31 December 2025
(397.9)
(83.2)
(3.3)
(5.4)
(489.8)
\n
Recognised in pro\ufb01t and loss
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Current service cost
(0.6)
(0.5)
Running costs
(2.6)
(1.8)
Net interest income
1.1
1.4
Total
(2.1)
(0.9)
Recognised in statement of other comprehensive income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Return on plan assets excluding interest income
(8.5)
(48.4)
Actuarial (losses)/gains arising from demographic assumptions
(0.5)
8.5
Actuarial gains from \ufb01nancial assumptions
9.9
30.5
Actuarial losses arising from experience adjustment
(4.0)
(4.9)
Exchange differences
1.6
(0.2)
Total
(1.5)
(14.5)
\n
Actuarial assumptions
A full actuarial valuation was carried out as at 30 September 2025 for the UK scheme and as at
31 December 2025 for the US schemes.
The principal assumptions used by the actuaries for the major schemes have been updated by
the actuaries at the balance sheet date and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
\u00a0
2025
2024
2025
2024
\u00a0
%
%
%
%
Rate of increase in salaries
3.9
4.3
3.0
3.0
Rate of increase in pensions payment
2.8
3.1
n/a
n/a
Discount rate
5.4
5.4
5.2
5.4
Inflation
2.9
3.3
2.4
2.4
\n
The assumed life expectancies on retirement are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
\u00a0
2025
2024
2025
2024
\u00a0
years
years
years
years
Retiring at 31 December
\u00a0 \u00a0 \u00a0 \u00a0
Males
21
21
21
21
Females
23
23
23
23
Retiring in 20 years
\u00a0 \u00a0 \u00a0 \u00a0
Males
22
22
21
21
Females
25
25
23
23
\n
The main assumptions for the PRMB scheme are a discount rate of 5.2% (2024: 5.4%) per annum
and a healthcare cost trend of 6.2% (2024: 6.8%) per annum for claims pre age 65, reducing to
4.1% per annum by 2034 (2024: 4.0%). Actuarial valuations of retirement bene\ufb01t plans in other
jurisdictions have either not been updated for IAS 19 purposes or have been disclosed separately
because of the costs involved and the considerably smaller scheme sizes and numbers of
employees involved.
At 31 December 2025, the weighted average duration of the de\ufb01ned bene\ufb01t obligations for the
major schemes was as follows:
UK: 9 years
US: 8 years
Sensitivity analysis
The sensitivities regarding the principal assumptions used to measure the scheme liabilities are
set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Assumption
Change in assumption
Impact on UK scheme
Impact on US scheme
Discount rate
Increased/
Decreased/
Decreased/
\u00a0
decreased by 0.5%
increased by 4%
increased by 4%
Rate of inflation
Increased/
Increased/
Increased/
\u00a0
decreased by 0.5%
decreased by 3%
decreased by 0%
Rate of salary growth
Increased/
Increased/
Increased/
\u00a0
decreased by 0.5%
decreased by 0%
decreased by 0%
Rate of mortality
Increased
Increased by 5%
Increased by 3%
\u00a0
by 1 year
\u00a0 \u00a0
\n
The sensitivity analyses above have been determined based on a method that extrapolates the
impact on the de\ufb01ned bene\ufb01t obligation as a result of reasonable changes in key assumptions
occurring at the end of the reporting period. These sensitivities have been calculated to show the
movement of the de\ufb01ned obligation following a change in a particular assumption in isolation,
assuming no other changes in market conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "Annual report on remuneration (\u2018report\u2019)
This report details how the Company\u2019s policies and practices on Directors\u2019 remuneration were applied in respect of the \ufb01nancial year ended 31 December 2025 and how they will be applied in the
2026 \ufb01nancial year.
Remuneration payable to Directors for 2025 (audited)
Although the Company reports its results in US dollars, the remainder of this report on remuneration is presented in pounds sterling because the majority of the Directors are UK-based and paid in
pounds sterling. A breakdown of the Directors\u2019 remuneration for the year ended 31 December 2025 is set out in the table below.
\n \n
Fixed
Performance-related
\u00a3\u2019000
Year
Salary/fees
Bene\ufb01ts
2
Pension
Total \ufb01xed
Bonus
LTIP
Other
3
Total variable
Total
Executive Directors
Luc van Ravenstein
1
, CEO
2025
369
55
30
454
399
264
6
669
1,123
2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Non-Executive
John O\u2019Higgins, Chair
2025
224
\u2013
\u2013
224
\u2013
\u2013
\u2013
\u2013
224
Directors
2024
216
\u2013
\u2013
216
\u2013
\u2013
\u2013
\u2013
216
Dorothee Deuring
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
59
\u2013
\u2013
59
\u2013
\u2013
\u2013
\u2013
59
Trudy Schoolenberg
4
2025
71
\u2013
\u2013
71
\u2013
\u2013
\u2013
\u2013
71
2024
69
\u2013
\u2013
69
\u2013
\u2013
\u2013
\u2013
69
Christine Soden
4
2025
77
\u2013
\u2013
77
\u2013
\u2013
\u2013
\u2013
77
2024
74
\u2013
\u2013
74
\u2013
\u2013
\u2013
\u2013
74
Clement Woon
4
2025
71
\u2013
\u2013
71
\u2013
\u2013
\u2013
\u2013
71
2024
65
\u2013
\u2013
65
\u2013
\u2013
\u2013
\u2013
65
Maria Ciliberti
5
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
47
\u2013
\u2013
47
\u2013
\u2013
\u2013
\u2013
47
Heejae Chae
5
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
45
\u2013
\u2013
45
\u2013
\u2013
\u2013
\u2013
45
Christopher Mills
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Former Directors
Paul Waterman
1,6
, former CEO
2025
475
64
97
636
510
1,371
0
1,881
2,517
2024
808
120
167
1,095
978
949
0
1,927
3,022
Ralph Hewins
7
, former CFO
2025
429
30
90
549
386
761
0
1,147
1,696
2024
414
29
87
530
418
430
18
866
1,396
Steve Good
2025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2024
23
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
23
Total
2025
1,960
149
217
2,326
1,295
2,396
6
3,697
6,023
Total
2024
1,820
149
254
2,223
1,396
1,379
18
2,793
5,016
1
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025. His base salary from
appointment was $720,000. Paul Waterman stepped down as CEO and retired from the Board on the same date,
but remained in employment until 31 July 2025 in order to ensure an orderly handover to his successor. The
remuneration shown in the table above is in respect of his employment during the year (i.e., until 31 July 2025).
His base salary during the year was $1,071,055. The foreign exchange rate applied to both individuals is the 2025
average rate of $1.3162:\u00a31.00 (2024: $1.2806:\u00a31.00).
2
Taxable bene\ufb01ts for Paul Waterman consist of a car allowance, private health care (\u00a320,324), dental, life
assurance, accidental death and disablement cover and long-term disability insurance (\u00a317,273), and tax advice
(\u00a322,793). Taxable bene\ufb01ts for Ralph Hewins consist of a car allowance (\u00a318,000), private health care and life
assurance. Taxable bene\ufb01ts for Luc van Ravenstein consist of a car allowance (\u00a312,156), private health care
(\u00a321,169), dental, life assurance, accidental death and disablement cover and long-term disability insurance, and
tax advice (\u00a315,195). For Paul Waterman and Luc van Ravenstein the tax advice bene\ufb01t allows appropriate tax
\ufb01lings to be made in both the UK and US as a result of Company business travel requirements in the relevant year,
which exceeded the normal business expectations and gave rise to the need for dual \ufb01lings.
3
As required by remuneration reporting regulations, the valuation of Luc Ravenstein\u2019s SAYE grant is based on the face
value of shares at grant (September 2023), less the exercise price. There are no performance measures for the SAYE.
4
Trudy Schoolenberg is the SID. Christine Soden is the DNED for workforce engagement and is also Chair of the
Audit Committee. Clement Woon is Chair of the Remuneration Committee.
5
Maria Ciliberti was appointed to the Board on 11 March 2024, and Heejae Chae was appointed to the Board on
25 March 2024.
6
As stated elsewhere in this report, Paul Waterman\u2019s pension contribution is 21% of salary. He receives cash in lieu
of pension into his 401(k) up to the prescribed IRS limit, and non-quali\ufb01ed deferred compensation in respect of
the remaining amount.
7
Ralph Hewins stepped down as CFO and retired from the Board on 31 December 2025. Kath Kearney-Croft
was appointed as CFO designate on 3 November 2025 and became CFO and member of the Elementis plc Board
as of 1 January 2026.
\n\n\n
Determination of annual bonus outcome for performance in 2025 (audited)
\n
This section shows the performance targets set in respect of the 2025 annual bonus scheme and the level of performance achieved.
\n
Full details of the bonus assessment for the Executive Directors is set out below. The bonus targets were set at the start of the \ufb01nancial year. The targets were set to be similarly challenging to those
\n
set in prior years having had regard to both internal planning and prevailing market conditions. Following the sale of the Talc business in the \ufb01rst half of the year, the Committee restated the targets (as
\n
set out below) so that they excluded the Talc business and the targets were based on the continuing operations of the business. This approach mirrored past practice where there have been material
\n
divestments. The Committee is comfortable that the adjusted targets were at least as challenging as the targets when originally set and aligned with the original intent of the target setting process.
\n
As disclosed, Luc van Ravenstein was promoted to the role of CEO and joined the Board on 29 April 2025. The \ufb01gure shown in this report in respect of his bonus relates only to the time served as an
\n
Executive Director in the year. Paul Waterman continued to be employed by Elementis and provided transition support to Luc until 31 July 2025, so his bonus has been pro-rated to this date. Ralph
\n
Hewins was CFO until 31 December 2025 (the \ufb01nal day of the \ufb01nancial year), so his bonus has not been pro-rated for time.
\n
The total bonuses payable based on the performance achieved are 71.9% of maximum for Luc van Ravenstein, Paul Waterman and Ralph Hewins. The Committee was comfortable with the bonus
\n
earned in the context of the performance delivered and did not consider it necessary to use discretion in relation to the bonus out-turn. Accordingly, and in line with the Policy, 50% of the bonus
\n
payable will be deferred over shares which will be released to the Director after two years and which are forfeitable for gross misconduct.
\n\n \n
Relative
2025 bonus plan targets
Percentage of maximum bonus earned
Percentage of salary earned
weighting of
Plan
Stretch
Luc van
Paul
Luc van
Paul
performance
Threshold
(50%
(100%
Percentage of
Ravenstein
Waterman
Ralph Hewins
Ravenstein
Waterman
Ralph Hewins
Full-year bonus
conditions
(0% pay-out)
pay-out)
pay-out)
Actual result
maximum
CEO
Former CEO
Former CFO
CEO
Former CEO
Former CFO
Maximum
PBT ($m)
50%
99.3
102.8
113.1
107.5
72.8%
36.4%
36.4%
36.4%
54.6%
54.6%
45.5%
AWC to sales (%)
20%
24.8%
24.5%
22.5%
23.8%
67.5%
13.5%
13.5%
13.5%
20.25%
20.25%
16.875%
Non-\ufb01nancial
30%
0/30
15/30
30/30
22/30
73.3%
22%
22%
22%
33%
33%
27.5%
Total full year
100%
71.9%
71.9%
71.9%
107.85%
107.85%
89.875%
\n\n\n\n\n\n\n\n\n\n\n
Set out below is a summary of the Committee\u2019s assessment of the challenging 2025 non-\ufb01nancial targets. The objectives were categorised into two categories: (1) sustainability priorities
\n
(15% weighting) and (2) Innovation, Growth and Ef\ufb01ciency (15% weighting).
\n
2025 bonus assessment for CEO and CFO: Non-\ufb01nancial targets
\n\n \n
Summary
Measure
Performance indicator
Achievements
scoring
Sustainability objectives
Safety
Recordable injuries: threshold 5; target 3; stretch 1
Recordable injuries: 4
Focus on maintaining and strengthening
Safety engagement: threshold 75% employee participation and
Safety engagement: 90.5
responsible workplace practices through safety
minimum 2 activities/employee per quarter; maximum 75%
Recordables between threshold and target and Engagement close to maximum
3%/5%
engagement
employee participation and 4 activities/employee per quarter
Diversity, Equity and Inclusion
Gender diversity: new-hire diversity; ELT and direct reports at
New hire diversity: 28%
Continue to build organisational capability
least 40% of each gender
ELT and Direct Reports: 40% female and 60% male
through actions that increase employee
Gallup Q12 and Culture of Inclusion index
Gallup Q12: from 3.91 to 4.04 and Gallup Culture of inclusion: from 3.96 to 4.09
4%/5%
engagement and create a more diverse,
Targets met or exceeded for each objective
equitable and inclusive organisation
Environmental
Overall GHG emissions
Overall GHG emissions: 14% reduction vs 5.9% target
Continue to demonstrate progress towards
2030 target progress
2030 target progress: all 4 environmental intensity targets exceeded
achieving our 2030 and SBT goals through
SBT target validated and roadmap progressed
SBT target validated and roadmap progressed: validated in March and roadmap updated
4%/5%
implementation of energy-ef\ufb01ciency and
Sustainability fully integrated into portfolio and innovation
Sustainability fully integrated into portfolio and innovation management: progressing with
environmental impact improvement projects,
management
more work to do
and put further actions in place to minimise
Responsible sourcing approach in place
Responsible sourcing approach in place: system live and understood
pollution and risk of environmental Tier 1 and 2
Product lifecycle analysis further expanded
Product lifecycle analysis further expanded: expanded to cover NiSAT and Organic
incidents. SBT greenhouse gas emission
% naturally-derived product revenue
Thixotrope technologies
reduction target to be validated, and all
Audit readiness activities complete
% naturally-derived product revenue: increased from 58% to 59%
environmental data to be audit ready
Audit readiness activities complete: partially completed, hindered by EU regulation change
Strategic objectives
CMD Growth Platform
Above-market sales of $7m in Personal Care and $19m in
Above-market sales of $7m in Personal Care and $19m in Coatings and Energy in 2025:
Deliver 2025 components of $90m growth
Coatings and Energy in 2025
not achieved
platform promise, setting up 2026 for success
15 new products with sustainability bene\ufb01ts
15 new products with sustainability bene\ufb01ts: 19 new products with 16 having sustainability
3%/5%
Innovation Revenue increasing to 16%
bene\ufb01ts: target exceeded
Pipeline of new products for 2026
Innovation Revenue increasing to 16%: achieved 16.4%: target exceeded
$35m NBO revenue delivered in 2025 plus growth in pipeline
Pipeline of new products for 2026 minimum of 15 planned: target achieved
to >$290m
$35m NBO revenue delivered in 2025 plus growth in pipeline to >$290m: $56m NBO
revenue delivered; pipeline increase to $263m: target partially achieved
CMD Ef\ufb01ciency Platform
Deliver Fit for the Future \u2013 $8m; Supply Chain \u2013 $4m; and
Fit for the Future: target exceeded; $8m: target achieved
Deliver 2025 components of CMD targeted
Procurement \u2013 $4m
Supply Chain $5m: target exceeded; Procurement $4m: target achieved; and all on
ef\ufb01ciency savings, and drive key improvements
Supply Chain and Procurement initiatives on track for further
track/slightly ahead for 2026 delivery: target achieved
4%/5%
at STL site and Customer Service delivery in
delivery in 2026
St. Louis OEE stable, OTIF up 1% and costs behind plan: target partially achieved
Porto
St. Louis OEE, OTIF and costs
Corporate Development
Completion of Talc strategic review. If Talc is to be sold, optimise value
Successful completion of Talc strategic review with divestment completed at end of May:
Continue to improve the Elementis portfolio
and contract terms, and ensure a smooth and timely deal completion
target achieved
through completion of the Talc strategic review,
and transition (including removal of any future liability risk)
Sale of the pharmaceutical manufacturing business on track for completion in Q1 2026:
4%/5%
sale of the pharmaceutical manufacturing
Completion of sale of the pharmaceutical manufacturing business
target on track for achievement
business and other steps aligned to strategy
in line with Board expectations
Completion of acquisition of Alchemy Ingredients: target achieved
(e.g. bolt-on M&A)
Other strategic steps that demonstrate enhanced value
Development of appropriately sized M&A pipeline: target achieved
\n
Key to summary scoring
\n
Achieved in full or predominantly achieved
Partially achieved
Not achieved
\n\n\n
Directors\u2019 share-based awards
\n
Determination of 2023 LTIP awards (audited)
\n
Under the 2023 award, the performance is assessed against EPS, relative TSR and operating cash conversion performance metrics, as summarised below.
\n
The EPS growth and relative TSR and AOCC targets were met or exceeded. Overall this has resulted in 76.8% of the award vesting. The Committee considers this to be in line with
\n
underlying performance.
\n
In determining vesting, the Committee considered:
\n
ROCE (excluding goodwill) over the performance period, which increased from 11.8% to 30% in challenging market conditions, and, as such, the Committee con\ufb01rmed the formulaic outcome
\n
The potential for windfall gains, which, given the share price used to determine the number of shares included in awards in April 2023 was \u00a31.19 (which was consistent with the share price used
\n
as the basis to determine the 2022 award (\u00a31.19)), were not considered to have arisen
\n\n \n
Performance metric
Weighting
Threshold target
Threshold payout
Maximum target
Elementis achievement
Payout
EPS
1
33.3%
11.8 cents per share
0%
15.8 cents per share
13.72 cents per share
48%
Operating cash conversion
2
33.3%
80%
0%
100%
97.5%
87.5%
Relative TSR vs FTSE All-Share Index
33.3%
Median (50th percentile)
25%
Upper quartile (75th percentile)
73rd percentile
94.9%
\n
1
As noted in the Chair\u2019s letter, the original EPS targets were restated downwards by 1.2 cents to reflect the sale of Talc. The original threshold was 13.0 cents per share, and the original maximum was 17.0 cents per share.
\n
The Committee is comfortable that the adjusted targets ful\ufb01l their original intent and are no less stretching than the targets originally set.
\n
2
Talc has been included in the 2023 and 2024 cash conversion \ufb01gures and excluded from the 2025 \ufb01gure. The Committee is comfortable that this approach most accurately reflects our business operations over the performance period.
\n
Based on this performance assessment, the table below illustrates the value receivable under the 2023 awards. Any shares vesting will be subject to a two-year holding period.
\n\n \n
Number of shares
Value of dividend
Award holder
Number of shares granted
Payout (% of maximum)
due to vest
Value from share price increase
1
equivalents
2,3
Total value vesting
3
Paul Waterman
1,350,978
76.8%
805,409
5
\u00a3357,602
\u00a354,981
\u00a31,371,020
Ralph Hewins
584,349
76.8%
447,142
6
\u00a3198,531
\u00a330,524
\u00a3761,154
Luc van Ravenstein
4
175,146
88.4%
54,829
\u00a368,744
\u00a310,565
\u00a3263,556
\n
1
There was share price appreciation from the share price used to determine the number of shares granted (\u00a31.19) to the three-month average share price to 31 December 2025 (\u00a31.634).
\n
2
Value of dividend equivalents estimated based on dividends until 31 December 2025.
\n
3
Value of shares based on a three-month average share price of \u00a31.634 to 31 December 2025. This value will be restated next year based on the actual share price on the date of vesting.
\n
4
Luc van Ravenstein\u2019s 2023 LTIP award was granted before he became an Executive Director, 50% of his LTIP award was subject to the same performance conditions as per the awards to Paul Waterman and Ralph Hewins set out above,
\n
and 50% was based on continued employment (i.e. restricted stock) in line with our approach for non PLC Directors.
\n
5
Pro-rated to termination date of 31 July 2025 (i.e. 77.6%).
\n
6
Pro-rated to termination date of 31 March 2025 (i.e. 99.6%).
\n\n\n\n\n\n\n\n\n\n\n
Annual LTIP awards granted in the year (audited)
\n
On 30 May 2025, LTIP awards were granted in line with the Remuneration Policy. Luc van Ravenstein was granted an award to the value of 200% of salary and Ralph Hewins was granted an award to
\n
the value of 175% of salary. On 3 November 2025 Kath Kearney-Croft was granted an award to the value of 175% of salary in connection with her recruitment as CFO Designate.
\n
Share awards will ordinarily vest after three years, with any shares vesting (other than those sold to meet associated tax liabilities) subject to a two-year holding requirement.
\n
As set out in the \u2018Payments to past Directors or payments for loss of of\ufb01ce\u2019 section of this report, Ralph Hewins, as a retiree, was deemed to be a good leaver under the rules of the Elementis LTIP.
\n
As such, his 2025 LTIP award will vest on the normal vesting date in 2028, subject to a pro-rata reduction to reflect the period from grant to the cessation of his employment on 31 March 2026 relative
\n
to the full three-year performance period and the application of performance conditions. Paul Waterman was not eligible for a 2025 LTIP award.
\n
Details of the main terms of the 2025 LTIP awards are summarised in the table below.
\n\n \n
Face value of award
Award holder
Type of share award
Grant date
Number of shares
at grant (\u00a3000s)
1
Luc van Ravenstein
Conditional share award
30.05.2025
745,591
\u00a31,067,686
Ralph Hewins
Conditional share award
30.05.2025
524,654\u00b2
\u00a3751,305
Kath Kearney-Croft
Conditional share award
03.11.2025
425,791
\u00a3700,000
\n
1
The share price used to determine the number of awards granted on 30 May 2025 was \u00a31.4320, based on the share price on the day prior to grant (29 May 2025). The share price used to determine the number of awards granted on
\n
3 November 2025 was \u00a31.6440, based on the share price on the day prior to grant (31 October 2025).
\n
2
After pro-ration to 31 March 2026, Ralph Hewins has 146,137 shares eligible to vest under the 2025 LTIP award.
\n
The awards are subject to EPS (30% weighting), ROCE (30% weighting), TSR (30% weighting) and Scope 1 & 2 GHG emissions reduction (10% weighting) performance conditions. As set out in the
\n
Chair\u2019s annual statement, the EPS, ROCE and Scope 1 & 2 GHG emissions targets have been adjusted to reflect the sale of Talc. The table below sets out the revised targets for this award in full.
\n
Straight-line vesting takes place between performance points.
\n\n \n
End of the
Threshold
Threshold
Stretch
performance
Performance metric
Weighting
target
payout
Target
Target payout
Stretch target
payout
period
2027 EPS
30%
14.3 cents
0%
\u2013
\u2013
17.5 cents
100%
31.12.2027
per share
per share
2025 to 2027 ROCE
30%
30%
0%
33%
50%
36%
100%
31.12.2027
Relative TSR vs FTSE All-Share Index
30%
Median
25%
\u2013
\u2013
Upper
100%
31.12.2027
quartile
Scope 1 & 2 GHG emissions reduction
10%
57,869t
0%
\u2013
\u2013
50,156t
100%
31.12.2027
CO
2
e
CO
2
e
\n
The awards are subject to an overriding Committee discretion to reduce the number of shares on vesting should it be considered appropriate to do so (e.g. in the event that there was a perceived
\n
disconnect between reward and holistic business performance, or a windfall gain).
\n
Sourcing shares for our share plans
\n
Employee share plans comply with the Investment Association\u2019s guidelines on dilution, which provide that overall issuance of shares under all plans should not exceed an amount equivalent to 10% of
\n
the Company\u2019s issued share capital over any ten-year period. We also operate a discretionary share plan dilution limit of 5% of the Company\u2019s issued share capital over a ten-year period. Based on
\n
the number of awards that remain outstanding as at the year end, the Company\u2019s headroom for all plans is 4.17% and for discretionary plans is 3.50% of issued share capital.
\n\n\n
Directors\u2019 scheme interests (audited)
\n
The table below sets out the interests of the Directors during the year in the issued shares of the Company insofar as these relate to awards which remain subject to performance conditions or vested
\n
but unexercised share options:
\n\n \n
Scheme interests
Vested but
Granted during
Exercised during
Lapsed during
unexercised
Interest type
Grant date
Option price (p)
01.01.25
2025
2025
2025
31.12.25
share options
Executive Directors
Luc van Ravenstein
LTIP (PSU)
1
04.04.2022
\u2013
69,334
\u2013
33,765
35,569
0
\u2013
LTIP (RSU)
2
04.04.2022
\u2013
69,333
\u2013
69,333
\u2013
0
\u2013
LTIP (PSU)
1
03.04.2023
\u2013
87,573
\u2013
\u2013
\u2013
87,573
\u2013
LTIP (RSU)
2
03.04.2023
\u2013
87,573
\u2013
\u2013
\u2013
87,573
\u2013
SAYE
20.09.2023
94.86
40,800
\u2013
37,174
3,626
0
\u2013
LTIP (PSU)
1
08.04.2024
\u2013
71,759
\u2013
\u2013
\u2013
71,759
\u2013
LTIP (RSU)
2
08.04.2024
\u2013
71,758
\u2013
\u2013
\u2013
71,758
\u2013
LTIP (PSU)
1
30.05.2025
\u2013
\u2013
745,591
\u2013
\u2013
745,591
\u2013
Total scheme interests
498,130
745,591
140,272
39,195
1,064,254
\u2013
Former Directors
Paul Waterman
LTIP
1
04.04.2022
\u2013
1,236,244
\u2013
602,050
634,194
0
\u2013
DSBP
3
08.03.2023
\u2013
374,376
\u2013
374,376
\u2013
0
\u2013
LTIP
1
03.04.2023
\u2013
1,350,978
\u2013
\u2013
\u2013
1,350,978
\u2013
DSBP
3
08.03.2024
\u2013
323,899
\u2013
323,899
\u2013
0
\u2013
LTIP
1
08.04.2024
\u2013
1,107,011
\u2013
1,107,011
\u2013
0
\u2013
DSBP
3
30.05.2025
\u2013
\u2013
324,003
324,003
\u2013
0
\u2013
Total scheme interests
4,392,508
324,003
2,731,339
634,194
1,350,978
\u2013
Ralph Hewins
DSBP
3
08.03.2017
\u2013
7,140
\u2013
\u2013
\u2013
7,140
7,140
RA
4
08.03.2017
\u2013
17,458
\u2013
\u2013
\u2013
17,458
17,458
RA
5
08.03.2017
\u2013
92,262
\u2013
\u2013
\u2013
92,262
92,262
DSBP
3
05.03.2018
\u2013
73,123
\u2013
\u2013
\u2013
73,123
73,123
DSBP
3
11.03.2019
\u2013
48,865
\u2013
\u2013
\u2013
48,865
48,865
DSBP
3
06.03.2020
\u2013
76,266
\u2013
\u2013
\u2013
76,266
76,266
DSBP
3
08.03.2022
\u2013
213,105
\u2013
\u2013
\u2013
213,105
213,105
LTIP
1
05.04.2022
\u2013
559,656
\u2013
272,552
287,104
0
\u2013
SAYE
6
21.09.2022
88.00
20,454
\u2013
\u2013
20,454
20,454
DSBP
3
09.03.2023
\u2013
147,833
\u2013
\u2013
147,833
147,833
LTIP
1
13.04.2023
\u2013
584,349
\u2013
\u2013
584,349
\u2013
DSBP
3
12.03.2024
\u2013
138,015
\u2013
\u2013
138,015
\u2013
LTIP
1
08.04.2024
\u2013
489,054
\u2013
\u2013
489,054
\u2013
DSBP
3
02.06.2025
\u2013
\u2013
145,966
\u2013
145966
\u2013
LTIP
1
02.06.2025
\u2013
\u2013
524,654
\u2013
524,654
\u2013
Total scheme interests
2,467,580
670,620
272,552
287,104
2,578,544
696,506
\n\n\n\n\n\n\n\n\n\n\n
Footnote references for Directors\u2019 scheme interests (audited):
\n
1
LTIP (PSU) awards are subject to performance conditions. The same relative TSR performance conditions apply
\n
in respect of all awards. The EPS target for the 2022 awards is based on FY24 EPS of between 8.4 cents and
\n
10.9 cents, for the 2023 awards is based on FY25 EPS of between 11.8 cents and 15.8 cents, for the 2024
\n
awards is based on FY26 EPS of between 12.7 cents and 15.4 (restated for the impact of the Talc divestment)
\n
cents and for the 2025 award based upon FY27 EPS of between 14.3 cents and 17.5 cents (restated for the
\n
impact of the Talc divestment). The operating cash conversion performance conditions for the 2022 award is
\n
based on three-year targets between 85% and 95%, and between 80% and 100% for 2023 and 2024. The 2024
\n
award is also subject to an operating pro\ufb01t margin condition based upon FY26 of between 18% and 20%. These
\n
awards ordinarily vest on the third anniversary of the grant date. Full detail of the vesting conditions for the 2025
\n
awards are set out on page 135.
\n
2
LTIP (RSU) awards are not subject to performance conditions. These awards were granted to Luc van
\n
Ravenstein in his role prior to becoming an Executive Director, in line with our approach for non PLC Directors.
\n
The awards will vest on the third anniversary of the grant date, subject to continued employment.
\n
3
Conditional share award under the DSBP. Structured as restricted stock units for Paul Waterman and nil cost
\n
options for Ralph Hewins. Ralph Hewins\u2019 2020 DSBP award has vested but has not yet been exercised. The
\n
share price at date of grant was 98.95 pence, so the face value of Ralph Hewins\u2019 award at grant was \u00a375,466.
\n
Both Executive Directors recommended and the Committee agreed that no bonus be payable in respect of
\n
2020, therefore no DSBP awards were granted in 2021. For DSBP awards granted in March 2022, the share
\n
price at date of grant was 103.8 pence so the face value of Ralph Hewins\u2019 award at grant was \u00a3221,204. For
\n
DSBP awards granted in March 2023, the share price at date of grant was 126.1 pence with the face value of
\n
awards at grant of \u00a3472,088 and \u00a3186,418 for Paul Waterman and Ralph Hewins respectively. For DSBP awards
\n
granted in March 2024, the share price at date of grant was \u00a31.386 pence with the face value of awards at grant
\n
of \u00a3448,924 and \u00a3191,289 for Paul Waterman and Ralph Hewins respectively. For DSBP awards granted in May
\n
2025, the share price at date of grant was \u00a31.432 pence with the face value of awards at grant of \u00a3463,972 and
\n
\u00a3209,023 for Paul Waterman and Ralph Hewins respectively.
\n
4
Replacement awards structured as nil cost options made under standalone arrangements that borrow terms
\n
from the LTIP as amended. In line with the remuneration forfeited on leaving his former employer, the 2017
\n
award did not have performance conditions, but shares were required to be held for two years. The options
\n
remain unexercised.
\n
5
Replacement awards structured as nil cost options made under standalone arrangements that borrow terms
\n
from the DSBP as amended. The options remain unexercised.
\n
6
Options held under SAYE schemes. This is a savings-based share option scheme that is not subject to
\n
performance conditions. For Luc van Ravenstein, the \ufb01gures shown relate to a 2023 grant made under the US
\n
scheme on 20 September 2023 with an option price of 94.86 pence per share. For Ralph Hewins, the \ufb01gures
\n
shown relate to a 2022 grant made under the UK scheme on 21 September 2022 with an option price of 88.00
\n
pence per share. Further details on the schemes are shown in Note 26 to the consolidated \ufb01nancial statements
\n
on page 181.
\n
Directors\u2019 share interests (audited)
\n
The table below sets out the interests of the Directors (including any connected persons) during
\n
the year in the issued shares of the Company insofar as these relate to bene\ufb01cially owned shares.
\n
Paul Waterman\u2019s shareholding is shown as of the date of his cessation of employment
\n
(i.e. 31 July 2025).
\n\n \n
Shareholding
Acquired
Disposed
level met as at
01.01.25
during 2025
during 2025
31.12.25
31.12.25
Executive Directors
Luc van Ravenstein
393,449
119,164
\u2013
512,613
No
1
Non-Executive Directors
Dorothee Deuring
26,250
\u2013
\u2013
26,250
n/a
John O\u2019Higgins
125,600
\u2013
\u2013
125,600
n/a
Trudy Schoolenberg
30,000
30,000
\u2013
60,000
n/a
Christine Soden
30,000
\u2013
\u2013
30,000
n/a
Clement Woon
50,000
\u2013
\u2013
50,000
n/a
Maria Ciliberti
10,000
\u2013
\u2013
10,000
n/a
Heejae Chae
34,000
\u2013
\u2013
34,000
n/a
Christopher Mills
2
\u2013
\u2013
\u2013
\u2013
n/a
Former Directors
Paul Waterman
1,597,963
1,045,313
\u2013
2,643,276
No
1
Ralph Hewins
289,090
148,708
\u2013
437,798
No
1
\n
1
As per the Policy, Executive Directors are expected to build up a shareholding that is equal in value to 200%
\n
of their basic annual salaries. Share awards vesting over time will contribute to meeting the shareholding requirement.
\n
In accordance with the post-cessation shareholding policy introduced in 2022, Paul Waterman and Ralph Hewins
\n
cannot sell any shares derived from incentive plans from 2022 onwards (other than to pay any tax arising on vesting)
\n
within two years of the cessation of their employment unless the shares retained, after tax, from those awards
\n
exceeds the number of shares calculated to be of value equivalent to the lower of their actual shareholding as of
\n
31 July 2025 and 31 March 2026 respectively (being the respective dates their employment ceased) or 200% of salary.
\n
2
As at 31 December 2025, Christopher Mills\u2019 interest in the Company\u2019s shares is held through North Atlantic
\n
Smaller Companies Investment Trust PLC (\u201cNASCIT\u201d) and Oryx International Growth Fund Limited (\u201cOryx\u201d).
\n
Mr Mills is a director of NASCIT and Oryx. Mr Mills holds 2.50% of the shares in Oryx in his own name. Mr Mills
\n
also owns 27.74% of the shares in NASCIT, which in turn holds 52.68% of the shares in Oryx. Oryx holds
\n
6,000,000 of the Company\u2019s shares. Mr Mills is a partner and Chief Investment Of\ufb01cer of Harwood Capital LLP
\n
(\u201cHarwood\u201d), which is investment manager and investment adviser to NASCIT and Oryx respectively.
\n
Harwood is a wholly owned subsidiary of Harwood Capital Management Limited. Funds managed by
\n
Harwood Capital Management Limited and its af\ufb01liates (including Oryx) own 22.1m of the Company\u2019s shares.
\n
The market price of ordinary shares at 31 December 2025 was \u00a31.66 pence (2024: \u00a31.452 pence)
\n
and the range during 2025 was \u00a31.15 pence to \u00a31.766 pence (2024: \u00a31.156 pence to \u00a31.662 pence).
\n
As at 31 December 2025, the trustee of the Company\u2019s Employee Share Ownership Trust
\n
(\u201cESOT\u201d) held 4,181 shares (2024: 968,021). As an Executive Director and potential bene\ufb01ciary
\n
under the ESOT, Luc van Ravenstein is deemed to have an interest in any shares that become
\n
held in the ESOT.
\n\n\n
As at 4 March 2026, no person who was then a Director had any interest in any derivative or other
\n
\ufb01nancial instrument relating to the Company\u2019s shares and, so far as the Company is aware, none
\n
of their connected persons had such an interest. There was no other change, so far as the
\n
Company is aware, in the relevant interests of other Directors or their connected persons.
\n
Other than their service contracts, letters of appointment and letters of indemnity with the
\n
Company, none of the Directors had an interest in any contract of signi\ufb01cance in relation to the
\n
business of the Company or its subsidiaries at any time during the \ufb01nancial year.
\n
Directors\u2019 retirement bene\ufb01ts (audited)
\n
The table below shows the breakdown of the retirement bene\ufb01ts of the Executive Directors,
\n
comprising employer contributions to de\ufb01ned contribution plans and salary supplements paid
\n
in cash.
\n
Luc van Ravenstein receives a salary supplement in lieu of any other retirement bene\ufb01t.
\n
Paul Waterman received a salary supplement and participated in US contractual retirement
\n
schemes. Further detail can be found in the Policy. The amount shown in the table below
\n
represents employer matching contributions, and both this and the salary supplement are
\n
included in the Directors\u2019 emoluments table shown on page 131.
\n
Ralph Hewins received a salary supplement in lieu of any other retirement bene\ufb01t. The amount
\n
received is shown in the table below and in the Directors\u2019 emoluments table.
\n\n \n
De\ufb01ned contribution plans
Salary supplement
2025
2024
2025
2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Executive Directors
Luc van Ravenstein
n/a
\u2013
29
\u2013
Former Directors
Paul Waterman
36
42
61
125
Ralph Hewins
n/a
n/a
90
87
\n
Note: The pensions received were consistent with the Company\u2019s Remuneration Policy at up to a total of 21% of
\n
salary and for Paul Waterman and Ralph Hewins and 8% for Luc van Ravenstein. As stated elsewhere in this report,
\n
Paul Waterman\u2019s pension contribution is 21% of salary. He receives cash in lieu of pension into his 401(k) up to the
\n
prescribed IRS limit, and non-quali\ufb01ed deferred compensation in respect of the remaining amount.
\n
Payments to past Directors or payments for loss of of\ufb01ce (audited)
\n
Paul Waterman
\n
As announced on 18 November 2024, Paul Waterman stepped down from his role as CEO on
\n
29 April 2025. He remained employed by the Group until his employment ended on 31 July 2025
\n
in order to ensure an orderly handover to his successor, Luc van Ravenstein. Remuneration
\n
arrangements in respect of his departure, having taken legal advice in connection with his US
\n
contract, reflect his contractual entitlements, the Directors\u2019 Remuneration Policy approved by
\n
shareholders at the AGM on 26 April 2022 and the Rules of the relevant plans. The details of his
\n
arrangements, as set out in the 2024 Directors\u2019 Remuneration Report, are set out below.
\n
Salary and bene\ufb01ts
\n
These were provided in line with the terms of his service agreement through to 31 July 2025,
\n
after which Mr Waterman ceased to be employed by the Group. He received a payment in lieu
\n
of any accrued but unused annual leave as of 31 July 2025 of \u00a329,976. He continued to receive
\n
his base salary on a monthly basis, subject to mitigation, from 1 August 2025 through to
\n
18 November 2025 in lieu of the balance of his 12-month notice period entitlement.
\n
Annual bonus
\n
Mr Waterman remained eligible to participate in the Elementis Group Annual Bonus Plan for the
\n
\ufb01nancial year ending 31 December 2025, pro-rated to 31 July 2025, subject to achievement of
\n
performance measures. Payment will be made by way of (a) cash lump sum to the value of 50%
\n
of the bonus entitlement, and (b) deferred shares to the value of 50% of the bonus entitlement,
\n
which will vest in March 2028. Any bonuses paid will remain subject to malus and clawback as
\n
well as the wider terms of the plan.
\n
Long-term incentive plan awards
\n
The Remuneration Committee determined Mr Waterman to be a good leaver under the rules of
\n
the Elementis LTIP as a result of his cessation of employment being by way of mutual agreement
\n
in connection with the Board\u2019s leadership succession plans. His 2023 and 2024 LTIP awards
\n
remain eligible to vest on their normal vesting dates in 2026 and 2027 respectively, subject to
\n
pro-rata reduction to reflect the period from grant to the cessation of his employment on 31 July
\n
2025 relative to three years and the application of performance conditions. The vesting of his
\n
2023 award is set out in the \u2018Determination of 2023 LTIP awards\u2019 section of this report. After
\n
pro-ration to 31 July 2025, Paul Waterman has 484,254 shares eligible to vest under the 2024
\n
LTIP award. In accordance with the rules of the LTIP, any vested shares will remain subject to the
\n
terms of the plan, which include a two-year holding period from vesting and malus and clawback
\n
provisions.
\n
Other payments
\n
Paul Waterman received a contribution of \u00a33,649 (excluding VAT) towards legal advisory fees
\n
incurred in connection with his departure; and \u00a337,988 (US$50k in total paid gross) towards the
\n
preparation of tax \ufb01lings for each year in which he receives employment income from the Group
\n
that is taxable in the UK and career transition advisory support. The contribution towards tax
\n
support is consistent with his in-employment bene\ufb01t and provided in lieu of this bene\ufb01t for the
\n
balance of his notice period.
\n
Post-cessation share ownership guidelines
\n
In accordance with the post-cessation shareholding policy introduced in 2022, no shares derived
\n
from incentive plans from 2022 onwards may be sold (other than to pay any tax arising on
\n
vesting) within two years of cessation of employment unless the shares retained, after tax, from
\n
those awards exceed the number of shares calculated to be of value equivalent to 165% of salary,
\n
being Paul\u2019s shareholding at the date of cessation of his employment (calculated on 31 July 2025
\n
by reference to the closing share price on 31 July 2025). LTIP shares are subject to a two-year
\n
holding period under the Remuneration Policy.
\n\n\n\n\n\n\n\n\n\n\n
Ralph Hewins
\n
As announced on 30 September 2025, Ralph Hewins stepped down as CFO and retired from the
\n
Board on 31 December 2025. He will remain employed by the Group in order to ensure an
\n
orderly handover to his successor, Kath Kearney-Croft, until 31 March 2026. Remuneration
\n
arrangements in respect of his departure reflect his contractual entitlements, the Directors\u2019
\n
Remuneration Policy approved by shareholders at the AGM on 29 April 2025 and the Rules of
\n
the relevant plans. The payments to be made in connection with his loss of of\ufb01ce are as set
\n
out below:
\n
Salary and bene\ufb01ts
\n
Ralph Hewins will receive his normal remuneration under the terms of his service agreement
\n
through to 31 March 2026, after which he will retire and cease to be employed by the Group.
\n
He will receive a payment in lieu of any accrued but unused annual leave as of 31 March 2026.
\n
He is not eligible for any salary increase in 2026.
\n
Annual bonus
\n
As set out earlier in this report, Ralph Hewins remained eligible to participate in the annual bonus
\n
plan for the year ending 31 December 2025. The payment of the bonus earned will be made
\n
by way of (a) cash lump sum to the value of 50% of the bonus earned in March 2026, and (b)
\n
deferred shares to the value of 50% of the bonus earned, which will vest 2 years later in March
\n
2028. He is not eligible for any bonus for 2026.
\n
The deferred shares (net of any tax due) will need to be retained in connection with the two year
\n
post-cessation of employment shareholding policy (see below).
\n
Any bonuses paid remain subject to malus and clawback as well as the wider terms of the plan.
\n
As a result of his retirement and cessation of employment, the deferred shares awarded in
\n
connection with annual bonuses earned for performance in 2023 (138,015 shares) and 2024
\n
(145,966 shares) will vest on the earlier of his cessation of employment and the normal vesting
\n
date of the award. The net of tax number of these deferred share awards will need to be retained
\n
for two years towards the satisfaction of the Company\u2019s post cessation of employment share
\n
ownership guidelines (see below).
\n
Long-term incentive plan awards
\n
As a result of his retirement, Ralph Hewins is a good leaver under the Rules of the Elementis Long
\n
Term Incentive Plan. As a result, his 2023, 2024 and 2025 LTIP awards will vest on their normal
\n
vesting dates in 2026, 2027 and 2028 respectively. The 2024 and 2025 LTIP awards will be
\n
subject to a pro-rata reduction to reflect the period from grant to the cessation of his employment
\n
on 31 March 2026 relative to the three-year performance periods and the application of
\n
performance conditions. Details of the vesting of the 2023 LTIP award are set out in the
\n
\u2018Determination of 2023 LTIP awards\u2019 section of this report.
\n
After pro-ration to 31 March 2026, Ralph Hewins has 322,463 shares eligible to vest under the
\n
2024 LTIP award and 146,137 shares eligible to vest under the 2025 LTIP award. Dividend
\n
equivalents will be additional to these numbers. In accordance with the Rules of the LTIP, any
\n
vested shares will remain subject to the terms of the Plan which include a two year holding period
\n
from vesting, and malus and clawback provisions. Ralph Hewins was not eligible for an LTIP
\n
award in 2026.
\n
Other payments
\n
Ralph Hewins will receive a capped contribution of up to \u00a35,000 (excluding VAT) towards legal
\n
advisory fees incurred in connection with his departure.
\n
Other than the items referenced above, Ralph Hewins will not receive any further remuneration
\n
payments or payments for loss of of\ufb01ce.
\n
Post-cessation shareholding guidelines
\n
In accordance with the post-cessation shareholding policy introduced in 2022, no shares derived
\n
from incentive plans from 2022 onwards may be sold (other than to pay any tax arising on
\n
vesting) within two years of cessation of employment unless the shares retained, after tax, from
\n
those awards exceed the number of shares calculated to be of value equivalent to the lower of
\n
Ralph Hewins\u2019 actual shareholding on 31 March 2026, being the date of his cessation of
\n
employment, or 200% of salary. LTIP shares are subject to a two year holding period under the
\n
Remuneration Policy.
\n
Joining arrangements for new CEO and CFO
\n
Luc van Ravenstein, CEO
\n
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025, following
\n
a thorough search process led by the Nomination Committee. He was appointed on a base salary
\n
of US $720,000 in the context of being an internal promotion. As set out in the Chair\u2019s annual
\n
statement, his salary has been reviewed in light of his performance and market rates of pay for
\n
comparably sized FTSE 250 companies, resulting in an increase of 21.5% to US $875,000 with
\n
effect from 1 April 2026.
\n
Luc receives a Company pension contribution of 8% of base salary (aligned with the majority
\n
of the wider UK workforce). His maximum bonus and long-term incentive opportunities have
\n
been set at 150% and 200% of base salary respectively, consistent with the Directors\u2019
\n
Remuneration Policy.
\n
Kath Kearney-Croft, CFO
\n
Kath Kearney-Croft was appointed as CFO designate on 3 November 2025, before becoming
\n
CFO and a member of the Board on 1 January 2026. She was appointed on a base salary of
\n
\u00a3400,000. As set out in the Chair\u2019s annual statement, Kath\u2019s salary will increase to \u00a3413,000
\n
(representing an increase of 3.25%) with effect from 1 April 2026. As part of Kath\u2019s recruitment it
\n
was agreed that she would receive a long-term incentive award at 175% of salary shortly
\n
following her commencement of employment. The award is subject to the same performance
\n
targets that apply to the Executive Directors\u2019 awards that were granted earlier in the year and
\n
provides immediate alignment with the wider executive leadership team.
\n
Kath receives a Company pension contribution of 8% of base salary (aligned with the majority
\n
of the wider UK workforce). Her maximum annual bonus and long-term incentive opportunities
\n
have been set at 125% of base salary (pro-rata for 2025) and 175% of base salary respectively,
\n
consistent with the Directors\u2019 Remuneration Policy. There were no \u2018buyout\u2019 awards agreed in
\n
connection with her appointment.
\n\n\n
Total shareholder return performance and change in CEO\u2019s pay
\n
The graph below illustrates the Company\u2019s total shareholder return for the ten years ended 31 December 2025, relative to the FTSE 250 Index, along with a table illustrating the change in CEO pay
\n
over the corresponding period. The table also details the payouts for the annual bonus scheme and LTIP.
\n
As the Company\u2019s shares are denominated and listed in pence, the graph below looks at the total return to 31 December 2025 of \u00a3100 invested in Elementis on 31 December 2015 compared with that
\n
of the total return of \u00a3100 invested in the FTSE 250 Index. This index was selected for the purpose of providing a relative comparison of performance because the Company is a member of it.
\n
0
\n
50
\n
100
\n
150
\n
200
\n
TSR performance since 2015 (rebased to 100)
\n
\u00a3
\n
Elementis plc
FTSE 250 Index (excl. Investment Trusts)
\n
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
\n\n \n
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
CEO pay (total remuneration \u2013 \u00a3\u2019000s)
1,553
1
2,539
1,229
1,114
1,007
1,946
2,214
2,752
3,039
3,641
Annual bonus payout (% of maximum)
27.5%
93.0%
35.0%
17.3%
0%
93%
75%
74%
77.9%
71.9%
LTIP vesting (% of maximum)
91.2%
2
91.4%
3
0%
0%
0%
0%
11.1%
54.7%
48.7%
76.8%
\n
1
Includes remuneration for Paul Waterman and David Dutro for the period in which each was CEO during 2016, and for Luc van Ravenstein and Paul Waterman for the period in which each was CEO during 2025.
\n
2
Relates to Paul Waterman\u2019s buy-out awards which vested in March 2017.
\n
3
Relates to Paul Waterman\u2019s buy-out awards vesting in March 2018.
\n
CEO to all-employee pay ratio
\n
Whilst Elementis is not required to publish a CEO to all-employee pay ratio given it has fewer than 250 UK employees, voluntary disclosure of the pay ratio is included below. In line with the relevant
\n
legislation, the analysis has been completed using Option A (i.e. actual total remuneration earned has been used as the basis for comparison). The reference date for the analysis was 31 December 2025.
\n\n\n\n\n\n\n\n\n\n\n
Whilst this is only based upon circa 80 UK employees, there is a mix of factory-based employees (circa 75%) and corporate head of\ufb01ce employees. Option A was used as it was deemed the most
\n
accurate and prevalent among recent FTSE 250 disclosures. The 2025 ratio is equivalent to the 2024 \ufb01gure due to the continued higher ratio of variable pay within the CEO\u2019s overall compensation as
\n
a result of the vesting of the 2023 LTIP award. Circa 10% of UK employees are eligible for LTIP. The ratio is consistent with the pay, reward and progression policies for the Company\u2019s UK employees
\n
taken as a whole. The pay ratio illustrates the greater leverage in Director packages versus the wider workforce in that in years where Elementis performs strongly against its performance targets,
\n
the ratio is generally higher. For the purposes of the CEO pay ratio calculation the single \ufb01gure proportion in relation to Paul Waterman has been calculated up until 29 April 2025, being the date at
\n
which he stepped down as CEO.
\n\n \n
CEO pay ratio
2019
2020
2021
2022
2023
2024
2025
Method
A
A
A
A
A
A
A
CEO single \ufb01gure
\u00a31,114
\u00a31,007
\u00a31,946
\u00a32,214
\u00a32,752
\u00a33,039
\u00a33,181
Upper quartile
15
14
23
24
31
37
34
Median
21
19
34
40
52
52
54
Lower quartile
25
23
42
49
67
66
63
\n
The salary and total pay for the individuals identi\ufb01ed at the lower quartile, median and upper quartile positions in 2025 are set out below:
\n\n \n
2025
Salary
Total pay
Upper quartile individual
\u00a373,680
\u00a391,720
Median individual
\u00a353,285
\u00a358,752
Lower quartile individual
\u00a345,596
\u00a350,605
\n
Relative importance of spend on pay
\n
The table below shows the total remuneration paid across the Group together with the total dividends paid in respect of 2025 and the preceding \ufb01nancial year.
\n\n \n
\u00a3m
2025
2024
Change
Remuneration paid to all employees
1
60.9
59.8
1.8%
Total dividends paid in the year
18.9
14.7
28.6%
\n
1
See Note 8 to the consolidated \ufb01nancial statements. The amounts for 2025 and 2024 have been converted from dollars into pounds sterling using the average USD/GBP exchange rates for those years.
\n
Malus and clawback
\n
Malus and clawback provisions apply to the annual bonus and LTIP where the following circumstances become known within three years of any payments being made:
\n
Performance outcomes were determined based on mis-stated \ufb01nancial information
\n
Performance outcomes being incorrectly calculated
\n
Gross misconduct
\n
Actions within the performance period that lead to corporate failure
\n
Activities within the performance period that result in a material \ufb01nancial downturn
\n
A material failure of risk management within the relevant performance period
\n
The occurrence of an event in the performance period that caused a serious health and
\n
safety event
\n
Following an individual being deemed a \u2018good leaver\u2019 within an incentive plan by reason of
\n
retirement with the agreement of the Remuneration Committee, their taking on subsequent
\n
employment in a paid executive role
\n
A three-year period for the operation of malus and clawback is believed to be best-suited to Elementis, noting that this is standard market practice outside of \ufb01nancial services companies and the
\n
clear and transparent nature of reporting pro\ufb01tability and other measures of \ufb01nancial performance at Elementis.
\n
There was no exercise of malus and clawback in the year.
\n\n\n
Percentage change in the remuneration of the Directors (unaudited)
\n
The table below shows the change in the Directors\u2019 pay and the corresponding change of these elements across all UK employees within the Group from 2024 to 2025.
\n\n \n
Average percentage change 2020-21
Average percentage change 2021-22
Average percentage change 2022-23
Average percentage change 2023-24
Average percentage change 2024-25
Taxable
Annual
Taxable
Annual
Taxable
Annual
Taxable
Annual
Taxable
Annual
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Luc van Ravenstein\u00b9
,2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
n/a
n/a
John O\u2019Higgins
3
131%
\u2013
\u2013
86%
\u2013
\u2013
4.5%
\u2013
\u2013
4%
3.6%
\u2013
3.8%
\u2013
\u2013
Dorothee Deuring
2%
\u2013
\u2013
3%
\u2013
\u2013
10.5%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Trudy Schoolenberg
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
31.9%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Christine Soden
5
512%
\u2013
\u2013
14%
\u2013
\u2013
9.3%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Clement Woon
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5%
\u2013
\u2013
16.1%
\u2013
\u2013
3.8%
\u2013
\u2013
Maria Ciliberti
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30%
\u2013
\u2013
Heejae Chae
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
36%
\u2013
\u2013
Christopher Mills
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
\u2013
\u2013
Employees
11.1%
\u2013
\u2013
1.8%
\u2013
-12%
0.4%
\u2013
-20.7%
4%
\u2013
25.5%
1.8%
\u2013
-9%
Former Directors
Paul Waterman
1,2,8
2%
26%
100%
3%
-4%
-17%
3.2%
24.7%
2.7%
4%
17.8%
11.8%
n/a
n/a
n/a
Ralph Hewins
7
2%
4%
100%
3%
4%
-16%
4.5%
0%
2.7%
4%
13.2%
9.1%
3.8%
3.4%
-7.7%
\n
1
All percentages are based on converting relevant local currencies into pounds sterling using the average rates for the respective year.
\n
2
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025. Paul Waterman stood down as CEO on the same date, and remained in employment until 31 July 2025.
\n
3
John O\u2019Higgins assumed the role of Chair on 1 September 2021.
\n
4
Trudy Schoolenberg was appointed NED on 15 March 2022 and assumed the role of SID in April 2022.
\n
5
Christine Soden joined the Board as NED and DNED for workforce engagement on 1 November 2020.
\n
6
Clement Woon was appointed NED on 1 December 2022. Maria Ciliberti was appointed NED on 11 March 2024. Heejae Chae was appointed NED on 25 March 2024.
\n
7
Paul Waterman and Ralph Hewins recommended and the Committee agreed that no bonuses should be payable in relation to 2020 performance.
\n
8
Paul Waterman\u2019s actual bene\ufb01ts cost for FY2022 were effectively understated in FY2022 by approximately \u00a315,000 due to the timing of the medical payments. This was corrected for 2023 and accounts for the majority of the increase in
\n
that year. Foreign exchange rates and changes in costs due to age and salary also impact 2023.
\n
Statement of shareholder voting
\n
The resolutions to approve the 2025 Directors\u2019 Remuneration Policy and the 2024 Directors\u2019 Remuneration report were passed by a poll at the Company\u2019s 2025 AGM respectively. Set out in the table
\n
below are the votes cast by proxy in respect of these resolutions.
\n\n \n
Votes for
% for
Votes against
% against
Votes withheld
1
2024 Directors\u2019 Remuneration report (2025 AGM)
434,598,682
91.88
38,413,539
8.12
16,163
2025 Directors\u2019 Remuneration Policy (2025 AGM)
467,252,524
98.78
5,759,912
1.22
15,948
\n
1
Votes withheld are not included in the \ufb01nal \ufb01gures as they are not recognised as a vote in law.
\n\n\n\n\n\n\n\n\n\n\n
Other information about the Committee\u2019s membership and operation
\n
Committee composition
\n
The Chair and members of the Committee are shown on pages 92-94, together with their
\n
biographical information. Five meetings were held during 2025 and the attendance of Committee
\n
members is shown on page 121.
\n
The Chair of the Board, CEO and other Non-Executive Directors who are not members of the
\n
Committee have a standing invite to attend, and the CFO and Chief Human Resources Of\ufb01cer
\n
also attend meetings by invitation, as appropriate. The Executive Directors are not present when
\n
their own remuneration arrangements are discussed or, if they are, they do not participate in the
\n
decision-making process.
\n
External adviser
\n
Korn Ferry was appointed as external independent adviser to the Committee in 2017 following
\n
a competitive tender process. During 2025, Korn Ferry provided advice to the Committee in
\n
relation to emerging market practice and benchmarking. Through a separate advisory team to
\n
the remuneration advisory team, Korn Ferry provided other human capital related services to
\n
the Nomination Committee. The Committee is therefore satis\ufb01ed that the advice received was
\n
objective and independent. Korn Ferry is a member of the Remuneration Consultants Group and
\n
abides by the voluntary code of conduct of that body, which is designed to ensure objective and
\n
independent advice is given to remuneration committees. Fees paid to Korn Ferry for
\n
remuneration advisory services in 2025 were \u00a366,941 (excluding VAT) and were charged on a
\n
time and materials basis.
\n
Terms of reference
\n
A full description of the Committee\u2019s terms of reference is available on the Company\u2019s website at
\n
www.elementis.com
\n
Activities during the year
\n
The Committee operated in line with its terms of reference during the year, setting the pay for the
\n
Executive Directors and wider senior leadership team, having oversight of pay across the
\n
organisation and setting the Board Chair\u2019s fee. The Committee considered the following at its
\n
meetings during 2025:
Committee
meeting dates
Agenda items
February
2022 LTIP performance outcomes
2025
2024 Executive Director bonus awards
2025 LTIP targets/performance conditions and delegated authority to grant
the 2025 awards
ELT salary review and bonus payments
CEO pay ratio calculations
Approval of \ufb01nal draft of Directors\u2019 Remuneration report
June 2025
2025 LTIP grant
July 2025
Market update
Preliminary consideration of Talc divestment impact on incentives
October 2025
Application of Remuneration Policy in 2026
Update on 2025 performance against annual bonus targets and 2023 LTIP
Consideration of the impact of the Talc divestment on incentive plans
December
Institutional investor and proxy agency update
2025
Preliminary discussion on Director pay increases
Conclusion on Talc divestment impact on incentives and associated impact of
share buyback
Workforce engagement
Committee terms of reference
\n
Outside of the above meeting dates, the Committee considered and con\ufb01rmed operational
\n
matters in appropriate forums (e.g. the Executive Directors\u2019 annual bonus targets, granting of the
\n
2025 LTIP awards, and Executive Director joining and leaving arrangements).
\n
Evaluation, training and development
\n
On an annual basis, the Committee\u2019s effectiveness is reviewed as part of the evaluation of the
\n
Board. Following the evaluation last year, there were no major issues to report. During 2025, all
\n
members received brie\ufb01ngs from the Group General Counsel & Company Secretary and the
\n
Committee\u2019s remuneration advisers throughout the year to keep them updated on topical matters
\n
and developments relating to executive remuneration.
\n
Auditable sections of the Directors\u2019 Remuneration Report
\n
The sections of the Annual Report on Remuneration that are required to be audited by law are as
\n
follows: Remuneration payable to Directors for 2025 and Directors\u2019 retirement bene\ufb01ts; and tables
\n
headed Annual LTIP awards granted in the year, Directors\u2019 scheme interests, Directors\u2019 share
\n
interests and Directors\u2019 retirement bene\ufb01ts.
\n
Approved by the Board on 4 March 2026
\n
Clement Woon
\n
Chair, Remuneration Committee
\n\n\n\n\n8. Employees
Employee costs:
\u00a0
2025
2024
\u00a0
$m
$m
Wages and salaries
92.4
90.0
Social security costs
9.0
7.7
Pension costs
2.8
4.3
Share-based payment costs
6.9
6.1
Total employee costs
111.1
108.1
\n
Average number of FTE employees
1
:
\u00a0
2025
2024
\u00a0
Number
Number
Personal Care and Coatings
1,024
1,045
Central
29
24
Discontinued segments
74
232
Total
1,127
1,301
\n
1
Full-time equivalent includes contractors.
Total staff costs from continuing and discontinued operations were $119.9m (2024: $130.9m),
comprising of wages and salaries of $99.5m (2024: $108.6m), social security costs of $9.6m
(2024: $9.0m), pension costs of $3.9m (2024: $7.2m) and share-based payments of $6.9m
(2024: $6.1m).
The aggregate amount of Directors\u2019 remuneration (salary, bonus and bene\ufb01ts) is shown in the
Remuneration Report on page 131:
The aggregate amount of gains made by Directors on exercise of share options was
$nil (2024: $nil)
The remuneration of the highest paid Director was $3.3m (2024: $3.9m)
Payments have been made to a de\ufb01ned contribution pension scheme on behalf of
one Director (2024: one Director). For the highest-paid Director, pension contributions of $0.1m
(2024: $0.2m) were made", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Annual report on remuneration (\u2018report\u2019)
This report details how the Company\u2019s policies and practices on Directors\u2019 remuneration were applied in respect of the \ufb01nancial year ended 31 December 2025 and how they will be applied in the
2026 \ufb01nancial year.
Remuneration payable to Directors for 2025 (audited)
Although the Company reports its results in US dollars, the remainder of this report on remuneration is presented in pounds sterling because the majority of the Directors are UK-based and paid in
pounds sterling. A breakdown of the Directors\u2019 remuneration for the year ended 31 December 2025 is set out in the table below.
\n \n
Fixed
Performance-related
\u00a3\u2019000
Year
Salary/fees
Bene\ufb01ts
2
Pension
Total \ufb01xed
Bonus
LTIP
Other
3
Total variable
Total
Executive Directors
Luc van Ravenstein
1
, CEO
2025
369
55
30
454
399
264
6
669
1,123
2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Non-Executive
John O\u2019Higgins, Chair
2025
224
\u2013
\u2013
224
\u2013
\u2013
\u2013
\u2013
224
Directors
2024
216
\u2013
\u2013
216
\u2013
\u2013
\u2013
\u2013
216
Dorothee Deuring
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
59
\u2013
\u2013
59
\u2013
\u2013
\u2013
\u2013
59
Trudy Schoolenberg
4
2025
71
\u2013
\u2013
71
\u2013
\u2013
\u2013
\u2013
71
2024
69
\u2013
\u2013
69
\u2013
\u2013
\u2013
\u2013
69
Christine Soden
4
2025
77
\u2013
\u2013
77
\u2013
\u2013
\u2013
\u2013
77
2024
74
\u2013
\u2013
74
\u2013
\u2013
\u2013
\u2013
74
Clement Woon
4
2025
71
\u2013
\u2013
71
\u2013
\u2013
\u2013
\u2013
71
2024
65
\u2013
\u2013
65
\u2013
\u2013
\u2013
\u2013
65
Maria Ciliberti
5
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
47
\u2013
\u2013
47
\u2013
\u2013
\u2013
\u2013
47
Heejae Chae
5
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
45
\u2013
\u2013
45
\u2013
\u2013
\u2013
\u2013
45
Christopher Mills
2025
61
\u2013
\u2013
61
\u2013
\u2013
\u2013
\u2013
61
2024
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Former Directors
Paul Waterman
1,6
, former CEO
2025
475
64
97
636
510
1,371
0
1,881
2,517
2024
808
120
167
1,095
978
949
0
1,927
3,022
Ralph Hewins
7
, former CFO
2025
429
30
90
549
386
761
0
1,147
1,696
2024
414
29
87
530
418
430
18
866
1,396
Steve Good
2025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
2024
23
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
23
Total
2025
1,960
149
217
2,326
1,295
2,396
6
3,697
6,023
Total
2024
1,820
149
254
2,223
1,396
1,379
18
2,793
5,016
1
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025. His base salary from
appointment was $720,000. Paul Waterman stepped down as CEO and retired from the Board on the same date,
but remained in employment until 31 July 2025 in order to ensure an orderly handover to his successor. The
remuneration shown in the table above is in respect of his employment during the year (i.e., until 31 July 2025).
His base salary during the year was $1,071,055. The foreign exchange rate applied to both individuals is the 2025
average rate of $1.3162:\u00a31.00 (2024: $1.2806:\u00a31.00).
2
Taxable bene\ufb01ts for Paul Waterman consist of a car allowance, private health care (\u00a320,324), dental, life
assurance, accidental death and disablement cover and long-term disability insurance (\u00a317,273), and tax advice
(\u00a322,793). Taxable bene\ufb01ts for Ralph Hewins consist of a car allowance (\u00a318,000), private health care and life
assurance. Taxable bene\ufb01ts for Luc van Ravenstein consist of a car allowance (\u00a312,156), private health care
(\u00a321,169), dental, life assurance, accidental death and disablement cover and long-term disability insurance, and
tax advice (\u00a315,195). For Paul Waterman and Luc van Ravenstein the tax advice bene\ufb01t allows appropriate tax
\ufb01lings to be made in both the UK and US as a result of Company business travel requirements in the relevant year,
which exceeded the normal business expectations and gave rise to the need for dual \ufb01lings.
3
As required by remuneration reporting regulations, the valuation of Luc Ravenstein\u2019s SAYE grant is based on the face
value of shares at grant (September 2023), less the exercise price. There are no performance measures for the SAYE.
4
Trudy Schoolenberg is the SID. Christine Soden is the DNED for workforce engagement and is also Chair of the
Audit Committee. Clement Woon is Chair of the Remuneration Committee.
5
Maria Ciliberti was appointed to the Board on 11 March 2024, and Heejae Chae was appointed to the Board on
25 March 2024.
6
As stated elsewhere in this report, Paul Waterman\u2019s pension contribution is 21% of salary. He receives cash in lieu
of pension into his 401(k) up to the prescribed IRS limit, and non-quali\ufb01ed deferred compensation in respect of
the remaining amount.
7
Ralph Hewins stepped down as CFO and retired from the Board on 31 December 2025. Kath Kearney-Croft
was appointed as CFO designate on 3 November 2025 and became CFO and member of the Elementis plc Board
as of 1 January 2026.
\n\n\n
Determination of annual bonus outcome for performance in 2025 (audited)
\n
This section shows the performance targets set in respect of the 2025 annual bonus scheme and the level of performance achieved.
\n
Full details of the bonus assessment for the Executive Directors is set out below. The bonus targets were set at the start of the \ufb01nancial year. The targets were set to be similarly challenging to those
\n
set in prior years having had regard to both internal planning and prevailing market conditions. Following the sale of the Talc business in the \ufb01rst half of the year, the Committee restated the targets (as
\n
set out below) so that they excluded the Talc business and the targets were based on the continuing operations of the business. This approach mirrored past practice where there have been material
\n
divestments. The Committee is comfortable that the adjusted targets were at least as challenging as the targets when originally set and aligned with the original intent of the target setting process.
\n
As disclosed, Luc van Ravenstein was promoted to the role of CEO and joined the Board on 29 April 2025. The \ufb01gure shown in this report in respect of his bonus relates only to the time served as an
\n
Executive Director in the year. Paul Waterman continued to be employed by Elementis and provided transition support to Luc until 31 July 2025, so his bonus has been pro-rated to this date. Ralph
\n
Hewins was CFO until 31 December 2025 (the \ufb01nal day of the \ufb01nancial year), so his bonus has not been pro-rated for time.
\n
The total bonuses payable based on the performance achieved are 71.9% of maximum for Luc van Ravenstein, Paul Waterman and Ralph Hewins. The Committee was comfortable with the bonus
\n
earned in the context of the performance delivered and did not consider it necessary to use discretion in relation to the bonus out-turn. Accordingly, and in line with the Policy, 50% of the bonus
\n
payable will be deferred over shares which will be released to the Director after two years and which are forfeitable for gross misconduct.
\n\n \n
Relative
2025 bonus plan targets
Percentage of maximum bonus earned
Percentage of salary earned
weighting of
Plan
Stretch
Luc van
Paul
Luc van
Paul
performance
Threshold
(50%
(100%
Percentage of
Ravenstein
Waterman
Ralph Hewins
Ravenstein
Waterman
Ralph Hewins
Full-year bonus
conditions
(0% pay-out)
pay-out)
pay-out)
Actual result
maximum
CEO
Former CEO
Former CFO
CEO
Former CEO
Former CFO
Maximum
PBT ($m)
50%
99.3
102.8
113.1
107.5
72.8%
36.4%
36.4%
36.4%
54.6%
54.6%
45.5%
AWC to sales (%)
20%
24.8%
24.5%
22.5%
23.8%
67.5%
13.5%
13.5%
13.5%
20.25%
20.25%
16.875%
Non-\ufb01nancial
30%
0/30
15/30
30/30
22/30
73.3%
22%
22%
22%
33%
33%
27.5%
Total full year
100%
71.9%
71.9%
71.9%
107.85%
107.85%
89.875%
\n\n\n\n\n\n\n\n\n\n\n
Set out below is a summary of the Committee\u2019s assessment of the challenging 2025 non-\ufb01nancial targets. The objectives were categorised into two categories: (1) sustainability priorities
\n
(15% weighting) and (2) Innovation, Growth and Ef\ufb01ciency (15% weighting).
\n
2025 bonus assessment for CEO and CFO: Non-\ufb01nancial targets
\n\n \n
Summary
Measure
Performance indicator
Achievements
scoring
Sustainability objectives
Safety
Recordable injuries: threshold 5; target 3; stretch 1
Recordable injuries: 4
Focus on maintaining and strengthening
Safety engagement: threshold 75% employee participation and
Safety engagement: 90.5
responsible workplace practices through safety
minimum 2 activities/employee per quarter; maximum 75%
Recordables between threshold and target and Engagement close to maximum
3%/5%
engagement
employee participation and 4 activities/employee per quarter
Diversity, Equity and Inclusion
Gender diversity: new-hire diversity; ELT and direct reports at
New hire diversity: 28%
Continue to build organisational capability
least 40% of each gender
ELT and Direct Reports: 40% female and 60% male
through actions that increase employee
Gallup Q12 and Culture of Inclusion index
Gallup Q12: from 3.91 to 4.04 and Gallup Culture of inclusion: from 3.96 to 4.09
4%/5%
engagement and create a more diverse,
Targets met or exceeded for each objective
equitable and inclusive organisation
Environmental
Overall GHG emissions
Overall GHG emissions: 14% reduction vs 5.9% target
Continue to demonstrate progress towards
2030 target progress
2030 target progress: all 4 environmental intensity targets exceeded
achieving our 2030 and SBT goals through
SBT target validated and roadmap progressed
SBT target validated and roadmap progressed: validated in March and roadmap updated
4%/5%
implementation of energy-ef\ufb01ciency and
Sustainability fully integrated into portfolio and innovation
Sustainability fully integrated into portfolio and innovation management: progressing with
environmental impact improvement projects,
management
more work to do
and put further actions in place to minimise
Responsible sourcing approach in place
Responsible sourcing approach in place: system live and understood
pollution and risk of environmental Tier 1 and 2
Product lifecycle analysis further expanded
Product lifecycle analysis further expanded: expanded to cover NiSAT and Organic
incidents. SBT greenhouse gas emission
% naturally-derived product revenue
Thixotrope technologies
reduction target to be validated, and all
Audit readiness activities complete
% naturally-derived product revenue: increased from 58% to 59%
environmental data to be audit ready
Audit readiness activities complete: partially completed, hindered by EU regulation change
Strategic objectives
CMD Growth Platform
Above-market sales of $7m in Personal Care and $19m in
Above-market sales of $7m in Personal Care and $19m in Coatings and Energy in 2025:
Deliver 2025 components of $90m growth
Coatings and Energy in 2025
not achieved
platform promise, setting up 2026 for success
15 new products with sustainability bene\ufb01ts
15 new products with sustainability bene\ufb01ts: 19 new products with 16 having sustainability
3%/5%
Innovation Revenue increasing to 16%
bene\ufb01ts: target exceeded
Pipeline of new products for 2026
Innovation Revenue increasing to 16%: achieved 16.4%: target exceeded
$35m NBO revenue delivered in 2025 plus growth in pipeline
Pipeline of new products for 2026 minimum of 15 planned: target achieved
to >$290m
$35m NBO revenue delivered in 2025 plus growth in pipeline to >$290m: $56m NBO
revenue delivered; pipeline increase to $263m: target partially achieved
CMD Ef\ufb01ciency Platform
Deliver Fit for the Future \u2013 $8m; Supply Chain \u2013 $4m; and
Fit for the Future: target exceeded; $8m: target achieved
Deliver 2025 components of CMD targeted
Procurement \u2013 $4m
Supply Chain $5m: target exceeded; Procurement $4m: target achieved; and all on
ef\ufb01ciency savings, and drive key improvements
Supply Chain and Procurement initiatives on track for further
track/slightly ahead for 2026 delivery: target achieved
4%/5%
at STL site and Customer Service delivery in
delivery in 2026
St. Louis OEE stable, OTIF up 1% and costs behind plan: target partially achieved
Porto
St. Louis OEE, OTIF and costs
Corporate Development
Completion of Talc strategic review. If Talc is to be sold, optimise value
Successful completion of Talc strategic review with divestment completed at end of May:
Continue to improve the Elementis portfolio
and contract terms, and ensure a smooth and timely deal completion
target achieved
through completion of the Talc strategic review,
and transition (including removal of any future liability risk)
Sale of the pharmaceutical manufacturing business on track for completion in Q1 2026:
4%/5%
sale of the pharmaceutical manufacturing
Completion of sale of the pharmaceutical manufacturing business
target on track for achievement
business and other steps aligned to strategy
in line with Board expectations
Completion of acquisition of Alchemy Ingredients: target achieved
(e.g. bolt-on M&A)
Other strategic steps that demonstrate enhanced value
Development of appropriately sized M&A pipeline: target achieved
\n
Key to summary scoring
\n
Achieved in full or predominantly achieved
Partially achieved
Not achieved
\n\n\n
Directors\u2019 share-based awards
\n
Determination of 2023 LTIP awards (audited)
\n
Under the 2023 award, the performance is assessed against EPS, relative TSR and operating cash conversion performance metrics, as summarised below.
\n
The EPS growth and relative TSR and AOCC targets were met or exceeded. Overall this has resulted in 76.8% of the award vesting. The Committee considers this to be in line with
\n
underlying performance.
\n
In determining vesting, the Committee considered:
\n
ROCE (excluding goodwill) over the performance period, which increased from 11.8% to 30% in challenging market conditions, and, as such, the Committee con\ufb01rmed the formulaic outcome
\n
The potential for windfall gains, which, given the share price used to determine the number of shares included in awards in April 2023 was \u00a31.19 (which was consistent with the share price used
\n
as the basis to determine the 2022 award (\u00a31.19)), were not considered to have arisen
\n\n \n
Performance metric
Weighting
Threshold target
Threshold payout
Maximum target
Elementis achievement
Payout
EPS
1
33.3%
11.8 cents per share
0%
15.8 cents per share
13.72 cents per share
48%
Operating cash conversion
2
33.3%
80%
0%
100%
97.5%
87.5%
Relative TSR vs FTSE All-Share Index
33.3%
Median (50th percentile)
25%
Upper quartile (75th percentile)
73rd percentile
94.9%
\n
1
As noted in the Chair\u2019s letter, the original EPS targets were restated downwards by 1.2 cents to reflect the sale of Talc. The original threshold was 13.0 cents per share, and the original maximum was 17.0 cents per share.
\n
The Committee is comfortable that the adjusted targets ful\ufb01l their original intent and are no less stretching than the targets originally set.
\n
2
Talc has been included in the 2023 and 2024 cash conversion \ufb01gures and excluded from the 2025 \ufb01gure. The Committee is comfortable that this approach most accurately reflects our business operations over the performance period.
\n
Based on this performance assessment, the table below illustrates the value receivable under the 2023 awards. Any shares vesting will be subject to a two-year holding period.
\n\n \n
Number of shares
Value of dividend
Award holder
Number of shares granted
Payout (% of maximum)
due to vest
Value from share price increase
1
equivalents
2,3
Total value vesting
3
Paul Waterman
1,350,978
76.8%
805,409
5
\u00a3357,602
\u00a354,981
\u00a31,371,020
Ralph Hewins
584,349
76.8%
447,142
6
\u00a3198,531
\u00a330,524
\u00a3761,154
Luc van Ravenstein
4
175,146
88.4%
54,829
\u00a368,744
\u00a310,565
\u00a3263,556
\n
1
There was share price appreciation from the share price used to determine the number of shares granted (\u00a31.19) to the three-month average share price to 31 December 2025 (\u00a31.634).
\n
2
Value of dividend equivalents estimated based on dividends until 31 December 2025.
\n
3
Value of shares based on a three-month average share price of \u00a31.634 to 31 December 2025. This value will be restated next year based on the actual share price on the date of vesting.
\n
4
Luc van Ravenstein\u2019s 2023 LTIP award was granted before he became an Executive Director, 50% of his LTIP award was subject to the same performance conditions as per the awards to Paul Waterman and Ralph Hewins set out above,
\n
and 50% was based on continued employment (i.e. restricted stock) in line with our approach for non PLC Directors.
\n
5
Pro-rated to termination date of 31 July 2025 (i.e. 77.6%).
\n
6
Pro-rated to termination date of 31 March 2025 (i.e. 99.6%).
\n\n\n\n\n\n\n\n\n\n\n
Annual LTIP awards granted in the year (audited)
\n
On 30 May 2025, LTIP awards were granted in line with the Remuneration Policy. Luc van Ravenstein was granted an award to the value of 200% of salary and Ralph Hewins was granted an award to
\n
the value of 175% of salary. On 3 November 2025 Kath Kearney-Croft was granted an award to the value of 175% of salary in connection with her recruitment as CFO Designate.
\n
Share awards will ordinarily vest after three years, with any shares vesting (other than those sold to meet associated tax liabilities) subject to a two-year holding requirement.
\n
As set out in the \u2018Payments to past Directors or payments for loss of of\ufb01ce\u2019 section of this report, Ralph Hewins, as a retiree, was deemed to be a good leaver under the rules of the Elementis LTIP.
\n
As such, his 2025 LTIP award will vest on the normal vesting date in 2028, subject to a pro-rata reduction to reflect the period from grant to the cessation of his employment on 31 March 2026 relative
\n
to the full three-year performance period and the application of performance conditions. Paul Waterman was not eligible for a 2025 LTIP award.
\n
Details of the main terms of the 2025 LTIP awards are summarised in the table below.
\n\n \n
Face value of award
Award holder
Type of share award
Grant date
Number of shares
at grant (\u00a3000s)
1
Luc van Ravenstein
Conditional share award
30.05.2025
745,591
\u00a31,067,686
Ralph Hewins
Conditional share award
30.05.2025
524,654\u00b2
\u00a3751,305
Kath Kearney-Croft
Conditional share award
03.11.2025
425,791
\u00a3700,000
\n
1
The share price used to determine the number of awards granted on 30 May 2025 was \u00a31.4320, based on the share price on the day prior to grant (29 May 2025). The share price used to determine the number of awards granted on
\n
3 November 2025 was \u00a31.6440, based on the share price on the day prior to grant (31 October 2025).
\n
2
After pro-ration to 31 March 2026, Ralph Hewins has 146,137 shares eligible to vest under the 2025 LTIP award.
\n
The awards are subject to EPS (30% weighting), ROCE (30% weighting), TSR (30% weighting) and Scope 1 & 2 GHG emissions reduction (10% weighting) performance conditions. As set out in the
\n
Chair\u2019s annual statement, the EPS, ROCE and Scope 1 & 2 GHG emissions targets have been adjusted to reflect the sale of Talc. The table below sets out the revised targets for this award in full.
\n
Straight-line vesting takes place between performance points.
\n\n \n
End of the
Threshold
Threshold
Stretch
performance
Performance metric
Weighting
target
payout
Target
Target payout
Stretch target
payout
period
2027 EPS
30%
14.3 cents
0%
\u2013
\u2013
17.5 cents
100%
31.12.2027
per share
per share
2025 to 2027 ROCE
30%
30%
0%
33%
50%
36%
100%
31.12.2027
Relative TSR vs FTSE All-Share Index
30%
Median
25%
\u2013
\u2013
Upper
100%
31.12.2027
quartile
Scope 1 & 2 GHG emissions reduction
10%
57,869t
0%
\u2013
\u2013
50,156t
100%
31.12.2027
CO
2
e
CO
2
e
\n
The awards are subject to an overriding Committee discretion to reduce the number of shares on vesting should it be considered appropriate to do so (e.g. in the event that there was a perceived
\n
disconnect between reward and holistic business performance, or a windfall gain).
\n
Sourcing shares for our share plans
\n
Employee share plans comply with the Investment Association\u2019s guidelines on dilution, which provide that overall issuance of shares under all plans should not exceed an amount equivalent to 10% of
\n
the Company\u2019s issued share capital over any ten-year period. We also operate a discretionary share plan dilution limit of 5% of the Company\u2019s issued share capital over a ten-year period. Based on
\n
the number of awards that remain outstanding as at the year end, the Company\u2019s headroom for all plans is 4.17% and for discretionary plans is 3.50% of issued share capital.
\n\n\n
Directors\u2019 scheme interests (audited)
\n
The table below sets out the interests of the Directors during the year in the issued shares of the Company insofar as these relate to awards which remain subject to performance conditions or vested
\n
but unexercised share options:
\n\n \n
Scheme interests
Vested but
Granted during
Exercised during
Lapsed during
unexercised
Interest type
Grant date
Option price (p)
01.01.25
2025
2025
2025
31.12.25
share options
Executive Directors
Luc van Ravenstein
LTIP (PSU)
1
04.04.2022
\u2013
69,334
\u2013
33,765
35,569
0
\u2013
LTIP (RSU)
2
04.04.2022
\u2013
69,333
\u2013
69,333
\u2013
0
\u2013
LTIP (PSU)
1
03.04.2023
\u2013
87,573
\u2013
\u2013
\u2013
87,573
\u2013
LTIP (RSU)
2
03.04.2023
\u2013
87,573
\u2013
\u2013
\u2013
87,573
\u2013
SAYE
20.09.2023
94.86
40,800
\u2013
37,174
3,626
0
\u2013
LTIP (PSU)
1
08.04.2024
\u2013
71,759
\u2013
\u2013
\u2013
71,759
\u2013
LTIP (RSU)
2
08.04.2024
\u2013
71,758
\u2013
\u2013
\u2013
71,758
\u2013
LTIP (PSU)
1
30.05.2025
\u2013
\u2013
745,591
\u2013
\u2013
745,591
\u2013
Total scheme interests
498,130
745,591
140,272
39,195
1,064,254
\u2013
Former Directors
Paul Waterman
LTIP
1
04.04.2022
\u2013
1,236,244
\u2013
602,050
634,194
0
\u2013
DSBP
3
08.03.2023
\u2013
374,376
\u2013
374,376
\u2013
0
\u2013
LTIP
1
03.04.2023
\u2013
1,350,978
\u2013
\u2013
\u2013
1,350,978
\u2013
DSBP
3
08.03.2024
\u2013
323,899
\u2013
323,899
\u2013
0
\u2013
LTIP
1
08.04.2024
\u2013
1,107,011
\u2013
1,107,011
\u2013
0
\u2013
DSBP
3
30.05.2025
\u2013
\u2013
324,003
324,003
\u2013
0
\u2013
Total scheme interests
4,392,508
324,003
2,731,339
634,194
1,350,978
\u2013
Ralph Hewins
DSBP
3
08.03.2017
\u2013
7,140
\u2013
\u2013
\u2013
7,140
7,140
RA
4
08.03.2017
\u2013
17,458
\u2013
\u2013
\u2013
17,458
17,458
RA
5
08.03.2017
\u2013
92,262
\u2013
\u2013
\u2013
92,262
92,262
DSBP
3
05.03.2018
\u2013
73,123
\u2013
\u2013
\u2013
73,123
73,123
DSBP
3
11.03.2019
\u2013
48,865
\u2013
\u2013
\u2013
48,865
48,865
DSBP
3
06.03.2020
\u2013
76,266
\u2013
\u2013
\u2013
76,266
76,266
DSBP
3
08.03.2022
\u2013
213,105
\u2013
\u2013
\u2013
213,105
213,105
LTIP
1
05.04.2022
\u2013
559,656
\u2013
272,552
287,104
0
\u2013
SAYE
6
21.09.2022
88.00
20,454
\u2013
\u2013
20,454
20,454
DSBP
3
09.03.2023
\u2013
147,833
\u2013
\u2013
147,833
147,833
LTIP
1
13.04.2023
\u2013
584,349
\u2013
\u2013
584,349
\u2013
DSBP
3
12.03.2024
\u2013
138,015
\u2013
\u2013
138,015
\u2013
LTIP
1
08.04.2024
\u2013
489,054
\u2013
\u2013
489,054
\u2013
DSBP
3
02.06.2025
\u2013
\u2013
145,966
\u2013
145966
\u2013
LTIP
1
02.06.2025
\u2013
\u2013
524,654
\u2013
524,654
\u2013
Total scheme interests
2,467,580
670,620
272,552
287,104
2,578,544
696,506
\n\n\n\n\n\n\n\n\n\n\n
Footnote references for Directors\u2019 scheme interests (audited):
\n
1
LTIP (PSU) awards are subject to performance conditions. The same relative TSR performance conditions apply
\n
in respect of all awards. The EPS target for the 2022 awards is based on FY24 EPS of between 8.4 cents and
\n
10.9 cents, for the 2023 awards is based on FY25 EPS of between 11.8 cents and 15.8 cents, for the 2024
\n
awards is based on FY26 EPS of between 12.7 cents and 15.4 (restated for the impact of the Talc divestment)
\n
cents and for the 2025 award based upon FY27 EPS of between 14.3 cents and 17.5 cents (restated for the
\n
impact of the Talc divestment). The operating cash conversion performance conditions for the 2022 award is
\n
based on three-year targets between 85% and 95%, and between 80% and 100% for 2023 and 2024. The 2024
\n
award is also subject to an operating pro\ufb01t margin condition based upon FY26 of between 18% and 20%. These
\n
awards ordinarily vest on the third anniversary of the grant date. Full detail of the vesting conditions for the 2025
\n
awards are set out on page 135.
\n
2
LTIP (RSU) awards are not subject to performance conditions. These awards were granted to Luc van
\n
Ravenstein in his role prior to becoming an Executive Director, in line with our approach for non PLC Directors.
\n
The awards will vest on the third anniversary of the grant date, subject to continued employment.
\n
3
Conditional share award under the DSBP. Structured as restricted stock units for Paul Waterman and nil cost
\n
options for Ralph Hewins. Ralph Hewins\u2019 2020 DSBP award has vested but has not yet been exercised. The
\n
share price at date of grant was 98.95 pence, so the face value of Ralph Hewins\u2019 award at grant was \u00a375,466.
\n
Both Executive Directors recommended and the Committee agreed that no bonus be payable in respect of
\n
2020, therefore no DSBP awards were granted in 2021. For DSBP awards granted in March 2022, the share
\n
price at date of grant was 103.8 pence so the face value of Ralph Hewins\u2019 award at grant was \u00a3221,204. For
\n
DSBP awards granted in March 2023, the share price at date of grant was 126.1 pence with the face value of
\n
awards at grant of \u00a3472,088 and \u00a3186,418 for Paul Waterman and Ralph Hewins respectively. For DSBP awards
\n
granted in March 2024, the share price at date of grant was \u00a31.386 pence with the face value of awards at grant
\n
of \u00a3448,924 and \u00a3191,289 for Paul Waterman and Ralph Hewins respectively. For DSBP awards granted in May
\n
2025, the share price at date of grant was \u00a31.432 pence with the face value of awards at grant of \u00a3463,972 and
\n
\u00a3209,023 for Paul Waterman and Ralph Hewins respectively.
\n
4
Replacement awards structured as nil cost options made under standalone arrangements that borrow terms
\n
from the LTIP as amended. In line with the remuneration forfeited on leaving his former employer, the 2017
\n
award did not have performance conditions, but shares were required to be held for two years. The options
\n
remain unexercised.
\n
5
Replacement awards structured as nil cost options made under standalone arrangements that borrow terms
\n
from the DSBP as amended. The options remain unexercised.
\n
6
Options held under SAYE schemes. This is a savings-based share option scheme that is not subject to
\n
performance conditions. For Luc van Ravenstein, the \ufb01gures shown relate to a 2023 grant made under the US
\n
scheme on 20 September 2023 with an option price of 94.86 pence per share. For Ralph Hewins, the \ufb01gures
\n
shown relate to a 2022 grant made under the UK scheme on 21 September 2022 with an option price of 88.00
\n
pence per share. Further details on the schemes are shown in Note 26 to the consolidated \ufb01nancial statements
\n
on page 181.
\n
Directors\u2019 share interests (audited)
\n
The table below sets out the interests of the Directors (including any connected persons) during
\n
the year in the issued shares of the Company insofar as these relate to bene\ufb01cially owned shares.
\n
Paul Waterman\u2019s shareholding is shown as of the date of his cessation of employment
\n
(i.e. 31 July 2025).
\n\n \n
Shareholding
Acquired
Disposed
level met as at
01.01.25
during 2025
during 2025
31.12.25
31.12.25
Executive Directors
Luc van Ravenstein
393,449
119,164
\u2013
512,613
No
1
Non-Executive Directors
Dorothee Deuring
26,250
\u2013
\u2013
26,250
n/a
John O\u2019Higgins
125,600
\u2013
\u2013
125,600
n/a
Trudy Schoolenberg
30,000
30,000
\u2013
60,000
n/a
Christine Soden
30,000
\u2013
\u2013
30,000
n/a
Clement Woon
50,000
\u2013
\u2013
50,000
n/a
Maria Ciliberti
10,000
\u2013
\u2013
10,000
n/a
Heejae Chae
34,000
\u2013
\u2013
34,000
n/a
Christopher Mills
2
\u2013
\u2013
\u2013
\u2013
n/a
Former Directors
Paul Waterman
1,597,963
1,045,313
\u2013
2,643,276
No
1
Ralph Hewins
289,090
148,708
\u2013
437,798
No
1
\n
1
As per the Policy, Executive Directors are expected to build up a shareholding that is equal in value to 200%
\n
of their basic annual salaries. Share awards vesting over time will contribute to meeting the shareholding requirement.
\n
In accordance with the post-cessation shareholding policy introduced in 2022, Paul Waterman and Ralph Hewins
\n
cannot sell any shares derived from incentive plans from 2022 onwards (other than to pay any tax arising on vesting)
\n
within two years of the cessation of their employment unless the shares retained, after tax, from those awards
\n
exceeds the number of shares calculated to be of value equivalent to the lower of their actual shareholding as of
\n
31 July 2025 and 31 March 2026 respectively (being the respective dates their employment ceased) or 200% of salary.
\n
2
As at 31 December 2025, Christopher Mills\u2019 interest in the Company\u2019s shares is held through North Atlantic
\n
Smaller Companies Investment Trust PLC (\u201cNASCIT\u201d) and Oryx International Growth Fund Limited (\u201cOryx\u201d).
\n
Mr Mills is a director of NASCIT and Oryx. Mr Mills holds 2.50% of the shares in Oryx in his own name. Mr Mills
\n
also owns 27.74% of the shares in NASCIT, which in turn holds 52.68% of the shares in Oryx. Oryx holds
\n
6,000,000 of the Company\u2019s shares. Mr Mills is a partner and Chief Investment Of\ufb01cer of Harwood Capital LLP
\n
(\u201cHarwood\u201d), which is investment manager and investment adviser to NASCIT and Oryx respectively.
\n
Harwood is a wholly owned subsidiary of Harwood Capital Management Limited. Funds managed by
\n
Harwood Capital Management Limited and its af\ufb01liates (including Oryx) own 22.1m of the Company\u2019s shares.
\n
The market price of ordinary shares at 31 December 2025 was \u00a31.66 pence (2024: \u00a31.452 pence)
\n
and the range during 2025 was \u00a31.15 pence to \u00a31.766 pence (2024: \u00a31.156 pence to \u00a31.662 pence).
\n
As at 31 December 2025, the trustee of the Company\u2019s Employee Share Ownership Trust
\n
(\u201cESOT\u201d) held 4,181 shares (2024: 968,021). As an Executive Director and potential bene\ufb01ciary
\n
under the ESOT, Luc van Ravenstein is deemed to have an interest in any shares that become
\n
held in the ESOT.
\n\n\n
As at 4 March 2026, no person who was then a Director had any interest in any derivative or other
\n
\ufb01nancial instrument relating to the Company\u2019s shares and, so far as the Company is aware, none
\n
of their connected persons had such an interest. There was no other change, so far as the
\n
Company is aware, in the relevant interests of other Directors or their connected persons.
\n
Other than their service contracts, letters of appointment and letters of indemnity with the
\n
Company, none of the Directors had an interest in any contract of signi\ufb01cance in relation to the
\n
business of the Company or its subsidiaries at any time during the \ufb01nancial year.
\n
Directors\u2019 retirement bene\ufb01ts (audited)
\n
The table below shows the breakdown of the retirement bene\ufb01ts of the Executive Directors,
\n
comprising employer contributions to de\ufb01ned contribution plans and salary supplements paid
\n
in cash.
\n
Luc van Ravenstein receives a salary supplement in lieu of any other retirement bene\ufb01t.
\n
Paul Waterman received a salary supplement and participated in US contractual retirement
\n
schemes. Further detail can be found in the Policy. The amount shown in the table below
\n
represents employer matching contributions, and both this and the salary supplement are
\n
included in the Directors\u2019 emoluments table shown on page 131.
\n
Ralph Hewins received a salary supplement in lieu of any other retirement bene\ufb01t. The amount
\n
received is shown in the table below and in the Directors\u2019 emoluments table.
\n\n \n
De\ufb01ned contribution plans
Salary supplement
2025
2024
2025
2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Executive Directors
Luc van Ravenstein
n/a
\u2013
29
\u2013
Former Directors
Paul Waterman
36
42
61
125
Ralph Hewins
n/a
n/a
90
87
\n
Note: The pensions received were consistent with the Company\u2019s Remuneration Policy at up to a total of 21% of
\n
salary and for Paul Waterman and Ralph Hewins and 8% for Luc van Ravenstein. As stated elsewhere in this report,
\n
Paul Waterman\u2019s pension contribution is 21% of salary. He receives cash in lieu of pension into his 401(k) up to the
\n
prescribed IRS limit, and non-quali\ufb01ed deferred compensation in respect of the remaining amount.
\n
Payments to past Directors or payments for loss of of\ufb01ce (audited)
\n
Paul Waterman
\n
As announced on 18 November 2024, Paul Waterman stepped down from his role as CEO on
\n
29 April 2025. He remained employed by the Group until his employment ended on 31 July 2025
\n
in order to ensure an orderly handover to his successor, Luc van Ravenstein. Remuneration
\n
arrangements in respect of his departure, having taken legal advice in connection with his US
\n
contract, reflect his contractual entitlements, the Directors\u2019 Remuneration Policy approved by
\n
shareholders at the AGM on 26 April 2022 and the Rules of the relevant plans. The details of his
\n
arrangements, as set out in the 2024 Directors\u2019 Remuneration Report, are set out below.
\n
Salary and bene\ufb01ts
\n
These were provided in line with the terms of his service agreement through to 31 July 2025,
\n
after which Mr Waterman ceased to be employed by the Group. He received a payment in lieu
\n
of any accrued but unused annual leave as of 31 July 2025 of \u00a329,976. He continued to receive
\n
his base salary on a monthly basis, subject to mitigation, from 1 August 2025 through to
\n
18 November 2025 in lieu of the balance of his 12-month notice period entitlement.
\n
Annual bonus
\n
Mr Waterman remained eligible to participate in the Elementis Group Annual Bonus Plan for the
\n
\ufb01nancial year ending 31 December 2025, pro-rated to 31 July 2025, subject to achievement of
\n
performance measures. Payment will be made by way of (a) cash lump sum to the value of 50%
\n
of the bonus entitlement, and (b) deferred shares to the value of 50% of the bonus entitlement,
\n
which will vest in March 2028. Any bonuses paid will remain subject to malus and clawback as
\n
well as the wider terms of the plan.
\n
Long-term incentive plan awards
\n
The Remuneration Committee determined Mr Waterman to be a good leaver under the rules of
\n
the Elementis LTIP as a result of his cessation of employment being by way of mutual agreement
\n
in connection with the Board\u2019s leadership succession plans. His 2023 and 2024 LTIP awards
\n
remain eligible to vest on their normal vesting dates in 2026 and 2027 respectively, subject to
\n
pro-rata reduction to reflect the period from grant to the cessation of his employment on 31 July
\n
2025 relative to three years and the application of performance conditions. The vesting of his
\n
2023 award is set out in the \u2018Determination of 2023 LTIP awards\u2019 section of this report. After
\n
pro-ration to 31 July 2025, Paul Waterman has 484,254 shares eligible to vest under the 2024
\n
LTIP award. In accordance with the rules of the LTIP, any vested shares will remain subject to the
\n
terms of the plan, which include a two-year holding period from vesting and malus and clawback
\n
provisions.
\n
Other payments
\n
Paul Waterman received a contribution of \u00a33,649 (excluding VAT) towards legal advisory fees
\n
incurred in connection with his departure; and \u00a337,988 (US$50k in total paid gross) towards the
\n
preparation of tax \ufb01lings for each year in which he receives employment income from the Group
\n
that is taxable in the UK and career transition advisory support. The contribution towards tax
\n
support is consistent with his in-employment bene\ufb01t and provided in lieu of this bene\ufb01t for the
\n
balance of his notice period.
\n
Post-cessation share ownership guidelines
\n
In accordance with the post-cessation shareholding policy introduced in 2022, no shares derived
\n
from incentive plans from 2022 onwards may be sold (other than to pay any tax arising on
\n
vesting) within two years of cessation of employment unless the shares retained, after tax, from
\n
those awards exceed the number of shares calculated to be of value equivalent to 165% of salary,
\n
being Paul\u2019s shareholding at the date of cessation of his employment (calculated on 31 July 2025
\n
by reference to the closing share price on 31 July 2025). LTIP shares are subject to a two-year
\n
holding period under the Remuneration Policy.
\n\n\n\n\n\n\n\n\n\n\n
Ralph Hewins
\n
As announced on 30 September 2025, Ralph Hewins stepped down as CFO and retired from the
\n
Board on 31 December 2025. He will remain employed by the Group in order to ensure an
\n
orderly handover to his successor, Kath Kearney-Croft, until 31 March 2026. Remuneration
\n
arrangements in respect of his departure reflect his contractual entitlements, the Directors\u2019
\n
Remuneration Policy approved by shareholders at the AGM on 29 April 2025 and the Rules of
\n
the relevant plans. The payments to be made in connection with his loss of of\ufb01ce are as set
\n
out below:
\n
Salary and bene\ufb01ts
\n
Ralph Hewins will receive his normal remuneration under the terms of his service agreement
\n
through to 31 March 2026, after which he will retire and cease to be employed by the Group.
\n
He will receive a payment in lieu of any accrued but unused annual leave as of 31 March 2026.
\n
He is not eligible for any salary increase in 2026.
\n
Annual bonus
\n
As set out earlier in this report, Ralph Hewins remained eligible to participate in the annual bonus
\n
plan for the year ending 31 December 2025. The payment of the bonus earned will be made
\n
by way of (a) cash lump sum to the value of 50% of the bonus earned in March 2026, and (b)
\n
deferred shares to the value of 50% of the bonus earned, which will vest 2 years later in March
\n
2028. He is not eligible for any bonus for 2026.
\n
The deferred shares (net of any tax due) will need to be retained in connection with the two year
\n
post-cessation of employment shareholding policy (see below).
\n
Any bonuses paid remain subject to malus and clawback as well as the wider terms of the plan.
\n
As a result of his retirement and cessation of employment, the deferred shares awarded in
\n
connection with annual bonuses earned for performance in 2023 (138,015 shares) and 2024
\n
(145,966 shares) will vest on the earlier of his cessation of employment and the normal vesting
\n
date of the award. The net of tax number of these deferred share awards will need to be retained
\n
for two years towards the satisfaction of the Company\u2019s post cessation of employment share
\n
ownership guidelines (see below).
\n
Long-term incentive plan awards
\n
As a result of his retirement, Ralph Hewins is a good leaver under the Rules of the Elementis Long
\n
Term Incentive Plan. As a result, his 2023, 2024 and 2025 LTIP awards will vest on their normal
\n
vesting dates in 2026, 2027 and 2028 respectively. The 2024 and 2025 LTIP awards will be
\n
subject to a pro-rata reduction to reflect the period from grant to the cessation of his employment
\n
on 31 March 2026 relative to the three-year performance periods and the application of
\n
performance conditions. Details of the vesting of the 2023 LTIP award are set out in the
\n
\u2018Determination of 2023 LTIP awards\u2019 section of this report.
\n
After pro-ration to 31 March 2026, Ralph Hewins has 322,463 shares eligible to vest under the
\n
2024 LTIP award and 146,137 shares eligible to vest under the 2025 LTIP award. Dividend
\n
equivalents will be additional to these numbers. In accordance with the Rules of the LTIP, any
\n
vested shares will remain subject to the terms of the Plan which include a two year holding period
\n
from vesting, and malus and clawback provisions. Ralph Hewins was not eligible for an LTIP
\n
award in 2026.
\n
Other payments
\n
Ralph Hewins will receive a capped contribution of up to \u00a35,000 (excluding VAT) towards legal
\n
advisory fees incurred in connection with his departure.
\n
Other than the items referenced above, Ralph Hewins will not receive any further remuneration
\n
payments or payments for loss of of\ufb01ce.
\n
Post-cessation shareholding guidelines
\n
In accordance with the post-cessation shareholding policy introduced in 2022, no shares derived
\n
from incentive plans from 2022 onwards may be sold (other than to pay any tax arising on
\n
vesting) within two years of cessation of employment unless the shares retained, after tax, from
\n
those awards exceed the number of shares calculated to be of value equivalent to the lower of
\n
Ralph Hewins\u2019 actual shareholding on 31 March 2026, being the date of his cessation of
\n
employment, or 200% of salary. LTIP shares are subject to a two year holding period under the
\n
Remuneration Policy.
\n
Joining arrangements for new CEO and CFO
\n
Luc van Ravenstein, CEO
\n
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025, following
\n
a thorough search process led by the Nomination Committee. He was appointed on a base salary
\n
of US $720,000 in the context of being an internal promotion. As set out in the Chair\u2019s annual
\n
statement, his salary has been reviewed in light of his performance and market rates of pay for
\n
comparably sized FTSE 250 companies, resulting in an increase of 21.5% to US $875,000 with
\n
effect from 1 April 2026.
\n
Luc receives a Company pension contribution of 8% of base salary (aligned with the majority
\n
of the wider UK workforce). His maximum bonus and long-term incentive opportunities have
\n
been set at 150% and 200% of base salary respectively, consistent with the Directors\u2019
\n
Remuneration Policy.
\n
Kath Kearney-Croft, CFO
\n
Kath Kearney-Croft was appointed as CFO designate on 3 November 2025, before becoming
\n
CFO and a member of the Board on 1 January 2026. She was appointed on a base salary of
\n
\u00a3400,000. As set out in the Chair\u2019s annual statement, Kath\u2019s salary will increase to \u00a3413,000
\n
(representing an increase of 3.25%) with effect from 1 April 2026. As part of Kath\u2019s recruitment it
\n
was agreed that she would receive a long-term incentive award at 175% of salary shortly
\n
following her commencement of employment. The award is subject to the same performance
\n
targets that apply to the Executive Directors\u2019 awards that were granted earlier in the year and
\n
provides immediate alignment with the wider executive leadership team.
\n
Kath receives a Company pension contribution of 8% of base salary (aligned with the majority
\n
of the wider UK workforce). Her maximum annual bonus and long-term incentive opportunities
\n
have been set at 125% of base salary (pro-rata for 2025) and 175% of base salary respectively,
\n
consistent with the Directors\u2019 Remuneration Policy. There were no \u2018buyout\u2019 awards agreed in
\n
connection with her appointment.
\n\n\n
Total shareholder return performance and change in CEO\u2019s pay
\n
The graph below illustrates the Company\u2019s total shareholder return for the ten years ended 31 December 2025, relative to the FTSE 250 Index, along with a table illustrating the change in CEO pay
\n
over the corresponding period. The table also details the payouts for the annual bonus scheme and LTIP.
\n
As the Company\u2019s shares are denominated and listed in pence, the graph below looks at the total return to 31 December 2025 of \u00a3100 invested in Elementis on 31 December 2015 compared with that
\n
of the total return of \u00a3100 invested in the FTSE 250 Index. This index was selected for the purpose of providing a relative comparison of performance because the Company is a member of it.
\n
0
\n
50
\n
100
\n
150
\n
200
\n
TSR performance since 2015 (rebased to 100)
\n
\u00a3
\n
Elementis plc
FTSE 250 Index (excl. Investment Trusts)
\n
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
\n\n \n
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
CEO pay (total remuneration \u2013 \u00a3\u2019000s)
1,553
1
2,539
1,229
1,114
1,007
1,946
2,214
2,752
3,039
3,641
Annual bonus payout (% of maximum)
27.5%
93.0%
35.0%
17.3%
0%
93%
75%
74%
77.9%
71.9%
LTIP vesting (% of maximum)
91.2%
2
91.4%
3
0%
0%
0%
0%
11.1%
54.7%
48.7%
76.8%
\n
1
Includes remuneration for Paul Waterman and David Dutro for the period in which each was CEO during 2016, and for Luc van Ravenstein and Paul Waterman for the period in which each was CEO during 2025.
\n
2
Relates to Paul Waterman\u2019s buy-out awards which vested in March 2017.
\n
3
Relates to Paul Waterman\u2019s buy-out awards vesting in March 2018.
\n
CEO to all-employee pay ratio
\n
Whilst Elementis is not required to publish a CEO to all-employee pay ratio given it has fewer than 250 UK employees, voluntary disclosure of the pay ratio is included below. In line with the relevant
\n
legislation, the analysis has been completed using Option A (i.e. actual total remuneration earned has been used as the basis for comparison). The reference date for the analysis was 31 December 2025.
\n\n\n\n\n\n\n\n\n\n\n
Whilst this is only based upon circa 80 UK employees, there is a mix of factory-based employees (circa 75%) and corporate head of\ufb01ce employees. Option A was used as it was deemed the most
\n
accurate and prevalent among recent FTSE 250 disclosures. The 2025 ratio is equivalent to the 2024 \ufb01gure due to the continued higher ratio of variable pay within the CEO\u2019s overall compensation as
\n
a result of the vesting of the 2023 LTIP award. Circa 10% of UK employees are eligible for LTIP. The ratio is consistent with the pay, reward and progression policies for the Company\u2019s UK employees
\n
taken as a whole. The pay ratio illustrates the greater leverage in Director packages versus the wider workforce in that in years where Elementis performs strongly against its performance targets,
\n
the ratio is generally higher. For the purposes of the CEO pay ratio calculation the single \ufb01gure proportion in relation to Paul Waterman has been calculated up until 29 April 2025, being the date at
\n
which he stepped down as CEO.
\n\n \n
CEO pay ratio
2019
2020
2021
2022
2023
2024
2025
Method
A
A
A
A
A
A
A
CEO single \ufb01gure
\u00a31,114
\u00a31,007
\u00a31,946
\u00a32,214
\u00a32,752
\u00a33,039
\u00a33,181
Upper quartile
15
14
23
24
31
37
34
Median
21
19
34
40
52
52
54
Lower quartile
25
23
42
49
67
66
63
\n
The salary and total pay for the individuals identi\ufb01ed at the lower quartile, median and upper quartile positions in 2025 are set out below:
\n\n \n
2025
Salary
Total pay
Upper quartile individual
\u00a373,680
\u00a391,720
Median individual
\u00a353,285
\u00a358,752
Lower quartile individual
\u00a345,596
\u00a350,605
\n
Relative importance of spend on pay
\n
The table below shows the total remuneration paid across the Group together with the total dividends paid in respect of 2025 and the preceding \ufb01nancial year.
\n\n \n
\u00a3m
2025
2024
Change
Remuneration paid to all employees
1
60.9
59.8
1.8%
Total dividends paid in the year
18.9
14.7
28.6%
\n
1
See Note 8 to the consolidated \ufb01nancial statements. The amounts for 2025 and 2024 have been converted from dollars into pounds sterling using the average USD/GBP exchange rates for those years.
\n
Malus and clawback
\n
Malus and clawback provisions apply to the annual bonus and LTIP where the following circumstances become known within three years of any payments being made:
\n
Performance outcomes were determined based on mis-stated \ufb01nancial information
\n
Performance outcomes being incorrectly calculated
\n
Gross misconduct
\n
Actions within the performance period that lead to corporate failure
\n
Activities within the performance period that result in a material \ufb01nancial downturn
\n
A material failure of risk management within the relevant performance period
\n
The occurrence of an event in the performance period that caused a serious health and
\n
safety event
\n
Following an individual being deemed a \u2018good leaver\u2019 within an incentive plan by reason of
\n
retirement with the agreement of the Remuneration Committee, their taking on subsequent
\n
employment in a paid executive role
\n
A three-year period for the operation of malus and clawback is believed to be best-suited to Elementis, noting that this is standard market practice outside of \ufb01nancial services companies and the
\n
clear and transparent nature of reporting pro\ufb01tability and other measures of \ufb01nancial performance at Elementis.
\n
There was no exercise of malus and clawback in the year.
\n\n\n
Percentage change in the remuneration of the Directors (unaudited)
\n
The table below shows the change in the Directors\u2019 pay and the corresponding change of these elements across all UK employees within the Group from 2024 to 2025.
\n\n \n
Average percentage change 2020-21
Average percentage change 2021-22
Average percentage change 2022-23
Average percentage change 2023-24
Average percentage change 2024-25
Taxable
Annual
Taxable
Annual
Taxable
Annual
Taxable
Annual
Taxable
Annual
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Salary
bene\ufb01ts
bonus
Luc van Ravenstein\u00b9
,2
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
n/a
n/a
John O\u2019Higgins
3
131%
\u2013
\u2013
86%
\u2013
\u2013
4.5%
\u2013
\u2013
4%
3.6%
\u2013
3.8%
\u2013
\u2013
Dorothee Deuring
2%
\u2013
\u2013
3%
\u2013
\u2013
10.5%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Trudy Schoolenberg
4
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
31.9%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Christine Soden
5
512%
\u2013
\u2013
14%
\u2013
\u2013
9.3%
\u2013
\u2013
4%
\u2013
\u2013
3.8%
\u2013
\u2013
Clement Woon
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4.5%
\u2013
\u2013
16.1%
\u2013
\u2013
3.8%
\u2013
\u2013
Maria Ciliberti
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
30%
\u2013
\u2013
Heejae Chae
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
36%
\u2013
\u2013
Christopher Mills
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
n/a
\u2013
\u2013
Employees
11.1%
\u2013
\u2013
1.8%
\u2013
-12%
0.4%
\u2013
-20.7%
4%
\u2013
25.5%
1.8%
\u2013
-9%
Former Directors
Paul Waterman
1,2,8
2%
26%
100%
3%
-4%
-17%
3.2%
24.7%
2.7%
4%
17.8%
11.8%
n/a
n/a
n/a
Ralph Hewins
7
2%
4%
100%
3%
4%
-16%
4.5%
0%
2.7%
4%
13.2%
9.1%
3.8%
3.4%
-7.7%
\n
1
All percentages are based on converting relevant local currencies into pounds sterling using the average rates for the respective year.
\n
2
Luc van Ravenstein assumed the role of CEO and joined the Board on 29 April 2025. Paul Waterman stood down as CEO on the same date, and remained in employment until 31 July 2025.
\n
3
John O\u2019Higgins assumed the role of Chair on 1 September 2021.
\n
4
Trudy Schoolenberg was appointed NED on 15 March 2022 and assumed the role of SID in April 2022.
\n
5
Christine Soden joined the Board as NED and DNED for workforce engagement on 1 November 2020.
\n
6
Clement Woon was appointed NED on 1 December 2022. Maria Ciliberti was appointed NED on 11 March 2024. Heejae Chae was appointed NED on 25 March 2024.
\n
7
Paul Waterman and Ralph Hewins recommended and the Committee agreed that no bonuses should be payable in relation to 2020 performance.
\n
8
Paul Waterman\u2019s actual bene\ufb01ts cost for FY2022 were effectively understated in FY2022 by approximately \u00a315,000 due to the timing of the medical payments. This was corrected for 2023 and accounts for the majority of the increase in
\n
that year. Foreign exchange rates and changes in costs due to age and salary also impact 2023.
\n
Statement of shareholder voting
\n
The resolutions to approve the 2025 Directors\u2019 Remuneration Policy and the 2024 Directors\u2019 Remuneration report were passed by a poll at the Company\u2019s 2025 AGM respectively. Set out in the table
\n
below are the votes cast by proxy in respect of these resolutions.
\n\n \n
Votes for
% for
Votes against
% against
Votes withheld
1
2024 Directors\u2019 Remuneration report (2025 AGM)
434,598,682
91.88
38,413,539
8.12
16,163
2025 Directors\u2019 Remuneration Policy (2025 AGM)
467,252,524
98.78
5,759,912
1.22
15,948
\n
1
Votes withheld are not included in the \ufb01nal \ufb01gures as they are not recognised as a vote in law.
\n\n\n\n\n\n\n\n\n\n\n
Other information about the Committee\u2019s membership and operation
\n
Committee composition
\n
The Chair and members of the Committee are shown on pages 92-94, together with their
\n
biographical information. Five meetings were held during 2025 and the attendance of Committee
\n
members is shown on page 121.
\n
The Chair of the Board, CEO and other Non-Executive Directors who are not members of the
\n
Committee have a standing invite to attend, and the CFO and Chief Human Resources Of\ufb01cer
\n
also attend meetings by invitation, as appropriate. The Executive Directors are not present when
\n
their own remuneration arrangements are discussed or, if they are, they do not participate in the
\n
decision-making process.
\n
External adviser
\n
Korn Ferry was appointed as external independent adviser to the Committee in 2017 following
\n
a competitive tender process. During 2025, Korn Ferry provided advice to the Committee in
\n
relation to emerging market practice and benchmarking. Through a separate advisory team to
\n
the remuneration advisory team, Korn Ferry provided other human capital related services to
\n
the Nomination Committee. The Committee is therefore satis\ufb01ed that the advice received was
\n
objective and independent. Korn Ferry is a member of the Remuneration Consultants Group and
\n
abides by the voluntary code of conduct of that body, which is designed to ensure objective and
\n
independent advice is given to remuneration committees. Fees paid to Korn Ferry for
\n
remuneration advisory services in 2025 were \u00a366,941 (excluding VAT) and were charged on a
\n
time and materials basis.
\n
Terms of reference
\n
A full description of the Committee\u2019s terms of reference is available on the Company\u2019s website at
\n
www.elementis.com
\n
Activities during the year
\n
The Committee operated in line with its terms of reference during the year, setting the pay for the
\n
Executive Directors and wider senior leadership team, having oversight of pay across the
\n
organisation and setting the Board Chair\u2019s fee. The Committee considered the following at its
\n
meetings during 2025:
Committee
meeting dates
Agenda items
February
2022 LTIP performance outcomes
2025
2024 Executive Director bonus awards
2025 LTIP targets/performance conditions and delegated authority to grant
the 2025 awards
ELT salary review and bonus payments
CEO pay ratio calculations
Approval of \ufb01nal draft of Directors\u2019 Remuneration report
June 2025
2025 LTIP grant
July 2025
Market update
Preliminary consideration of Talc divestment impact on incentives
October 2025
Application of Remuneration Policy in 2026
Update on 2025 performance against annual bonus targets and 2023 LTIP
Consideration of the impact of the Talc divestment on incentive plans
December
Institutional investor and proxy agency update
2025
Preliminary discussion on Director pay increases
Conclusion on Talc divestment impact on incentives and associated impact of
share buyback
Workforce engagement
Committee terms of reference
\n
Outside of the above meeting dates, the Committee considered and con\ufb01rmed operational
\n
matters in appropriate forums (e.g. the Executive Directors\u2019 annual bonus targets, granting of the
\n
2025 LTIP awards, and Executive Director joining and leaving arrangements).
\n
Evaluation, training and development
\n
On an annual basis, the Committee\u2019s effectiveness is reviewed as part of the evaluation of the
\n
Board. Following the evaluation last year, there were no major issues to report. During 2025, all
\n
members received brie\ufb01ngs from the Group General Counsel & Company Secretary and the
\n
Committee\u2019s remuneration advisers throughout the year to keep them updated on topical matters
\n
and developments relating to executive remuneration.
\n
Auditable sections of the Directors\u2019 Remuneration Report
\n
The sections of the Annual Report on Remuneration that are required to be audited by law are as
\n
follows: Remuneration payable to Directors for 2025 and Directors\u2019 retirement bene\ufb01ts; and tables
\n
headed Annual LTIP awards granted in the year, Directors\u2019 scheme interests, Directors\u2019 share
\n
interests and Directors\u2019 retirement bene\ufb01ts.
\n
Approved by the Board on 4 March 2026
\n
Clement Woon
\n
Chair, Remuneration Committee
\nThe remuneration of key management personnel of the Group, which is de\ufb01ned as the Board of
Directors, is shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Salaries and short-term employee bene\ufb01ts
4.1
4.1
Post-employment bene\ufb01ts
0.3
0.3
Other long-term bene\ufb01ts
0.3
0.3
Share-based payments
3.2
1.8
Total
7.9
6.5
\n
Full details of all elements of the remuneration of Directors is set out in the Directors\u2019
Remuneration report on pages 121-143.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedIncomeStatement_Label_001": { "value": "597500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_002": { "value": "603800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_003": { "value": "317400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_004": { "value": "314200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_005": { "value": "280100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_006": { "value": "289600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_008": { "value": "91600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DistributionCosts", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_007": { "value": "98500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DistributionCosts", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0010": { "value": "79500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_009": { "value": "95100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_0012": { "value": "109000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_0011": { "value": "96000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_0013": { "value": "126700000.0", "decimals": -5, "dimensions": { "concept": "elm:AdjustedOperatingProfit", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_0014": { "value": "119200000.0", "decimals": -5, "dimensions": { "concept": "elm:AdjustedOperatingProfit", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0015": { "value": "17700000.0", "decimals": -5, "dimensions": { "concept": "elm:AdjustingItems", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0016": { "value": "23200000.0", "decimals": -5, "dimensions": { "concept": "elm:AdjustingItems", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0017": { "value": "2600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0018": { "value": "2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_0020": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_0019": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0022": { "value": "19500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0021": { "value": "22600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_0023": { "value": "89900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_0024": { "value": "74300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0025": { "value": "27600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_NegatedLabel_0026": { "value": "25500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_0027": { "value": "62300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_TotalLabel_0028": { "value": "48800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_00530": { "value": "-107800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_00529": { "value": "-96600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_0030": { "value": "-45500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_0029": { "value": "-47800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedIncomeStatement_Label_0032": { "value": "0.107", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0031": { "value": "0.083", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0033": { "value": "0.105", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0034": { "value": "0.081", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0035": { "value": "0.14", "decimals": 3, "dimensions": { "concept": "elm:AdjustedBasicEarnings", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0036": { "value": "0.122", "decimals": 3, "dimensions": { "concept": "elm:AdjustedBasicEarnings", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0038": { "value": "0.137", "decimals": 3, "dimensions": { "concept": "elm:AdjustedDilutedEarnings", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_0037": { "value": "0.12", "decimals": 3, "dimensions": { "concept": "elm:AdjustedDilutedEarnings", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_00544": { "value": "-0.078", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_00545": { "value": "-0.081", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_00546": { "value": "-0.078", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_00547": { "value": "-0.081", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0039": { "value": "-45500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0040": { "value": "-47800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0041": { "value": "-3100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0042": { "value": "-14300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0043": { "value": "-800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0044": { "value": "-3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00520": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "elm:ItemsRelatingToDiscontinuedOperationsNetOfTaxNotReclassified", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_00519": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "elm:ItemsRelatingToDiscontinuedOperationsNetOfTaxNotReclassified", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0045": { "value": "11400000.0", "decimals": -5, "dimensions": { "concept": "elm:ExchangeDifferencesOnTranslationOfForeignOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0046": { "value": "-23900000.0", "decimals": -5, "dimensions": { "concept": "elm:ExchangeDifferencesOnTranslationOfForeignOperations", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0048": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0047": { "value": "6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsBeforeTax", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0050": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0049": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0052": { "value": 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signed on its behalf by:
\n
Luc van Ravenstein
Kath Kearney-Croft
\n
CEO
CFO", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00137": { "value": "52700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00135": { "value": "239700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00134": { "value": "51500000.0", "decimals": -5, "dimensions": { "concept": 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"iso4217:USD" } }, "ConsolidatedCashFlowStatement_TotalLabel_00376": { "value": "-15600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_TotalLabel_00375": { "value": "2700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00378": { "value": "59900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00377": { "value": "65800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_Label_00380": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_Label_00379": { "value": "-2700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_Label_00381": { "value": "5900000.0", "decimals": -5, "dimensions": { "concept": "elm:CashAndCashEquivalentsClassifiedAsHeldForSale", "entity": "scheme:549300LQIH685LI2ML36", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_Label_00382": { "value": "-5900000.0", "decimals": -5, "dimensions": { "concept": "elm:CashAndCashEquivalentsClassifiedAsHeldForSale", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00383": { "value": "54600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300LQIH685LI2ML36", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00384": { "value": "59900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "1. Accounting policies
Elementis plc is a
public company limited
by shares incorporated and domiciled in
England
and is
the parent company of the Group. The address of its registered of\ufb01ce is The Bindery, 5th Floor,
51-53 Hatton Garden, London, EC1N 8HN. The Group \ufb01nancial statements have been prepared
and approved by the Directors in accordance with UK adopted international accounting
standards. The Company has elected to prepare its parent company \ufb01nancial statements in
accordance with FRS 101. These are presented on pages 202-207.
Basis of preparation
The \ufb01nancial statements have been prepared in accordance with UK adopted international
accounting standards in conformity with the requirements of the Companies Act 2006 and
International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the UK. These \ufb01nancial
statements also comply with IFRS as issued by the International Accounting Standards Board
(\u201cIASB\u201d).
The \ufb01nancial statements have been prepared on the historical cost basis, except that derivative
\ufb01nancial instruments are stated at their fair value. The preparation of \ufb01nancial statements requires
the application of estimates and judgements that affect the reported amounts of assets and
liabilities, revenues and costs, and related disclosures at the balance sheet date.
The \ufb01nancial statements have been prepared on a going concern basis. The rationale for
adopting this basis is discussed in the Directors\u2019 report on page 146.
The comparative \ufb01nancial statements have been re-presented following the sale of the Talc
business and classi\ufb01cation as a discontinued operation. See Note 33 for further details.
Reporting currency
As a consequence of the majority of the Group\u2019s sales and earnings originating in US dollars or
US dollar-linked currencies, the Group has chosen the US dollar as its presentational currency.
This aligns the Group\u2019s external reporting with the pro\ufb01le of the Group, as well as with internal
management reporting. The functional currency of the parent is pounds sterling.
Critical accounting judgements and key sources of estimation uncertainty
When applying the Group\u2019s accounting policies, management must make a number of key
judgements on the application of applicable accounting standards and estimates and
assumptions concerning the carrying amounts of assets and liabilities that are not readily
apparent from other sources. These estimates and judgements are based on factors considered
to be relevant, including historical experience, which may differ signi\ufb01cantly from the actual
outcome. The key assumptions concerning the future and other key sources of estimation
uncertainty that have a signi\ufb01cant risk of causing a material adjustment to the amounts
recognised in the \ufb01nancial statements within the next year are discussed below. The development
of the estimates and disclosures related to each of these matters has been discussed by the
Audit Committee.
Critical accounting judgements
The following is the sole critical judgement, as opposed to those involving estimations, which are
dealt with separately below, that the Directors have made in the process of applying the Group\u2019s
accounting policies that has signi\ufb01cant effect on the amounts for the year ended 31 December
2025 recognised in the \ufb01nancial statements. Where relevant and practicable, sensitivity analyses
are disclosed in the relevant notes to demonstrate the impact of changes in estimates or
assumptions used.
Revenue recognition
Judgement is exercised over how to determine the timing of revenue recognition for orders
where the agreed terms are delivery to the destination point. The Group has compiled shipping
days based on the destination country which are used to inform the timing of revenue
recognition. In compiling these shipping days, management have used past experience and
carrier standard shipping days to inform their decision-making.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at
the reporting period that may have a signi\ufb01cant risk of causing a material misstatement to the
carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below.
Environmental provisions
Provisions for environmental restoration are recognised where: the Group has a present legal or
constructive obligation as a result of past events; it is probable that an outflow of resources will be
required to settle the obligation; and the amount can be estimated reliably.
Environmental provisions are measured at the present value of the expenditures expected to be
required to settle the obligation using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks speci\ufb01c to the obligation. Due to the long
time horizons over which costs are anticipated, small changes in recurring annual cash outflows
can have a signi\ufb01cant cumulative impact on the total provision required. At 31 December 2025,
the carrying value of environmental provisions was $4.5m. Further details of these provisions and
a sensitivity assessment are given in Note 15.
Other sources of estimation uncertainty
Valuation of a de\ufb01ned bene\ufb01t pension obligation
The key estimates made in relation to de\ufb01ned bene\ufb01t pensions relate to the discount rate used to
determine the present value of future bene\ufb01t, the rate of inflation applied to plan assets, mortality
rates and rates of salary growth. At 31 December 2025 the UK scheme, the largest of the Group\u2019s
retirement plans, had a surplus of $19.5m, the US pension scheme had a surplus of $5.4m, while
the US post-retirement medical bene\ufb01t (\u201cPRMB\u201d) scheme and other schemes were in a net
de\ufb01cit position of $3.3m in aggregate. Further details of pensions and a sensitivity analysis, which
has a material impact on the de\ufb01ned bene\ufb01t obligations, are given in Note 25.
Notes to the consolidated \ufb01nancial statements
For the year ended 31 December 2025
Climate-related risks
The \ufb01nancial statements have been prepared with consideration of risks resulting from climate
change, our science based target for greenhouse gas emissions reductions from our science
based target initiative (\u201cSBTi\u201d), and in accordance with our Task Force for Climate-related
Financial Disclosures (\u201cTCFD\u201d) disclosures.
In conjunction with our SBTi and TCFD, a review has been performed in the following areas that
are deemed most at risk of being impacted by climate change:
A. Three-year forecasting model
To support the carrying value of assets, impairment of goodwill testing, going concern, and the
viability statement, management prepare a three-year forecasting model. The three-year
forecasting model includes actions already taken by management to work towards achieving the
Group\u2019s Net Zero ambition. Speci\ufb01cally, for the impairment of goodwill and the carrying value of
the Cash Generating Units (\u201cCGUs\u201d), management considered the risks associated with: carbon
pricing; customer, consumer and investor demands; raw material supply/prices; access to
renewable electricity; energy prices; water scarcity; and extreme weather events. Based on that
consideration, management have not made any adjustments to the three-year forecasting model.
B. Useful economic lives of property, plant and equipment, right-of-use assets and
intangible assets
Management have reviewed the useful economic life of the Group\u2019s non-current assets with
respect to the physical risk resulting from extreme weather events and our Net Zero ambition and
have concluded that the current economic useful lives are in line with all current and foreseeable
plans.
C. Environmental provisions
Management have considered the Group\u2019s legal, regulatory and social obligations in determining
the estimate of costs associated with the closure and remediation of our sites. After detailed
consideration of the aforementioned climate risks, management are comfortable that no
adjustments are required to the carrying value of non-current assets and liabilities for the year
ended 31 December 2025.
Basis of consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and its
subsidiaries for the year.
Subsidiaries are all entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date on which that control ceases.
The Group applies the acquisition method to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is the fair value of the assets
transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests
issued by the Group. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Identi\ufb01able assets acquired and liabilities
and contingent liabilities assumed in a business combination are measured initially at their fair
value at the acquisition date. The Group recognises any non-controlling interest in the acquiree
on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s
proportionate share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets.
Acquisition costs are accounted for as an expense in the period incurred.
Intragroup balances, and any unrealised gains and losses or income and expenses arising from
intragroup transactions, are eliminated in preparing the consolidated \ufb01nancial statements.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
A full list of the Group\u2019s subsidiaries is shown in Note 6 of the parent company \ufb01nancial
statements.
Changes in accounting policies
The accounting policies adopted are consistent with those of the previous \ufb01nancial year.
Foreign currency
A. Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance
sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement. Non-monetary assets
and liabilities denominated in foreign currencies that are stated at fair value are translated at
exchange rates ruling at the dates the fair value was determined.
B. Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments
arising on consolidation, are translated at exchange rates ruling at the balance sheet date.
The revenues and expenses of foreign operations are translated at the average rates of
exchange ruling for the relevant period. Exchange differences arising since 1 January 2004 on
translation are taken to the translation reserve. They are recognised in the income statement
upon disposal of the foreign operation. The Group may hedge a portion of the translation of its
overseas net assets through US dollar and euro borrowings. From 1 January 2005, the Group has
elected to apply net investment hedge accounting for these transactions where possible. Where
hedging is applied, the effective portion of the gain or loss on an instrument used to hedge a net
investment is recognised in equity. Any ineffective portion of the hedge is recognised in the
income statement.
Intangible assets
A. Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date
fair value of any previous equity interest in the acquiree over the fair value of the identi\ufb01able net
assets acquired. If the total of consideration transferred, non-controlling interest recognised and
previously held interest measured at fair value is less than the fair value of the net assets of the
subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the
income statement.
B. Research and development
Expenditure on pure research is recognised in the income statement as an expense as incurred.
Under IAS 38, expenditure on development where research \ufb01ndings are applied to a plan or
design for the production of new or substantially improved products and processes is capitalised
if the product or process will give rise to future economic bene\ufb01ts and where the cost of the
capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of
materials, direct labour and an appropriate proportion of overheads less accumulated
amortisation. The length of development life cycles, broad nature of much of the research
undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential
product can mean that the measurement criteria of IAS 38 regarding the probability of future
economic bene\ufb01ts and the reliability of allocating costs may not be met, in which case
expenditure is expensed as incurred.
C. Customer relationships, brands and other intangible assets
Customer relationships, brands and other intangible assets are stated at cost or when arising
in a business combination, estimated fair value, less accumulated amortisation.
D. Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated useful
lives of intangible assets through the administrative expenses line item, unless such lives are
inde\ufb01nite. Goodwill is systematically tested for impairment each year. Other intangible assets,
comprising customer lists, customer relationships, manufacturing processes and procedures,
trademarks, non-compete clauses and patents, are amortised over their estimated useful lives,
which range from 4 to 23 years.
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the
period of the lease. Freehold buildings, plant and machinery, \ufb01xtures, \ufb01ttings and equipment are
depreciated over their estimated useful lives on a straight-line basis. Depreciation methods,
useful lives and residual values are assessed at the reporting date. No depreciation is charged
on assets under construction until the asset is available for use.
Depreciation is charged on a straight-line basis over the estimated useful economic lives of the
assets as follows:
Buildings
10-50 years
Plant and machinery
2-20 years
Fixtures, \ufb01ttings and equipment
2-20 years
Right-of-use assets
Shorter of the useful economic life of the asset and the
lease term
The cost of replacing part of an item of property, plant and equipment is recognised in the
carrying amount of the item if it is probable that the future economic bene\ufb01ts embodied within it
will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing
of property, plant and equipment are recognised in the income statement as incurred.
Management regularly considers whether there are any indicators of impairment to carrying
values of property, plant and equipment. Impairment reviews are based on risk-adjusted
discounted cash flow projections. Signi\ufb01cant judgement is applied to the assumptions underlying
these projections, which include estimated discount rates, growth rates, future selling prices and
direct costs. Changes to these assumptions could have a material impact on the \ufb01nancial position
of the Group and on the result for the year.
Impairment of non-current non-\ufb01nancial assets
The carrying amount of non-current assets other than deferred tax is compared with the asset\u2019s
recoverable amount at each balance sheet date where there is an indication of impairment. For
goodwill, assets that have an inde\ufb01nite useful life and intangible assets that are not yet available
for use, the recoverable amount is estimated at each balance sheet date.
Annually the Group carries out impairment tests of its goodwill and other inde\ufb01nite life intangible
assets, which requires an estimate to be made of the value in use of its CGUs. These value in use
calculations are dependent on estimates of future cash flows and long-term growth rates of the
CGUs. Further details of these estimates are given in Note 10.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds
its recoverable amount. Impairment losses are recognised in the income statement. Impairment
losses recognised in respect of CGUs are allocated \ufb01rst to reduce the carrying amount of any
goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit
on a pro-rata basis. A CGU is the smallest identi\ufb01able group of assets that generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets.
The recoverable amount is the greater of their fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks speci\ufb01c to the asset(s). For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the
estimated selling price, less estimated costs of completion and selling expenses. Cost, which is
based on a weighted average, includes expenditure incurred in acquiring stock and bringing it to
its existing location and condition. In the case of manufactured inventories and work in progress,
cost includes an appropriate share of overheads attributable to manufacture, based on normal
operating capacity.
Trade and other receivables
Trade receivables and other receivables are due for payment within one year and are thus
classi\ufb01ed as current. They are non-interest-bearing and are stated at their nominal amount,
which is the original invoiced amount, less allowance for future expected credit losses (\u201cECLs\u201d).
Estimates of future ECLs are informed by historical experience and management\u2019s expectations
of future economic factors; further information on ECLs impairment is given in the impairment of
\ufb01nancial assets accounting policy. Individual trade receivables are written off when management
deem them to be no longer collectable.
Impairment of \ufb01nancial assets \u2013 expected credit losses
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring ECLs, which uses a lifetime
expected loss allowance for all trade receivables.
To measure the ECLs, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on payment pro\ufb01les
and the corresponding historical credit losses experienced. The historical loss rates are adjusted
to reflect current and forward-looking information in relation to macroeconomic factors that could
affect the ability of customers to settle receivables.
The Group usually considers a trade receivable in default when contractual payments are
120 days past due. In certain cases, the Group may also consider a trade receivable to be in
default when internal or external information indicates that the Group is unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements held
by the Group. A trade receivable is written off when there is no reasonable expectation of
recovering the contractual cash flows.
Trade and other payables
Trade payables are non-interest-bearing borrowings and are initially measured at fair value and
subsequently carried at amortised cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of
three months or less. Bank overdrafts that are repayable on demand and form an integral part of
the Group\u2019s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.
Borrowings
Borrowings are initially measured at fair value and are subsequently carried at amortised cost
using the effective interest rate method. Any difference between the proceeds, after net of
transaction costs, and the settlement or redemption of borrowings is recognised over the terms
of the borrowings using the effective interest rate method.
Pension and other post-retirement bene\ufb01ts
In respect of the Group\u2019s de\ufb01ned bene\ufb01t schemes, the Group\u2019s net obligation in respect of
de\ufb01ned bene\ufb01t pension plans is calculated by estimating the amount of future bene\ufb01t that
employees have earned in return for their service in the current and prior periods, that bene\ufb01t is
discounted to determine its present value, and the fair value of any plan assets is deducted. The
liability discount rate is the yield at the balance sheet date on AA credit-rated bonds that have
maturity dates approximating to the terms of the Group\u2019s obligations. Pension and post-retirement
liabilities are calculated by quali\ufb01ed actuaries using the projected unit credit method.
Following the introduction of the revised IAS 19, \u2018Employee Bene\ufb01ts\u2019 standard, the net interest on
the de\ufb01ned bene\ufb01t liability consists of the interest cost on the de\ufb01ned bene\ufb01t obligation and the
interest income on plan assets, both calculated by reference to the discount rate used to measure
the de\ufb01ned bene\ufb01t obligation at the start of the period.
The Group recognises actuarial gains and losses in the period in which they occur through the
statement of comprehensive income. The Group also operates a small number of de\ufb01ned
contribution schemes, and the contributions payable during the year are recognised as incurred.
Due to the size of the Group\u2019s pension scheme assets and liabilities, relatively small changes in
the assumptions can have a signi\ufb01cant impact on the expense recorded in the income statement
and on the pension liability recorded in the balance sheet.
Leases
A lease liability is recognised when the Group obtains control of the right-of-use asset that is the
subject of the lease. The lease liability is subsequently measured using the effective interest
method, with interest charged to \ufb01nance costs. Right-of-use assets are generally depreciated
over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is
reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the
underlying asset\u2019s useful life.
At inception, the Group evaluates whether it is reasonably certain that any option to extend a
lease term will be exercised or likewise whether any option to terminate the lease will be
exercised. The Group continues to evaluate the likelihood of exercising such options throughout
the initial lease term. When the Group is committed to extending or terminating the lease, having
considered the alternative options available, and where appropriate lessor consent to the
extension or termination has been obtained, the Group will consider the option to be reasonably
certain to be exercised. When an option is reasonably certain to be exercised, the right-of-use
asset and lease liabilities recognised are adjusted to reflect the extended or curtailed lease term.
Leases, which at inception have a term of less than 12 months or relate to low-value assets, are
not recognised on the balance sheet. Payments made under such leases are recognised as an
expense in the income statement on a straight-line basis over the period of the lease.
Provisions
A provision is recognised in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of economic
bene\ufb01ts will be required to settle the obligation and a reliable estimate can be made. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax
rate that reflects current market assessments of the time value of money and, where appropriate,
the risks speci\ufb01c to the liability.
A provision for restructuring is recognised when the Group has approved a detailed and formal
restructuring plan and the restructuring has either commenced or has been announced publicly.
In accordance with the Group\u2019s environmental policy and applicable legal requirements, a
provision for site restoration in respect of contaminated land is recognised when the land is
contaminated. Provisions for environmental issues are judgemental by their nature, particularly
when considering the size and timing of remediation spending, and are more dif\ufb01cult to estimate
when they relate to sites no longer directly controlled by the Group.
Self-insurance provisions relate to personal injury and other claims from former employees or
third parties and represent the aggregate of outstanding claims plus a projection of losses
incurred but not yet reported which together make up the full liability recognised as a provision.
Insurance recoveries are recognised as a separate reimbursement asset.
Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments, such as forward currency contracts, interest rate
swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and
commodity price risks, respectively. The Group does not hold or issue derivative \ufb01nancial
instruments for speculative trading purposes. However, derivatives that do not qualify for hedge
accounting are accounted for as trading instruments. Due to the requirement to assess the
effectiveness of hedging instruments, changes in market conditions can result in the recognition
of unrealised gains or losses on hedging instruments in the income statement.
Derivative \ufb01nancial instruments are recognised initially at fair value and are shown within
derivative \ufb01nancial assets if they are in an asset position or within derivative \ufb01nancial liabilities if
they are in a liability position. The gain or loss on remeasurement to fair value is recognised
immediately in the income statement. However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the item being hedged.
A. Cash flow hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash flows of
a recognised asset or liability, or a highly probable forecast transaction, the effective part of any
gain or loss on the derivative \ufb01nancial instrument is recognised directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are
reclassi\ufb01ed to pro\ufb01t and loss in the periods when the hedged item is recognised in pro\ufb01t or loss,
in the same line of the income statement as the recognised hedged item. However, when the
forecast transaction that is hedged results in the recognition of a non-\ufb01nancial asset, the gains or
losses previously accumulated in equity are transferred from equity and included in the initial
measurement of the cost of the non-\ufb01nancial asset.
B. Fair value hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in a fair value of
a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of
the derivative are recognised immediately in the income statement.
The carrying value of the hedged item is adjusted by the change in fair value that is attributable to
the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on
remeasurement are recognised immediately in the income statement, even if those gains would
normally be recognised directly in reserves.
C. Hedges of a net investment in a foreign operation
The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro-
and US dollar-denominated borrowings as a hedge of the Group\u2019s net investment in foreign
operations. As such, the foreign exchange gain or loss on those borrowings is recognised in other
comprehensive income and accumulated in equity until such time as the operations are disposed
of, at which point the corresponding amounts are recycled to pro\ufb01t or loss.
Share capital
Incremental costs directly attributable to the issue of ordinary shares and share options are
recognised as a deduction from equity. When share capital recognised as equity is repurchased,
the amount of the consideration paid, including directly attributable costs, is recognised as a
deduction from equity. Shares repurchased by the Company are classi\ufb01ed as treasury shares
and are presented as a deduction from total equity.
Own shares held by ESOT
Transactions of the Group-sponsored ESOT are included in the consolidated \ufb01nancial statements.
In particular, the ESOT\u2019s purchases of shares in the Company are charged directly to equity.
Non-current assets held for sale and discontinued operations
A non-current asset, or a group of assets containing a non-current asset (a disposal group), is
classi\ufb01ed as held for sale if its carrying amount will be recovered principally through sale rather
than through continuing use, it is available for immediate sale and sale within one year is highly
probable. On initial classi\ufb01cation as held for sale, non-current assets and disposal groups are
measured at the lower of previous carrying amount and fair value less costs to sell with any
adjustments taken to pro\ufb01t or loss. The same applies to gains and losses on subsequent
remeasurement.
A discontinued operation is a component of the Group\u2019s business that represents a separate
major line of business or geographic area of operations or is a subsidiary acquired exclusively
with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria
to be classi\ufb01ed as held for sale.
Revenue
Revenue is recognised upon transfer of promised goods to customers (the performance
obligation) in an amount that reflects the consideration the Company expects to receive in
exchange for those goods. This may occur, depending on the individual customer relationship,
when the product has been transferred to a freight carrier, when the customer has received the
product or, for consignment stock held at customers\u2019 premises, when usage reports for the
relevant period have been compiled.
All revenue is from contracts with customers and pertains to the sale of specialty chemicals
products. Selling prices are agreed in advance and hence are directly observable.
The Group\u2019s payment terms offered to customers are within a certain number of days of receipt
of invoice and standard contracts do not include a signi\ufb01cant \ufb01nancing component. The Group
does not expect to have any contracts where the period between the transfer of the promised
goods to the customer and payment by the customer exceeds one year. As a consequence, the
Group does not adjust any of the transaction prices for the time value of money.
Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at
the later of when revenue is recognised for the transfer of the related goods and the entity pays
or promises to pay the consideration. The promise to pay rebates is contractually agreed in
advance and thus the point of transferring the goods to the customer is deemed to be the later
of the two circumstances. Rebates and discounts are estimated using historical data and
experiences with the customers. Returns from customers are negligible.
Other expenses
Other expenses are administration costs incurred and paid by the Group\u2019s pension schemes,
which relate primarily to former employees of legacy businesses.
Finance income and \ufb01nance costs
Finance income comprises interest income on funds invested and changes in the fair value of
\ufb01nancial instruments at fair value taken to the income statement. Interest income is recognised as
it accrues, using the effective interest method.
Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the
discount on provisions, dividends on preference shares classi\ufb01ed as debt, foreign currency
gains/losses and changes in the value of \ufb01nancial instruments at fair value taken to the income
statement. All borrowing costs are recognised in the income statement using the effective
interest method.
Taxation
Income tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is
recognised in the income statement except to the extent that it relates to items recognised
directly in equity or in other comprehensive income. Current tax is the expected tax payable on
the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts
will be available against which the asset can be utilised. Deferred tax is provided on temporary
differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes
and the amounts used for taxation purposes. The following temporary differences are not
provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that
affect neither accounting nor taxable pro\ufb01t other than in a business combination; and differences
relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or
substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
The Group is required to estimate the income tax in each of the jurisdictions in which it operates.
This requires an estimation of current tax liability together with an assessment of the temporary
differences which arise as a consequence of different accounting and tax treatments. The Group
operates in a number of countries in the world and is subject to many tax jurisdictions and rules.
As a consequence the Group is subject to tax audits, which by their nature are often complex and
can require several years to conclude. Management\u2019s judgement is required to determine the
total provision for income tax. Amounts are accrued based on management\u2019s interpretation of
country-speci\ufb01c tax law and likelihood of settlement. However, the actual tax liabilities could differ
from the position and in such events an adjustment would be required in the subsequent period
which could have a material impact. Tax bene\ufb01ts are not recognised unless it is probable that the
tax positions are sustainable. Once considered to be probable, management reviews each
material tax bene\ufb01t to assess whether a provision should be taken against full recognition of the
bene\ufb01t on the basis of potential settlement through negotiation. This evaluation requires
judgements to be made including the forecast of future taxable income.
Share-based payments
The fair value of equity-settled share options, cash-settled shadow options and long-term
incentive plan (\u201cLTIP\u201d) awards granted to employees is recognised as an expense with a
corresponding increase in equity. The fair value is measured at grant date and spread over the
period during which the employees become unconditionally entitled to the options/awards. The
fair value of the options/awards granted is measured using a binomial model, taking into account
the terms and conditions upon which the options/awards were granted. The amount recognised
as an employee expense is adjusted to reflect the actual number of share options/awards that
vest except where forfeiture is only due to share prices not achieving the threshold for vesting.
Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts, such as salaries, paid absences, and other bene\ufb01ts including any
related payroll taxes are accounted for on an accrual basis over the period which employees
have provided services. Bonuses are recognised to the extent that the Group has a present
obligation to its employees that can be measured reliably and are accounted for in accordance
with the requirements of IAS 19, \u2018Employee bene\ufb01ts\u2019. All expenses relating to employee bene\ufb01ts
(other than pension costs) are recognised in the income statement within wages and salaries, or
social security costs.
Termination bene\ufb01ts
Termination bene\ufb01ts are recognised as an expense when the Group is demonstrably committed,
without realistic possibility of withdrawal, to a formal detailed plan to terminate employment
before the normal retirement date. Termination bene\ufb01ts for voluntary redundancies are
recognised if the Group has made an offer encouraging voluntary redundancy, it is probable that
the offer will be accepted, and the number of acceptances can be estimated reliably.
Government grants
Government grants are recognised at fair value when there is reasonable assurance that the
conditions associated with the grants have been complied with and the grants will be received.
Grants compensating for expenses incurred are recognised as a deduction of the related
expenses in the consolidated income statement on a systematic basis in the same periods in
which the expenses are incurred.
Alternative performance measures
In the analysis of the Group\u2019s operating results, earnings per share and cash flows, information is
presented to provide readers with additional performance indicators that are prepared on a
non-statutory basis. This presentation is regularly reviewed by management to identify items that
are unusual and other items relevant to an understanding of the Group\u2019s performance and
long-term trends with reference to their materiality and nature. This additional information is not
uniformly de\ufb01ned by all companies and may not be comparable with similarly titled measures
and disclosures by other organisations. The non-statutory disclosures should not be viewed in
isolation or as an alternative to the equivalent statutory measure. Information for separate
presentation is considered as follows:
Material costs or reversals arising from a signi\ufb01cant restructuring of the Group\u2019s operations are
presented separately
Disposal of entities or investments in associates or joint ventures or impairment of related
assets are presented separately
Other matters arising due to the Group\u2019s acquisition, such as adjustments to contingent
consideration, payment of retention bonuses, acquisition costs and fair value adjustments for
acquired assets made in accordance with IFRS 13, are separately disclosed in aggregate
If a change in an accounting estimate for provisions, including environmental provisions,
results in a material gain or loss, that is presented separately
Other items the Directors may deem to be unusual as a result of their size and/or nature
Adoption of new and revised standards
In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB
that are mandatorily effective for accounting periods that began on or after 1 January 2025. Their
adoption has not had any material impact on the disclosures or on the amounts reported in these
\ufb01nancial statements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
\u00a0
\u00a0
Endorsement
Effective
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs):
status
date
Lack of exchangeability \u2013 Amendments to IAS 21
Endorsed
1 January
\u00a0 \u00a0
2025
\n
New and revised IFRSs in issue but not yet effective
At the date of authorisation of these \ufb01nancial statements, the Group has not applied the following
new and revised international accounting standards (\u201cIAS\u201d/\u201cIFRSs\u201d) and interpretations
(\u201cIFRICs\u201d) that have been issued but are not effective for periods starting on 1 January 2025 but
will be effective for later periods:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Effective for annual
\u00a0
UK
reporting periods
\u00a0
Endorsement
beginning on
IAS, IFRSs and IFRICs not yet endorsed for use in the UK:
status
or after
Classi\ufb01cation and Measurement of Financial Instruments \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
Annual Improvements to IFRS Accounting Standards \u2013
Endorsed
1 January 2026
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
\u00a0 \u00a0
Contracts Referencing Nature-dependent Electricity \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
Endorsed
1 January 2027
IFRS 19 \u2013 Subsidiaries without Public Accountability:
Not yet
1 January 2027
Disclosures
endorsed
\u00a0
Translation to a Hyperinflationary Presentation Currency \u2013
Not yet
1 January 2027
Amendments to IAS 21
endorsed
\u00a0
Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1,
Not yet
n/a
IAS 8, IAS 36 and IAS 37
endorsed
\u00a0
Sale or Contribution of Assets between an Investor and its
Not yet
n/a
Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28
endorsed
\u00a0
\n
With the exception of IFRS 18, none of the above new and revised IFRSs are expected to have a
material impact on the Group\u2019s \ufb01nancial statements. At the date of this report the analysis of the
impact of IFRS 18 is ongoing, however the Company expects there to be a material impact on the
Group\u2019s \ufb01nancial statements from implementation of IFRS 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Elementis plc is a
public company limited
by shares incorporated and domiciled in
England
and is
the parent company of the Group. The address of its registered of\ufb01ce is The Bindery, 5th Floor,
51-53 Hatton Garden, London, EC1N 8HN. The Group \ufb01nancial statements have been prepared
and approved by the Directors in accordance with UK adopted international accounting
standards. The Company has elected to prepare its parent company \ufb01nancial statements in
accordance with FRS 101. These are presented on pages 202-207.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "Elementis plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "Elementis plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "The Bindery, 5th Floor, 51-53 Hatton Garden, London, EC1N 8HN.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Basis of preparation
The \ufb01nancial statements have been prepared in accordance with UK adopted international
accounting standards in conformity with the requirements of the Companies Act 2006 and
International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the UK. These \ufb01nancial
statements also comply with IFRS as issued by the International Accounting Standards Board
(\u201cIASB\u201d).
The \ufb01nancial statements have been prepared on the historical cost basis, except that derivative
\ufb01nancial instruments are stated at their fair value. The preparation of \ufb01nancial statements requires
the application of estimates and judgements that affect the reported amounts of assets and
liabilities, revenues and costs, and related disclosures at the balance sheet date.
The \ufb01nancial statements have been prepared on a going concern basis. The rationale for
adopting this basis is discussed in the Directors\u2019 report on page 146.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "The \ufb01nancial statements have been prepared in accordance with UK adopted international
accounting standards in conformity with the requirements of the Companies Act 2006 and
International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the UK. These \ufb01nancial
statements also comply with IFRS as issued by the International Accounting Standards Board
(\u201cIASB\u201d).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "The \ufb01nancial statements have been prepared on a going concern basis. The rationale for adopting this basis is discussed in the Directors\u2019 report on page 146.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Reporting currency
As a consequence of the majority of the Group\u2019s sales and earnings originating in US dollars or
US dollar-linked currencies, the Group has chosen the US dollar as its presentational currency.
This aligns the Group\u2019s external reporting with the pro\ufb01le of the Group, as well as with internal
management reporting. The functional currency of the parent is pounds sterling. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "Critical accounting judgements and key sources of estimation uncertainty
When applying the Group\u2019s accounting policies, management must make a number of key
judgements on the application of applicable accounting standards and estimates and
assumptions concerning the carrying amounts of assets and liabilities that are not readily
apparent from other sources. These estimates and judgements are based on factors considered
to be relevant, including historical experience, which may differ signi\ufb01cantly from the actual
outcome. The key assumptions concerning the future and other key sources of estimation
uncertainty that have a signi\ufb01cant risk of causing a material adjustment to the amounts
recognised in the \ufb01nancial statements within the next year are discussed below. The development
of the estimates and disclosures related to each of these matters has been discussed by the
Audit Committee.
Critical accounting judgements
The following is the sole critical judgement, as opposed to those involving estimations, which are
dealt with separately below, that the Directors have made in the process of applying the Group\u2019s
accounting policies that has signi\ufb01cant effect on the amounts for the year ended 31 December
2025 recognised in the \ufb01nancial statements. Where relevant and practicable, sensitivity analyses
are disclosed in the relevant notes to demonstrate the impact of changes in estimates or
assumptions used.
Revenue recognition
Judgement is exercised over how to determine the timing of revenue recognition for orders
where the agreed terms are delivery to the destination point. The Group has compiled shipping
days based on the destination country which are used to inform the timing of revenue
recognition. In compiling these shipping days, management have used past experience and
carrier standard shipping days to inform their decision-making.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at
the reporting period that may have a signi\ufb01cant risk of causing a material misstatement to the
carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below.
Environmental provisions
Provisions for environmental restoration are recognised where: the Group has a present legal or
constructive obligation as a result of past events; it is probable that an outflow of resources will be
required to settle the obligation; and the amount can be estimated reliably.
Environmental provisions are measured at the present value of the expenditures expected to be
required to settle the obligation using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks speci\ufb01c to the obligation. Due to the long
time horizons over which costs are anticipated, small changes in recurring annual cash outflows
can have a signi\ufb01cant cumulative impact on the total provision required. At 31 December 2025,
the carrying value of environmental provisions was $4.5m. Further details of these provisions and
a sensitivity assessment are given in Note 15.
Other sources of estimation uncertainty
Valuation of a de\ufb01ned bene\ufb01t pension obligation
The key estimates made in relation to de\ufb01ned bene\ufb01t pensions relate to the discount rate used to
determine the present value of future bene\ufb01t, the rate of inflation applied to plan assets, mortality
rates and rates of salary growth. At 31 December 2025 the UK scheme, the largest of the Group\u2019s
retirement plans, had a surplus of $19.5m, the US pension scheme had a surplus of $5.4m, while
the US post-retirement medical bene\ufb01t (\u201cPRMB\u201d) scheme and other schemes were in a net
de\ufb01cit position of $3.3m in aggregate. Further details of pensions and a sensitivity analysis, which
has a material impact on the de\ufb01ned bene\ufb01t obligations, are given in Note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a signi\ufb01cant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below. Environmental provisions Provisions for environmental restoration are recognised where: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount can be estimated reliably. Environmental provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks speci\ufb01c to the obligation. Due to the long time horizons over which costs are anticipated, small changes in recurring annual cash outflows can have a signi\ufb01cant cumulative impact on the total provision required. At 31 December 2025, the carrying value of environmental provisions was $4.5m. Further details of these provisions and a sensitivity assessment are given in Note 15. Other sources of estimation uncertainty Valuation of a de\ufb01ned bene\ufb01t pension obligation The key estimates made in relation to de\ufb01ned bene\ufb01t pensions relate to the discount rate used to determine the present value of future bene\ufb01t, the rate of inflation applied to plan assets, mortality rates and rates of salary growth. At 31 December 2025 the UK scheme, the largest of the Group\u2019s retirement plans, had a surplus of $19.5m, the US pension scheme had a surplus of $5.4m, while the US post-retirement medical bene\ufb01t (\u201cPRMB\u201d) scheme and other schemes were in a net de\ufb01cit position of $3.3m in aggregate. Further details of pensions and a sensitivity analysis, which has a material impact on the de\ufb01ned bene\ufb01t obligations, are given in Note 25.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at
the reporting period that may have a signi\ufb01cant risk of causing a material misstatement to the
carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below.
Environmental provisions
Provisions for environmental restoration are recognised where: the Group has a present legal or
constructive obligation as a result of past events; it is probable that an outflow of resources will be
required to settle the obligation; and the amount can be estimated reliably.
Environmental provisions are measured at the present value of the expenditures expected to be
required to settle the obligation using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks speci\ufb01c to the obligation. Due to the long
time horizons over which costs are anticipated, small changes in recurring annual cash outflows
can have a signi\ufb01cant cumulative impact on the total provision required. At 31 December 2025,
the carrying value of environmental provisions was $4.5m. Further details of these provisions and
a sensitivity assessment are given in Note 15.
Other sources of estimation uncertainty
Valuation of a de\ufb01ned bene\ufb01t pension obligation
The key estimates made in relation to de\ufb01ned bene\ufb01t pensions relate to the discount rate used to
determine the present value of future bene\ufb01t, the rate of inflation applied to plan assets, mortality
rates and rates of salary growth. At 31 December 2025 the UK scheme, the largest of the Group\u2019s
retirement plans, had a surplus of $19.5m, the US pension scheme had a surplus of $5.4m, while
the US post-retirement medical bene\ufb01t (\u201cPRMB\u201d) scheme and other schemes were in a net
de\ufb01cit position of $3.3m in aggregate. Further details of pensions and a sensitivity analysis, which
has a material impact on the de\ufb01ned bene\ufb01t obligations, are given in Note 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "Climate-related risks
The \ufb01nancial statements have been prepared with consideration of risks resulting from climate
change, our science based target for greenhouse gas emissions reductions from our science
based target initiative (\u201cSBTi\u201d), and in accordance with our Task Force for Climate-related
Financial Disclosures (\u201cTCFD\u201d) disclosures.
In conjunction with our SBTi and TCFD, a review has been performed in the following areas that
are deemed most at risk of being impacted by climate change:
A. Three-year forecasting model
To support the carrying value of assets, impairment of goodwill testing, going concern, and the
viability statement, management prepare a three-year forecasting model. The three-year
forecasting model includes actions already taken by management to work towards achieving the
Group\u2019s Net Zero ambition. Speci\ufb01cally, for the impairment of goodwill and the carrying value of
the Cash Generating Units (\u201cCGUs\u201d), management considered the risks associated with: carbon
pricing; customer, consumer and investor demands; raw material supply/prices; access to
renewable electricity; energy prices; water scarcity; and extreme weather events. Based on that
consideration, management have not made any adjustments to the three-year forecasting model.
B. Useful economic lives of property, plant and equipment, right-of-use assets and
intangible assets
Management have reviewed the useful economic life of the Group\u2019s non-current assets with
respect to the physical risk resulting from extreme weather events and our Net Zero ambition and
have concluded that the current economic useful lives are in line with all current and foreseeable
plans.
C. Environmental provisions
Management have considered the Group\u2019s legal, regulatory and social obligations in determining
the estimate of costs associated with the closure and remediation of our sites. After detailed
consideration of the aforementioned climate risks, management are comfortable that no
adjustments are required to the carrying value of non-current assets and liabilities for the year
ended 31 December 2025.", "dimensions": { "concept": "elm:DescriptionOfAccountingPolicyForClimateRelatedRisksTextBlock", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and its
subsidiaries for the year.
Subsidiaries are all entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date on which that control ceases.
The Group applies the acquisition method to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is the fair value of the assets
transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests
issued by the Group. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Identi\ufb01able assets acquired and liabilities
and contingent liabilities assumed in a business combination are measured initially at their fair
value at the acquisition date. The Group recognises any non-controlling interest in the acquiree
on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s
proportionate share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets.
Acquisition costs are accounted for as an expense in the period incurred.
Intragroup balances, and any unrealised gains and losses or income and expenses arising from
intragroup transactions, are eliminated in preparing the consolidated \ufb01nancial statements.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
A full list of the Group\u2019s subsidiaries is shown in Note 6 of the parent company \ufb01nancial
statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "The consolidated \ufb01nancial statements include the \ufb01nancial statements of the Company and its
subsidiaries for the year.
Subsidiaries are all entities (including structured entities) over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiaries are fully consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date on which that control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "The Group applies the acquisition method to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is the fair value of the assets
transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests
issued by the Group. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Identi\ufb01able assets acquired and liabilities
and contingent liabilities assumed in a business combination are measured initially at their fair
value at the acquisition date. The Group recognises any non-controlling interest in the acquiree
on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s
proportionate share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets.
Acquisition costs are accounted for as an expense in the period incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "The Group applies the acquisition method to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is the fair value of the assets
transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests
issued by the Group. The consideration transferred includes the fair value of any asset or liability
resulting from a contingent consideration arrangement. Identi\ufb01able assets acquired and liabilities
and contingent liabilities assumed in a business combination are measured initially at their fair
value at the acquisition date. The Group recognises any non-controlling interest in the acquiree
on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s
proportionate share of the recognised amounts of the acquiree\u2019s identi\ufb01able net assets.
Acquisition costs are accounted for as an expense in the period incurred.A. Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date
fair value of any previous equity interest in the acquiree over the fair value of the identi\ufb01able net
assets acquired. If the total of consideration transferred, non-controlling interest recognised and
previously held interest measured at fair value is less than the fair value of the net assets of the
subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the
income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "Changes in accounting policies The accounting policies adopted are consistent with those of the previous \ufb01nancial year.Adoption of new and revised standards
In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB
that are mandatorily effective for accounting periods that began on or after 1 January 2025. Their
adoption has not had any material impact on the disclosures or on the amounts reported in these
\ufb01nancial statements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
\u00a0
\u00a0
Endorsement
Effective
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs):
status
date
Lack of exchangeability \u2013 Amendments to IAS 21
Endorsed
1 January
\u00a0 \u00a0
2025
\n
New and revised IFRSs in issue but not yet effective
At the date of authorisation of these \ufb01nancial statements, the Group has not applied the following
new and revised international accounting standards (\u201cIAS\u201d/\u201cIFRSs\u201d) and interpretations
(\u201cIFRICs\u201d) that have been issued but are not effective for periods starting on 1 January 2025 but
will be effective for later periods:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Effective for annual
\u00a0
UK
reporting periods
\u00a0
Endorsement
beginning on
IAS, IFRSs and IFRICs not yet endorsed for use in the UK:
status
or after
Classi\ufb01cation and Measurement of Financial Instruments \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
Annual Improvements to IFRS Accounting Standards \u2013
Endorsed
1 January 2026
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
\u00a0 \u00a0
Contracts Referencing Nature-dependent Electricity \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
Endorsed
1 January 2027
IFRS 19 \u2013 Subsidiaries without Public Accountability:
Not yet
1 January 2027
Disclosures
endorsed
\u00a0
Translation to a Hyperinflationary Presentation Currency \u2013
Not yet
1 January 2027
Amendments to IAS 21
endorsed
\u00a0
Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1,
Not yet
n/a
IAS 8, IAS 36 and IAS 37
endorsed
\u00a0
Sale or Contribution of Assets between an Investor and its
Not yet
n/a
Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28
endorsed
\u00a0
\n
With the exception of IFRS 18, none of the above new and revised IFRSs are expected to have a
material impact on the Group\u2019s \ufb01nancial statements. At the date of this report the analysis of the
impact of IFRS 18 is ongoing, however the Company expects there to be a material impact on the
Group\u2019s \ufb01nancial statements from implementation of IFRS 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Changes in accounting policies The accounting policies adopted are consistent with those of the previous \ufb01nancial year.Adoption of new and revised standards
In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB
that are mandatorily effective for accounting periods that began on or after 1 January 2025. Their
adoption has not had any material impact on the disclosures or on the amounts reported in these
\ufb01nancial statements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
\u00a0
\u00a0
Endorsement
Effective
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs):
status
date
Lack of exchangeability \u2013 Amendments to IAS 21
Endorsed
1 January
\u00a0 \u00a0
2025
\n
New and revised IFRSs in issue but not yet effective
At the date of authorisation of these \ufb01nancial statements, the Group has not applied the following
new and revised international accounting standards (\u201cIAS\u201d/\u201cIFRSs\u201d) and interpretations
(\u201cIFRICs\u201d) that have been issued but are not effective for periods starting on 1 January 2025 but
will be effective for later periods:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Effective for annual
\u00a0
UK
reporting periods
\u00a0
Endorsement
beginning on
IAS, IFRSs and IFRICs not yet endorsed for use in the UK:
status
or after
Classi\ufb01cation and Measurement of Financial Instruments \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
Annual Improvements to IFRS Accounting Standards \u2013
Endorsed
1 January 2026
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
\u00a0 \u00a0
Contracts Referencing Nature-dependent Electricity \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
Endorsed
1 January 2027
IFRS 19 \u2013 Subsidiaries without Public Accountability:
Not yet
1 January 2027
Disclosures
endorsed
\u00a0
Translation to a Hyperinflationary Presentation Currency \u2013
Not yet
1 January 2027
Amendments to IAS 21
endorsed
\u00a0
Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1,
Not yet
n/a
IAS 8, IAS 36 and IAS 37
endorsed
\u00a0
Sale or Contribution of Assets between an Investor and its
Not yet
n/a
Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28
endorsed
\u00a0
\n
With the exception of IFRS 18, none of the above new and revised IFRSs are expected to have a
material impact on the Group\u2019s \ufb01nancial statements. At the date of this report the analysis of the
impact of IFRS 18 is ongoing, however the Company expects there to be a material impact on the
Group\u2019s \ufb01nancial statements from implementation of IFRS 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "Foreign currency
A. Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance
sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement. Non-monetary assets
and liabilities denominated in foreign currencies that are stated at fair value are translated at
exchange rates ruling at the dates the fair value was determined.
B. Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments
arising on consolidation, are translated at exchange rates ruling at the balance sheet date.
The revenues and expenses of foreign operations are translated at the average rates of
exchange ruling for the relevant period. Exchange differences arising since 1 January 2004 on
translation are taken to the translation reserve. They are recognised in the income statement
upon disposal of the foreign operation. The Group may hedge a portion of the translation of its
overseas net assets through US dollar and euro borrowings. From 1 January 2005, the Group has
elected to apply net investment hedge accounting for these transactions where possible. Where
hedging is applied, the effective portion of the gain or loss on an instrument used to hedge a net
investment is recognised in equity. Any ineffective portion of the hedge is recognised in the
income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "Intangible assets B. Research and development
Expenditure on pure research is recognised in the income statement as an expense as incurred.
Under IAS 38, expenditure on development where research \ufb01ndings are applied to a plan or
design for the production of new or substantially improved products and processes is capitalised
if the product or process will give rise to future economic bene\ufb01ts and where the cost of the
capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of
materials, direct labour and an appropriate proportion of overheads less accumulated
amortisation. The length of development life cycles, broad nature of much of the research
undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential
product can mean that the measurement criteria of IAS 38 regarding the probability of future
economic bene\ufb01ts and the reliability of allocating costs may not be met, in which case
expenditure is expensed as incurred.
C. Customer relationships, brands and other intangible assets
Customer relationships, brands and other intangible assets are stated at cost or when arising
in a business combination, estimated fair value, less accumulated amortisation.
D. Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated useful
lives of intangible assets through the administrative expenses line item, unless such lives are
inde\ufb01nite. Goodwill is systematically tested for impairment each year. Other intangible assets,
comprising customer lists, customer relationships, manufacturing processes and procedures,
trademarks, non-compete clauses and patents, are amortised over their estimated useful lives,
which range from 4 to 23 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "Intangible assets
A. Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date
fair value of any previous equity interest in the acquiree over the fair value of the identi\ufb01able net
assets acquired. If the total of consideration transferred, non-controlling interest recognised and
previously held interest measured at fair value is less than the fair value of the net assets of the
subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the
income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "Intangible assets
A. Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date
fair value of any previous equity interest in the acquiree over the fair value of the identi\ufb01able net
assets acquired. If the total of consideration transferred, non-controlling interest recognised and
previously held interest measured at fair value is less than the fair value of the net assets of the
subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the
income statement.
B. Research and development
Expenditure on pure research is recognised in the income statement as an expense as incurred.
Under IAS 38, expenditure on development where research \ufb01ndings are applied to a plan or
design for the production of new or substantially improved products and processes is capitalised
if the product or process will give rise to future economic bene\ufb01ts and where the cost of the
capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of
materials, direct labour and an appropriate proportion of overheads less accumulated
amortisation. The length of development life cycles, broad nature of much of the research
undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential
product can mean that the measurement criteria of IAS 38 regarding the probability of future
economic bene\ufb01ts and the reliability of allocating costs may not be met, in which case
expenditure is expensed as incurred.
C. Customer relationships, brands and other intangible assets
Customer relationships, brands and other intangible assets are stated at cost or when arising
in a business combination, estimated fair value, less accumulated amortisation.
D. Amortisation
Amortisation is charged to the income statement on a straight-line basis over the estimated useful
lives of intangible assets through the administrative expenses line item, unless such lives are
inde\ufb01nite. Goodwill is systematically tested for impairment each year. Other intangible assets,
comprising customer lists, customer relationships, manufacturing processes and procedures,
trademarks, non-compete clauses and patents, are amortised over their estimated useful lives,
which range from 4 to 23 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "B. Research and development
Expenditure on pure research is recognised in the income statement as an expense as incurred.
Under IAS 38, expenditure on development where research \ufb01ndings are applied to a plan or
design for the production of new or substantially improved products and processes is capitalised
if the product or process will give rise to future economic bene\ufb01ts and where the cost of the
capitalised asset can be measured reliably. Expenditure capitalised is stated as the cost of
materials, direct labour and an appropriate proportion of overheads less accumulated
amortisation. The length of development life cycles, broad nature of much of the research
undertaken and uncertainty until a late stage as to the ultimate commercial viability of a potential
product can mean that the measurement criteria of IAS 38 regarding the probability of future
economic bene\ufb01ts and the reliability of allocating costs may not be met, in which case
expenditure is expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the
period of the lease. Freehold buildings, plant and machinery, \ufb01xtures, \ufb01ttings and equipment are
depreciated over their estimated useful lives on a straight-line basis. Depreciation methods,
useful lives and residual values are assessed at the reporting date. No depreciation is charged
on assets under construction until the asset is available for use.
Depreciation is charged on a straight-line basis over the estimated useful economic lives of the
assets as follows:
Buildings
10-50 years
Plant and machinery
2-20 years
Fixtures, \ufb01ttings and equipment
2-20 years
Right-of-use assets
Shorter of the useful economic life of the asset and the
lease term
The cost of replacing part of an item of property, plant and equipment is recognised in the
carrying amount of the item if it is probable that the future economic bene\ufb01ts embodied within it
will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing
of property, plant and equipment are recognised in the income statement as incurred.
Management regularly considers whether there are any indicators of impairment to carrying
values of property, plant and equipment. Impairment reviews are based on risk-adjusted
discounted cash flow projections. Signi\ufb01cant judgement is applied to the assumptions underlying
these projections, which include estimated discount rates, growth rates, future selling prices and
direct costs. Changes to these assumptions could have a material impact on the \ufb01nancial position
of the Group and on the result for the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Freehold land is not depreciated. Leasehold property is depreciated over the
period of the lease. Freehold buildings, plant and machinery, \ufb01xtures, \ufb01ttings and equipment are
depreciated over their estimated useful lives on a straight-line basis. Depreciation methods,
useful lives and residual values are assessed at the reporting date. No depreciation is charged
on assets under construction until the asset is available for use.
Depreciation is charged on a straight-line basis over the estimated useful economic lives of the
assets as follows:
Buildings
10-50 years
Plant and machinery
2-20 years
Fixtures, \ufb01ttings and equipment
2-20 years
Right-of-use assets
Shorter of the useful economic life of the asset and the
lease term
The cost of replacing part of an item of property, plant and equipment is recognised in the
carrying amount of the item if it is probable that the future economic bene\ufb01ts embodied within it
will flow to the Group and its cost can be measured reliably. The costs of the day-to-day servicing
of property, plant and equipment are recognised in the income statement as incurred.
Management regularly considers whether there are any indicators of impairment to carrying
values of property, plant and equipment. Impairment reviews are based on risk-adjusted
discounted cash flow projections. Signi\ufb01cant judgement is applied to the assumptions underlying
these projections, which include estimated discount rates, growth rates, future selling prices and
direct costs. Changes to these assumptions could have a material impact on the \ufb01nancial position
of the Group and on the result for the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "Impairment of non-current non-\ufb01nancial assets
The carrying amount of non-current assets other than deferred tax is compared with the asset\u2019s
recoverable amount at each balance sheet date where there is an indication of impairment. For
goodwill, assets that have an inde\ufb01nite useful life and intangible assets that are not yet available
for use, the recoverable amount is estimated at each balance sheet date.
Annually the Group carries out impairment tests of its goodwill and other inde\ufb01nite life intangible
assets, which requires an estimate to be made of the value in use of its CGUs. These value in use
calculations are dependent on estimates of future cash flows and long-term growth rates of the
CGUs. Further details of these estimates are given in Note 10.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds
its recoverable amount. Impairment losses are recognised in the income statement. Impairment
losses recognised in respect of CGUs are allocated \ufb01rst to reduce the carrying amount of any
goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit
on a pro-rata basis. A CGU is the smallest identi\ufb01able group of assets that generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets.
The recoverable amount is the greater of their fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks speci\ufb01c to the asset(s). For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "Impairment of non-current non-\ufb01nancial assets
The carrying amount of non-current assets other than deferred tax is compared with the asset\u2019s
recoverable amount at each balance sheet date where there is an indication of impairment. For
goodwill, assets that have an inde\ufb01nite useful life and intangible assets that are not yet available
for use, the recoverable amount is estimated at each balance sheet date.
Annually the Group carries out impairment tests of its goodwill and other inde\ufb01nite life intangible
assets, which requires an estimate to be made of the value in use of its CGUs. These value in use
calculations are dependent on estimates of future cash flows and long-term growth rates of the
CGUs. Further details of these estimates are given in Note 10.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds
its recoverable amount. Impairment losses are recognised in the income statement. Impairment
losses recognised in respect of CGUs are allocated \ufb01rst to reduce the carrying amount of any
goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit
on a pro-rata basis. A CGU is the smallest identi\ufb01able group of assets that generates cash inflows
that are largely independent of the cash inflows from other assets or groups of assets.
The recoverable amount is the greater of their fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks speci\ufb01c to the asset(s). For an asset that does not generate largely independent
cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.Impairment of \ufb01nancial assets \u2013 expected credit losses
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring ECLs, which uses a lifetime
expected loss allowance for all trade receivables.
To measure the ECLs, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on payment pro\ufb01les
and the corresponding historical credit losses experienced. The historical loss rates are adjusted
to reflect current and forward-looking information in relation to macroeconomic factors that could
affect the ability of customers to settle receivables.
The Group usually considers a trade receivable in default when contractual payments are
120 days past due. In certain cases, the Group may also consider a trade receivable to be in
default when internal or external information indicates that the Group is unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements held
by the Group. A trade receivable is written off when there is no reasonable expectation of
recovering the contractual cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the
estimated selling price, less estimated costs of completion and selling expenses. Cost, which is
based on a weighted average, includes expenditure incurred in acquiring stock and bringing it to
its existing location and condition. In the case of manufactured inventories and work in progress,
cost includes an appropriate share of overheads attributable to manufacture, based on normal
operating capacity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "Trade and other receivables
Trade receivables and other receivables are due for payment within one year and are thus
classi\ufb01ed as current. They are non-interest-bearing and are stated at their nominal amount,
which is the original invoiced amount, less allowance for future expected credit losses (\u201cECLs\u201d).
Estimates of future ECLs are informed by historical experience and management\u2019s expectations
of future economic factors; further information on ECLs impairment is given in the impairment of
\ufb01nancial assets accounting policy. Individual trade receivables are written off when management
deem them to be no longer collectable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "Impairment of \ufb01nancial assets \u2013 expected credit losses
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring ECLs, which uses a lifetime
expected loss allowance for all trade receivables.
To measure the ECLs, trade receivables have been grouped based on shared credit risk
characteristics and the days past due. The expected loss rates are based on payment pro\ufb01les
and the corresponding historical credit losses experienced. The historical loss rates are adjusted
to reflect current and forward-looking information in relation to macroeconomic factors that could
affect the ability of customers to settle receivables.
The Group usually considers a trade receivable in default when contractual payments are
120 days past due. In certain cases, the Group may also consider a trade receivable to be in
default when internal or external information indicates that the Group is unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements held
by the Group. A trade receivable is written off when there is no reasonable expectation of
recovering the contractual cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "Trade and other payables
Trade payables are non-interest-bearing borrowings and are initially measured at fair value and
subsequently carried at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with an original maturity of
three months or less. Bank overdrafts that are repayable on demand and form an integral part of
the Group\u2019s cash management are included as a component of cash and cash equivalents for the
purpose of the statement of cash flows.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "Borrowings
Borrowings are initially measured at fair value and are subsequently carried at amortised cost
using the effective interest rate method. Any difference between the proceeds, after net of
transaction costs, and the settlement or redemption of borrowings is recognised over the terms
of the borrowings using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "Borrowings
Borrowings are initially measured at fair value and are subsequently carried at amortised cost
using the effective interest rate method. Any difference between the proceeds, after net of
transaction costs, and the settlement or redemption of borrowings is recognised over the terms
of the borrowings using the effective interest rate method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "Pension and other post-retirement bene\ufb01ts
In respect of the Group\u2019s de\ufb01ned bene\ufb01t schemes, the Group\u2019s net obligation in respect of
de\ufb01ned bene\ufb01t pension plans is calculated by estimating the amount of future bene\ufb01t that
employees have earned in return for their service in the current and prior periods, that bene\ufb01t is
discounted to determine its present value, and the fair value of any plan assets is deducted. The
liability discount rate is the yield at the balance sheet date on AA credit-rated bonds that have
maturity dates approximating to the terms of the Group\u2019s obligations. Pension and post-retirement
liabilities are calculated by quali\ufb01ed actuaries using the projected unit credit method.
Following the introduction of the revised IAS 19, \u2018Employee Bene\ufb01ts\u2019 standard, the net interest on
the de\ufb01ned bene\ufb01t liability consists of the interest cost on the de\ufb01ned bene\ufb01t obligation and the
interest income on plan assets, both calculated by reference to the discount rate used to measure
the de\ufb01ned bene\ufb01t obligation at the start of the period.
The Group recognises actuarial gains and losses in the period in which they occur through the
statement of comprehensive income. The Group also operates a small number of de\ufb01ned
contribution schemes, and the contributions payable during the year are recognised as incurred.
Due to the size of the Group\u2019s pension scheme assets and liabilities, relatively small changes in
the assumptions can have a signi\ufb01cant impact on the expense recorded in the income statement
and on the pension liability recorded in the balance sheet.Short-term employee bene\ufb01ts
Short-term employee bene\ufb01ts, such as salaries, paid absences, and other bene\ufb01ts including any
related payroll taxes are accounted for on an accrual basis over the period which employees
have provided services. Bonuses are recognised to the extent that the Group has a present
obligation to its employees that can be measured reliably and are accounted for in accordance
with the requirements of IAS 19, \u2018Employee bene\ufb01ts\u2019. All expenses relating to employee bene\ufb01ts
(other than pension costs) are recognised in the income statement within wages and salaries, or
social security costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "Leases
A lease liability is recognised when the Group obtains control of the right-of-use asset that is the
subject of the lease. The lease liability is subsequently measured using the effective interest
method, with interest charged to \ufb01nance costs. Right-of-use assets are generally depreciated
over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is
reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the
underlying asset\u2019s useful life.
At inception, the Group evaluates whether it is reasonably certain that any option to extend a
lease term will be exercised or likewise whether any option to terminate the lease will be
exercised. The Group continues to evaluate the likelihood of exercising such options throughout
the initial lease term. When the Group is committed to extending or terminating the lease, having
considered the alternative options available, and where appropriate lessor consent to the
extension or termination has been obtained, the Group will consider the option to be reasonably
certain to be exercised. When an option is reasonably certain to be exercised, the right-of-use
asset and lease liabilities recognised are adjusted to reflect the extended or curtailed lease term.
Leases, which at inception have a term of less than 12 months or relate to low-value assets, are
not recognised on the balance sheet. Payments made under such leases are recognised as an
expense in the income statement on a straight-line basis over the period of the lease. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "Provisions
A provision is recognised in the balance sheet when the Group has a present legal or
constructive obligation as a result of a past event, it is probable that an outflow of economic
bene\ufb01ts will be required to settle the obligation and a reliable estimate can be made. If the effect
is material, provisions are determined by discounting the expected future cash flows at a pre-tax
rate that reflects current market assessments of the time value of money and, where appropriate,
the risks speci\ufb01c to the liability.
A provision for restructuring is recognised when the Group has approved a detailed and formal
restructuring plan and the restructuring has either commenced or has been announced publicly.
In accordance with the Group\u2019s environmental policy and applicable legal requirements, a
provision for site restoration in respect of contaminated land is recognised when the land is
contaminated. Provisions for environmental issues are judgemental by their nature, particularly
when considering the size and timing of remediation spending, and are more dif\ufb01cult to estimate
when they relate to sites no longer directly controlled by the Group.
Self-insurance provisions relate to personal injury and other claims from former employees or
third parties and represent the aggregate of outstanding claims plus a projection of losses
incurred but not yet reported which together make up the full liability recognised as a provision.
Insurance recoveries are recognised as a separate reimbursement asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments, such as forward currency contracts, interest rate
swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and
commodity price risks, respectively. The Group does not hold or issue derivative \ufb01nancial
instruments for speculative trading purposes. However, derivatives that do not qualify for hedge
accounting are accounted for as trading instruments. Due to the requirement to assess the
effectiveness of hedging instruments, changes in market conditions can result in the recognition
of unrealised gains or losses on hedging instruments in the income statement.
Derivative \ufb01nancial instruments are recognised initially at fair value and are shown within
derivative \ufb01nancial assets if they are in an asset position or within derivative \ufb01nancial liabilities if
they are in a liability position. The gain or loss on remeasurement to fair value is recognised
immediately in the income statement. However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the item being hedged.
A. Cash flow hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash flows of
a recognised asset or liability, or a highly probable forecast transaction, the effective part of any
gain or loss on the derivative \ufb01nancial instrument is recognised directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are
reclassi\ufb01ed to pro\ufb01t and loss in the periods when the hedged item is recognised in pro\ufb01t or loss,
in the same line of the income statement as the recognised hedged item. However, when the
forecast transaction that is hedged results in the recognition of a non-\ufb01nancial asset, the gains or
losses previously accumulated in equity are transferred from equity and included in the initial
measurement of the cost of the non-\ufb01nancial asset.
B. Fair value hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in a fair value of
a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of
the derivative are recognised immediately in the income statement.
The carrying value of the hedged item is adjusted by the change in fair value that is attributable to
the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on
remeasurement are recognised immediately in the income statement, even if those gains would
normally be recognised directly in reserves.
C. Hedges of a net investment in a foreign operation
The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro-
and US dollar-denominated borrowings as a hedge of the Group\u2019s net investment in foreign
operations. As such, the foreign exchange gain or loss on those borrowings is recognised in other
comprehensive income and accumulated in equity until such time as the operations are disposed
of, at which point the corresponding amounts are recycled to pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments, such as forward currency contracts, interest rate
swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and
commodity price risks, respectively. The Group does not hold or issue derivative \ufb01nancial
instruments for speculative trading purposes. However, derivatives that do not qualify for hedge
accounting are accounted for as trading instruments. Due to the requirement to assess the
effectiveness of hedging instruments, changes in market conditions can result in the recognition
of unrealised gains or losses on hedging instruments in the income statement.
Derivative \ufb01nancial instruments are recognised initially at fair value and are shown within
derivative \ufb01nancial assets if they are in an asset position or within derivative \ufb01nancial liabilities if
they are in a liability position. The gain or loss on remeasurement to fair value is recognised
immediately in the income statement. However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the item being hedged.
A. Cash flow hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash flows of
a recognised asset or liability, or a highly probable forecast transaction, the effective part of any
gain or loss on the derivative \ufb01nancial instrument is recognised directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are
reclassi\ufb01ed to pro\ufb01t and loss in the periods when the hedged item is recognised in pro\ufb01t or loss,
in the same line of the income statement as the recognised hedged item. However, when the
forecast transaction that is hedged results in the recognition of a non-\ufb01nancial asset, the gains or
losses previously accumulated in equity are transferred from equity and included in the initial
measurement of the cost of the non-\ufb01nancial asset.
B. Fair value hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in a fair value of
a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of
the derivative are recognised immediately in the income statement.
The carrying value of the hedged item is adjusted by the change in fair value that is attributable to
the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on
remeasurement are recognised immediately in the income statement, even if those gains would
normally be recognised directly in reserves.
C. Hedges of a net investment in a foreign operation
The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro-
and US dollar-denominated borrowings as a hedge of the Group\u2019s net investment in foreign
operations. As such, the foreign exchange gain or loss on those borrowings is recognised in other
comprehensive income and accumulated in equity until such time as the operations are disposed
of, at which point the corresponding amounts are recycled to pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments, such as forward currency contracts, interest rate
swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and
commodity price risks, respectively. The Group does not hold or issue derivative \ufb01nancial
instruments for speculative trading purposes. However, derivatives that do not qualify for hedge
accounting are accounted for as trading instruments. Due to the requirement to assess the
effectiveness of hedging instruments, changes in market conditions can result in the recognition
of unrealised gains or losses on hedging instruments in the income statement.
Derivative \ufb01nancial instruments are recognised initially at fair value and are shown within
derivative \ufb01nancial assets if they are in an asset position or within derivative \ufb01nancial liabilities if
they are in a liability position. The gain or loss on remeasurement to fair value is recognised
immediately in the income statement. However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the item being hedged.
A. Cash flow hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash flows of
a recognised asset or liability, or a highly probable forecast transaction, the effective part of any
gain or loss on the derivative \ufb01nancial instrument is recognised directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are
reclassi\ufb01ed to pro\ufb01t and loss in the periods when the hedged item is recognised in pro\ufb01t or loss,
in the same line of the income statement as the recognised hedged item. However, when the
forecast transaction that is hedged results in the recognition of a non-\ufb01nancial asset, the gains or
losses previously accumulated in equity are transferred from equity and included in the initial
measurement of the cost of the non-\ufb01nancial asset.
B. Fair value hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in a fair value of
a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of
the derivative are recognised immediately in the income statement.
The carrying value of the hedged item is adjusted by the change in fair value that is attributable to
the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on
remeasurement are recognised immediately in the income statement, even if those gains would
normally be recognised directly in reserves.
C. Hedges of a net investment in a foreign operation
The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro-
and US dollar-denominated borrowings as a hedge of the Group\u2019s net investment in foreign
operations. As such, the foreign exchange gain or loss on those borrowings is recognised in other
comprehensive income and accumulated in equity until such time as the operations are disposed
of, at which point the corresponding amounts are recycled to pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "Derivative \ufb01nancial instruments
The Group uses derivative \ufb01nancial instruments, such as forward currency contracts, interest rate
swaps and commodity swap contracts, to hedge its foreign currency risks, interest rate risks and
commodity price risks, respectively. The Group does not hold or issue derivative \ufb01nancial
instruments for speculative trading purposes. However, derivatives that do not qualify for hedge
accounting are accounted for as trading instruments. Due to the requirement to assess the
effectiveness of hedging instruments, changes in market conditions can result in the recognition
of unrealised gains or losses on hedging instruments in the income statement.
Derivative \ufb01nancial instruments are recognised initially at fair value and are shown within
derivative \ufb01nancial assets if they are in an asset position or within derivative \ufb01nancial liabilities if
they are in a liability position. The gain or loss on remeasurement to fair value is recognised
immediately in the income statement. However, where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the item being hedged.
A. Cash flow hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in cash flows of
a recognised asset or liability, or a highly probable forecast transaction, the effective part of any
gain or loss on the derivative \ufb01nancial instrument is recognised directly in the hedging reserve.
Any ineffective portion of the hedge is recognised immediately in the income statement.
Amounts previously recognised in other comprehensive income and accumulated in equity are
reclassi\ufb01ed to pro\ufb01t and loss in the periods when the hedged item is recognised in pro\ufb01t or loss,
in the same line of the income statement as the recognised hedged item. However, when the
forecast transaction that is hedged results in the recognition of a non-\ufb01nancial asset, the gains or
losses previously accumulated in equity are transferred from equity and included in the initial
measurement of the cost of the non-\ufb01nancial asset.
B. Fair value hedges
Where a derivative \ufb01nancial instrument is designated as a hedge of the variability in a fair value of
a recognised asset or liability or an unrecognised \ufb01rm commitment, all changes in the fair value of
the derivative are recognised immediately in the income statement.
The carrying value of the hedged item is adjusted by the change in fair value that is attributable to
the risk being hedged, even if it is normally carried at amortised cost, and any gains or losses on
remeasurement are recognised immediately in the income statement, even if those gains would
normally be recognised directly in reserves.
C. Hedges of a net investment in a foreign operation
The Group designates the foreign exchange gain or loss on a proportion of the Group\u2019s euro-
and US dollar-denominated borrowings as a hedge of the Group\u2019s net investment in foreign
operations. As such, the foreign exchange gain or loss on those borrowings is recognised in other
comprehensive income and accumulated in equity until such time as the operations are disposed
of, at which point the corresponding amounts are recycled to pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "Share capital
Incremental costs directly attributable to the issue of ordinary shares and share options are
recognised as a deduction from equity. When share capital recognised as equity is repurchased,
the amount of the consideration paid, including directly attributable costs, is recognised as a
deduction from equity. Shares repurchased by the Company are classi\ufb01ed as treasury shares
and are presented as a deduction from total equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "Own shares held by ESOT
Transactions of the Group-sponsored ESOT are included in the consolidated \ufb01nancial statements.
In particular, the ESOT\u2019s purchases of shares in the Company are charged directly to equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "Non-current assets held for sale and discontinued operations
A non-current asset, or a group of assets containing a non-current asset (a disposal group), is
classi\ufb01ed as held for sale if its carrying amount will be recovered principally through sale rather
than through continuing use, it is available for immediate sale and sale within one year is highly
probable. On initial classi\ufb01cation as held for sale, non-current assets and disposal groups are
measured at the lower of previous carrying amount and fair value less costs to sell with any
adjustments taken to pro\ufb01t or loss. The same applies to gains and losses on subsequent
remeasurement.
A discontinued operation is a component of the Group\u2019s business that represents a separate
major line of business or geographic area of operations or is a subsidiary acquired exclusively
with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria
to be classi\ufb01ed as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "Non-current assets held for sale and discontinued operations
A non-current asset, or a group of assets containing a non-current asset (a disposal group), is
classi\ufb01ed as held for sale if its carrying amount will be recovered principally through sale rather
than through continuing use, it is available for immediate sale and sale within one year is highly
probable. On initial classi\ufb01cation as held for sale, non-current assets and disposal groups are
measured at the lower of previous carrying amount and fair value less costs to sell with any
adjustments taken to pro\ufb01t or loss. The same applies to gains and losses on subsequent
remeasurement.
A discontinued operation is a component of the Group\u2019s business that represents a separate
major line of business or geographic area of operations or is a subsidiary acquired exclusively
with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria
to be classi\ufb01ed as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "Non-current assets held for sale and discontinued operations
A non-current asset, or a group of assets containing a non-current asset (a disposal group), is
classi\ufb01ed as held for sale if its carrying amount will be recovered principally through sale rather
than through continuing use, it is available for immediate sale and sale within one year is highly
probable. On initial classi\ufb01cation as held for sale, non-current assets and disposal groups are
measured at the lower of previous carrying amount and fair value less costs to sell with any
adjustments taken to pro\ufb01t or loss. The same applies to gains and losses on subsequent
remeasurement.
A discontinued operation is a component of the Group\u2019s business that represents a separate
major line of business or geographic area of operations or is a subsidiary acquired exclusively
with a view to resale, that has been disposed of, has been abandoned, or that meets the criteria
to be classi\ufb01ed as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "Revenue
Revenue is recognised upon transfer of promised goods to customers (the performance
obligation) in an amount that reflects the consideration the Company expects to receive in
exchange for those goods. This may occur, depending on the individual customer relationship,
when the product has been transferred to a freight carrier, when the customer has received the
product or, for consignment stock held at customers\u2019 premises, when usage reports for the
relevant period have been compiled.
All revenue is from contracts with customers and pertains to the sale of specialty chemicals
products. Selling prices are agreed in advance and hence are directly observable.
The Group\u2019s payment terms offered to customers are within a certain number of days of receipt
of invoice and standard contracts do not include a signi\ufb01cant \ufb01nancing component. The Group
does not expect to have any contracts where the period between the transfer of the promised
goods to the customer and payment by the customer exceeds one year. As a consequence, the
Group does not adjust any of the transaction prices for the time value of money.
Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at
the later of when revenue is recognised for the transfer of the related goods and the entity pays
or promises to pay the consideration. The promise to pay rebates is contractually agreed in
advance and thus the point of transferring the goods to the customer is deemed to be the later
of the two circumstances. Rebates and discounts are estimated using historical data and
experiences with the customers. Returns from customers are negligible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "Provisions for returns, trade discounts and rebates are recognised as a reduction in revenue at
the later of when revenue is recognised for the transfer of the related goods and the entity pays
or promises to pay the consideration. The promise to pay rebates is contractually agreed in
advance and thus the point of transferring the goods to the customer is deemed to be the later
of the two circumstances. Rebates and discounts are estimated using historical data and
experiences with the customers. Returns from customers are negligible. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "Other expenses
Other expenses are administration costs incurred and paid by the Group\u2019s pension schemes,
which relate primarily to former employees of legacy businesses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "Finance income and \ufb01nance costs
Finance income comprises interest income on funds invested and changes in the fair value of
\ufb01nancial instruments at fair value taken to the income statement. Interest income is recognised as
it accrues, using the effective interest method.
Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the
discount on provisions, dividends on preference shares classi\ufb01ed as debt, foreign currency
gains/losses and changes in the value of \ufb01nancial instruments at fair value taken to the income
statement. All borrowing costs are recognised in the income statement using the effective
interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Finance income and \ufb01nance costs
Finance income comprises interest income on funds invested and changes in the fair value of
\ufb01nancial instruments at fair value taken to the income statement. Interest income is recognised as
it accrues, using the effective interest method.
Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the
discount on provisions, dividends on preference shares classi\ufb01ed as debt, foreign currency
gains/losses and changes in the value of \ufb01nancial instruments at fair value taken to the income
statement. All borrowing costs are recognised in the income statement using the effective
interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "Finance income and \ufb01nance costs
Finance income comprises interest income on funds invested and changes in the fair value of
\ufb01nancial instruments at fair value taken to the income statement. Interest income is recognised as
it accrues, using the effective interest method.
Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the
discount on provisions, dividends on preference shares classi\ufb01ed as debt, foreign currency
gains/losses and changes in the value of \ufb01nancial instruments at fair value taken to the income
statement. All borrowing costs are recognised in the income statement using the effective
interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "Finance costs comprise interest expense on borrowings, lease liabilities, unwinding of the
discount on provisions, dividends on preference shares classi\ufb01ed as debt, foreign currency
gains/losses and changes in the value of \ufb01nancial instruments at fair value taken to the income
statement. All borrowing costs are recognised in the income statement using the effective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Taxation
Income tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is
recognised in the income statement except to the extent that it relates to items recognised
directly in equity or in other comprehensive income. Current tax is the expected tax payable on
the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts
will be available against which the asset can be utilised. Deferred tax is provided on temporary
differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes
and the amounts used for taxation purposes. The following temporary differences are not
provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that
affect neither accounting nor taxable pro\ufb01t other than in a business combination; and differences
relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or
substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
The Group is required to estimate the income tax in each of the jurisdictions in which it operates.
This requires an estimation of current tax liability together with an assessment of the temporary
differences which arise as a consequence of different accounting and tax treatments. The Group
operates in a number of countries in the world and is subject to many tax jurisdictions and rules.
As a consequence the Group is subject to tax audits, which by their nature are often complex and
can require several years to conclude. Management\u2019s judgement is required to determine the
total provision for income tax. Amounts are accrued based on management\u2019s interpretation of
country-speci\ufb01c tax law and likelihood of settlement. However, the actual tax liabilities could differ
from the position and in such events an adjustment would be required in the subsequent period
which could have a material impact. Tax bene\ufb01ts are not recognised unless it is probable that the
tax positions are sustainable. Once considered to be probable, management reviews each
material tax bene\ufb01t to assess whether a provision should be taken against full recognition of the
bene\ufb01t on the basis of potential settlement through negotiation. This evaluation requires
judgements to be made including the forecast of future taxable income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "Taxation
Income tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is
recognised in the income statement except to the extent that it relates to items recognised
directly in equity or in other comprehensive income. Current tax is the expected tax payable on
the taxable income for the year, using tax rates enacted or substantively enacted at the balance
sheet date, and any adjustment to tax payable in respect of previous years.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts
will be available against which the asset can be utilised. Deferred tax is provided on temporary
differences between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes
and the amounts used for taxation purposes. The following temporary differences are not
provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that
affect neither accounting nor taxable pro\ufb01t other than in a business combination; and differences
relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or
substantively enacted at the balance sheet date. Deferred tax assets are reduced to the extent
that it is no longer probable that the related tax bene\ufb01t will be realised.
The Group is required to estimate the income tax in each of the jurisdictions in which it operates.
This requires an estimation of current tax liability together with an assessment of the temporary
differences which arise as a consequence of different accounting and tax treatments. The Group
operates in a number of countries in the world and is subject to many tax jurisdictions and rules.
As a consequence the Group is subject to tax audits, which by their nature are often complex and
can require several years to conclude. Management\u2019s judgement is required to determine the
total provision for income tax. Amounts are accrued based on management\u2019s interpretation of
country-speci\ufb01c tax law and likelihood of settlement. However, the actual tax liabilities could differ
from the position and in such events an adjustment would be required in the subsequent period
which could have a material impact. Tax bene\ufb01ts are not recognised unless it is probable that the
tax positions are sustainable. Once considered to be probable, management reviews each
material tax bene\ufb01t to assess whether a provision should be taken against full recognition of the
bene\ufb01t on the basis of potential settlement through negotiation. This evaluation requires
judgements to be made including the forecast of future taxable income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Share-based payments
The fair value of equity-settled share options, cash-settled shadow options and long-term
incentive plan (\u201cLTIP\u201d) awards granted to employees is recognised as an expense with a
corresponding increase in equity. The fair value is measured at grant date and spread over the
period during which the employees become unconditionally entitled to the options/awards. The
fair value of the options/awards granted is measured using a binomial model, taking into account
the terms and conditions upon which the options/awards were granted. The amount recognised
as an employee expense is adjusted to reflect the actual number of share options/awards that
vest except where forfeiture is only due to share prices not achieving the threshold for vesting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "Termination bene\ufb01ts
Termination bene\ufb01ts are recognised as an expense when the Group is demonstrably committed,
without realistic possibility of withdrawal, to a formal detailed plan to terminate employment
before the normal retirement date. Termination bene\ufb01ts for voluntary redundancies are
recognised if the Group has made an offer encouraging voluntary redundancy, it is probable that
the offer will be accepted, and the number of acceptances can be estimated reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "Government grants
Government grants are recognised at fair value when there is reasonable assurance that the
conditions associated with the grants have been complied with and the grants will be received.
Grants compensating for expenses incurred are recognised as a deduction of the related
expenses in the consolidated income statement on a systematic basis in the same periods in
which the expenses are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "Alternative performance measures
In the analysis of the Group\u2019s operating results, earnings per share and cash flows, information is
presented to provide readers with additional performance indicators that are prepared on a
non-statutory basis. This presentation is regularly reviewed by management to identify items that
are unusual and other items relevant to an understanding of the Group\u2019s performance and
long-term trends with reference to their materiality and nature. This additional information is not
uniformly de\ufb01ned by all companies and may not be comparable with similarly titled measures
and disclosures by other organisations. The non-statutory disclosures should not be viewed in
isolation or as an alternative to the equivalent statutory measure. Information for separate
presentation is considered as follows:
Material costs or reversals arising from a signi\ufb01cant restructuring of the Group\u2019s operations are
presented separately
Disposal of entities or investments in associates or joint ventures or impairment of related
assets are presented separately
Other matters arising due to the Group\u2019s acquisition, such as adjustments to contingent
consideration, payment of retention bonuses, acquisition costs and fair value adjustments for
acquired assets made in accordance with IFRS 13, are separately disclosed in aggregate
If a change in an accounting estimate for provisions, including environmental provisions,
results in a material gain or loss, that is presented separately
Other items the Directors may deem to be unusual as a result of their size and/or nature ", "dimensions": { "concept": "elm:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresTextBlock", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00572": { "value": "Adoption of new and revised standards
In the current year, the Group has applied a number of amendments to IFRSs issued by the IASB
that are mandatorily effective for accounting periods that began on or after 1 January 2025. Their
adoption has not had any material impact on the disclosures or on the amounts reported in these
\ufb01nancial statements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
\u00a0
\u00a0
Endorsement
Effective
International Accounting Standards (IAS/IFRSs) and Interpretations (IFRICs):
status
date
Lack of exchangeability \u2013 Amendments to IAS 21
Endorsed
1 January
\u00a0 \u00a0
2025
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00573": { "value": "New and revised IFRSs in issue but not yet effective
At the date of authorisation of these \ufb01nancial statements, the Group has not applied the following
new and revised international accounting standards (\u201cIAS\u201d/\u201cIFRSs\u201d) and interpretations
(\u201cIFRICs\u201d) that have been issued but are not effective for periods starting on 1 January 2025 but
will be effective for later periods:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Effective for annual
\u00a0
UK
reporting periods
\u00a0
Endorsement
beginning on
IAS, IFRSs and IFRICs not yet endorsed for use in the UK:
status
or after
Classi\ufb01cation and Measurement of Financial Instruments \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
Annual Improvements to IFRS Accounting Standards \u2013
Endorsed
1 January 2026
Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
\u00a0 \u00a0
Contracts Referencing Nature-dependent Electricity \u2013
Endorsed
1 January 2026
Amendments to IFRS 9 and IFRS 7
\u00a0 \u00a0
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
Endorsed
1 January 2027
IFRS 19 \u2013 Subsidiaries without Public Accountability:
Not yet
1 January 2027
Disclosures
endorsed
\u00a0
Translation to a Hyperinflationary Presentation Currency \u2013
Not yet
1 January 2027
Amendments to IAS 21
endorsed
\u00a0
Amendments to Illustrative Examples on IFRS 7, IFRS 18, IAS 1,
Not yet
n/a
IAS 8, IAS 36 and IAS 37
endorsed
\u00a0
Sale or Contribution of Assets between an Investor and its
Not yet
n/a
Associate or Joint Venture \u2013 Amendments to IFRS 10 and IAS 28
endorsed
\u00a0
\n
With the exception of IFRS 18, none of the above new and revised IFRSs are expected to have a
material impact on the Group\u2019s \ufb01nancial statements. At the date of this report the analysis of the
impact of IFRS 18 is ongoing, however the Company expects there to be a material impact on the
Group\u2019s \ufb01nancial statements from implementation of IFRS 18.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "2. Operating segments
Business segments
The Group has determined its operating segments on the basis of those used for management, internal reporting purposes and the allocation of strategic resources. The key measure used for review
of the performance of the operating segments is adjusted operating pro\ufb01t. In accordance with the provisions of IFRS 8, the Group\u2019s chief operating decision-maker is the Board of Directors.
Following the sale of the Talc business in May 2025, the Performance Specialties segment has been renamed as Coatings, and the comparative \ufb01nancial performance and \ufb01nancial position have been
re-presented to present the Talc business as discontinued operation. See Note 33 for further details.
The two reportable segments, Coatings and Personal Care, each have distinct product groupings and separate management structures. Segment results, assets and liabilities include items directly
attributable to a segment and those that may be reasonably allocated from corporate activities. Presentation of the segmental results is on a basis consistent with those used for reporting Group
results. The principal activities of the reportable segments are as follows:
Coatings: Production of rheological modi\ufb01ers and additives for decorative and industrial coatings, as well as performance chemicals for the energy sector.
Personal Care: Production of rheological modi\ufb01ers and compounded products, including active ingredients for antiperspirants, for supply to personal care and pharmaceutical manufacturers.
Segmental analysis for the year ended 31 December
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Personal
Segment
Central
\u00a0 \u00a0 \u00a0
Segment
\u00a0 \u00a0
\u00a0
Coatings
Care
totals
costs
Total
Coatings
Personal Care
totals
Central costs
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue from external customers
373.0
224.5
597.5
\u2013
597.5
386.4
217.4
603.8
\u2013
603.8
Adjusted operating pro\ufb01t
70.4
72.8
143.2
(16.5)
126.7
78.4
61.6
140.0
(20.8)
119.2
Adjusting items (see Note 5)
(5.7)
(9.4)
(15.1)
(2.6)
(17.7)
(4.9)
(12.3)
(17.2)
(6.0)
(23.2)
Operating pro\ufb01t
64.7
63.4
128.1
(19.1)
109.0
73.5
49.3
122.8
(26.8)
96.0
Other expenses
\u00a0 \u00a0 \u00a0 \u00a0
(2.6)
\u00a0 \u00a0 \u00a0 \u00a0
(2.0)
Finance income
\u00a0 \u00a0 \u00a0 \u00a0
3.0
\u00a0 \u00a0 \u00a0 \u00a0
2.9
Finance expense
\u00a0 \u00a0 \u00a0 \u00a0
(19.5)
\u00a0 \u00a0 \u00a0 \u00a0
(22.6)
Tax
\u00a0 \u00a0 \u00a0 \u00a0
(27.6)
\u00a0 \u00a0 \u00a0 \u00a0
(25.5)
Pro\ufb01t from continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
62.3
\u00a0 \u00a0 \u00a0 \u00a0
48.8
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Personal Care
\u00a0 \u00a0
Personal Care,
\u00a0
Discontinued
\u00a0
\u00a0
and Coatings
1
Unallocated
Total
and Coatings
1
Unallocated
segments
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Fixed assets
759.3
13.6
772.9
742.5
18.4
163.0
923.9
Inventories
142.9
\u2013
142.9
126.7
0.1
25.7
152.5
Trade and other receivables
77.8
3.8
81.6
70.4
6.4
16.5
93.3
Other tax recoverable
\u2013
23.7
23.7
\u2013
21.0
\u2013
21.0
Derivatives
\u2013
0.4
0.4
\u2013
5.4
\u2013
5.4
Tax assets
\u2013
9.9
9.9
\u2013
18.6
\u2013
18.6
Retirement bene\ufb01t surplus
\u2013
26.5
26.5
\u2013
27.6
\u2013
27.6
Cash and cash equivalents
\u2013
54.6
54.6
\u2013
59.9
\u2013
59.9
Segment assets
980.0
132.5
1,112.5
939.6
157.4
205.2
1,302.2
Assets classi\ufb01ed as held for sale
\u00a0 \u00a0
2.1
\u00a0 \u00a0 \u00a0
6.2
Total assets
980.0
132.5
1,114.6
939.6
157.4
205.2
1,308.4
Trade and other payables
(72.6)
(19.4)
(92.0)
(67.0)
(20.9)
(20.5)
(108.4)
Operating provisions
(0.5)
(4.6)
(5.1)
(2.9)
(5.6)
(39.9)
(48.4)
Lease liabilities
(14.7)
(5.7)
(20.4)
(21.7)
(5.7)
(7.3)
(34.7)
Bank overdrafts and loans
\u2013
(236.2)
(236.2)
\u2013
(219.2)
\u2013
(219.2)
Current tax liabilities
\u2013
(16.0)
(16.0)
\u2013
(9.8)
\u2013
(9.8)
Retirement bene\ufb01t obligations
\u2013
(8.6)
(8.6)
\u2013
(8.6)
\u2013
(8.6)
Deferred tax liabilities
\u2013
(92.3)
(92.3)
\u2013
(98.1)
\u2013
(98.1)
Financial liabilities
\u2013
(0.1)
(0.1)
\u2013
(1.5)
\u2013
(1.5)
Segment liabilities
(87.8)
(382.9)
(470.7)
(91.6)
(369.4)
(67.7)
(528.7)
Liabilities classi\ufb01ed as held for sale
\u00a0 \u00a0
\u2013
\u00a0 \u00a0 \u00a0
(22.7)
Total liabilities
(87.8)
(382.9)
(470.7)
(91.6)
(369.4)
(67.7)
(551.4)
Net assets
892.2
(250.4)
643.9
848.0
(212.0)
137.5
757.0
Capital additions
17.6
1.0
18.6
16.0
6.1
28.4
50.5
Depreciation and amortisation
(28.1)
(2.6)
(30.7)
(28.3)
(3.0)
(20.3)
(51.6)
\n
1
Due to the shared nature of the production facilities for the Personal Care and Coatings segments, a split of assets and liabilities by segment is not available and the cost to determine such a split would be prohibitive, therefore the
assets and liabilities are shown in aggregate for these segments.
Analysis by geography
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
North
United
Rest of
Rest of the
\u00a0
North
United
Rest of
Rest of
\u00a0
\u00a0
America
Kingdom
Europe
World
Total
America
Kingdom
Europe
the World
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue from external customers
193.9
20.1
180.2
203.3
597.5
201.2
20.3
168.8
213.5
603.8
Fixed assets
618.5
55.6
26.2
72.6
772.9
638.2
29.7
23.3
69.8
761.0
Capital additions
7.2
2.1
3.0
6.3
18.6
8.4
1.5
6.9
5.3
22.1
Depreciation and amortisation
(15.6)
(1.8)
(8.5)
(4.8)
(30.7)
(21.9)
(1.8)
(3.1)
(4.5)
(31.3)
\nRevenue is based on the location of the customer. The Group\u2019s largest customer accounts for 9.2% (2024: 10.0%) of revenue ($54.9m) (2024: $60.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Analysis by geography \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
North
United
Rest of
Rest of the
\u00a0
North
United
Rest of
Rest of
\u00a0
\u00a0
America
Kingdom
Europe
World
Total
America
Kingdom
Europe
the World
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Revenue from external customers
193.9
20.1
180.2
203.3
597.5
201.2
20.3
168.8
213.5
603.8
Fixed assets
618.5
55.6
26.2
72.6
772.9
638.2
29.7
23.3
69.8
761.0
Capital additions
7.2
2.1
3.0
6.3
18.6
8.4
1.5
6.9
5.3
22.1
Depreciation and amortisation
(15.6)
(1.8)
(8.5)
(4.8)
(30.7)
(21.9)
(1.8)
(3.1)
(4.5)
(31.3)
Revenue is based on the location of the customer. The Group\u2019s largest customer accounts for 9.2% (2024: 10.0%) of revenue ($54.9m) (2024: $60.1m)", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "3. Finance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank deposits
0.7
0.3
Pension and other post-retirement liabilities
1.1
1.4
Interest on EU state aid receivable
1.2
1.2
Total \ufb01nance income
3.0
2.9
\n
4. Finance costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank loans
17.5
20.0
Unwind of discount on provisions
1.1
1.5
Interest on lease liabilities
0.9
1.1
Total \ufb01nance costs
19.5
22.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "3. Finance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank deposits
0.7
0.3
Pension and other post-retirement liabilities
1.1
1.4
Interest on EU state aid receivable
1.2
1.2
Total \ufb01nance income
3.0
2.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "3. Finance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank deposits
0.7
0.3
Pension and other post-retirement liabilities
1.1
1.4
Interest on EU state aid receivable
1.2
1.2
Total \ufb01nance income
3.0
2.9
\n
4. Finance costs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank loans
17.5
20.0
Unwind of discount on provisions
1.1
1.5
Interest on lease liabilities
0.9
1.1
Total \ufb01nance costs
19.5
22.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "3. Finance income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank deposits
0.7
0.3
Pension and other post-retirement liabilities
1.1
1.4
Interest on EU state aid receivable
1.2
1.2
Total \ufb01nance income
3.0
2.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "4. Finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank loans
17.5
20.0
Unwind of discount on provisions
1.1
1.5
Interest on lease liabilities
0.9
1.1
Total \ufb01nance costs
19.5
22.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "4. Finance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Interest on bank loans
17.5
20.0
Unwind of discount on provisions
1.1
1.5
Interest on lease liabilities
0.9
1.1
Total \ufb01nance costs
19.5
22.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "5. Adjusting items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Business transformation
7.5
6.6
Acquisitions and disposals
(6.4)
0.2
St. Louis operational transformation
3.5
\u2013
Cloud and data transformation
2.2
2.1
Early termination of contract
1.9
\u2013
St. Louis \ufb01re
0.3
1.3
Environmental provisions
0.5
1.8
Settlement of Brazil customs matter
\u2013
3.0
Amortisation of intangibles arising on acquisition
8.2
8.2
\u00a0
17.7
23.2
Unwind of discount on provisions
1.1
0.4
Interest on EU state aid receivable
(1.2)
(1.2)
Tax charge in relation to adjusting items
1.6
0.8
\u00a0
19.2
23.2
\n
A number of items have been recorded under \u2018adjusting items\u2019 by virtue of their size and/or
one-time nature, in line with our accounting policy in Note 1, in order to provide additional useful
analysis of the Group\u2019s results. The Group considers the adjusted results to be an important
measure used to monitor how the segments are performing as they achieve consistency and
comparability between reporting periods. The net impact of these items on the Group pro\ufb01t from
continuing operations for the year is a debit of $19.2m (2024: $23.2m). The items fall into a
number of categories, as summarised below:
Business transformation
\u2013 costs of $7.5m (2024: $6.6m) were recognised and principally include:
Costs of $4.4m (2024: $nil) in relation to transitionary costs of the exiting CEO and other related
restructuring costs. These costs primarily relate to one-off advisory and consultancy fees, salary,
and LTIP-related charges in relation to the former CEO, and salary and LTIP-related costs in
relation to subsequent senior leadership changes. Additional costs are expected to be incurred
during the \ufb01rst quarter of 2026.
Costs of $2.3m (2024: $4.1m) in relation to the Fit for the Future restructuring programme which
was announced in September 2023. Of the costs recognised in 2025, additional charges of
$1.3m (2024: $0.7m) in relation to the restructuring provision, along with an additional $1.0m
(2024: $3.4m) of costs incurred. Including discontinued operations, costs of $29.6m have been
recognised since 2023 and the programme was concluded during 2025.
Costs of $0.8m (2024: $1.6m) in relation to the closure of the Middletown plant and preparation of
the site for sale. Costs of $2.4m have been recognised since 2024.
Acquisitions and disposals
\u2013 a net credit of $6.4m (2024: cost of $0.2m) was recognised in
relation to acquisitions and disposals. This principally included a credit of $6.9m in relation to the
gain on sale of the Eaglescliffe site and $0.3m of transaction costs incurred in relation to the
acquisition of Alchemy Ingredients Limited.
St. Louis operational transformation
\u2013 costs of $3.5m (2024: $nil) were recognised in relation
to a transformation programme at the Group\u2019s St. Louis plant which was initiated and completed
in 2025. These costs primarily relate to advisory fees and inventory written off due to operational
changes made to the St. Louis manufacturing plant as a result of the transformation programme.
Cloud and data transformation
\u2013 costs of $2.2m (2024: $2.1m) were recognised and include:
Costs of $1.6m (2024: $2.1m) in relation to the data transformation programme which was
initiated to develop a new internal data analytics platform to deliver a uni\ufb01ed global view of our
data, leveraging advance analytical technology. Costs of $3.7m have been recognised since 2024
and the new platform is expected to be fully implemented during 2026.
Costs of $0.7m (2024: $nil) in relation to upgrading the Group\u2019s Enterprise Resource Planning
(\u201cERP\u201d) system. The upgraded ERP system is expected to be fully implemented during 2027.
Early termination of contract
\u2013 costs of $1.9m (2024: $nil) were recognised in respect of an
early termination fee paid for one of the Group\u2019s contracts.
St. Louis \ufb01re
\u2013 costs of $0.3m ($1.3m) were recognised in respect of the \ufb01re at the St. Louis
plant which occurred in November 2024. These costs relate to the write off of items of property,
plant and equipment that were damaged as a result of a \ufb01re.
Environmental provisions
\u2013 charges of $0.5m (2024: $1.8m) were recognised in respect of
the Group\u2019s environmental provision. The environmental provision is calculated on a discounted
cash flow basis, reflecting the time period over which spending is estimated to take place. The
movement in the provision relates to changes in discount rates, which have resulted in a reduction
of $0.8m (2024: $2.2m), and extra remediation work identi\ufb01ed in the year which has resulted in a
$1.3m (2024: $4.0m) increase to the liability. Also included within adjusting items, within \ufb01nance
costs, is a charge of $1.1m in relation to the unwind of the discount on the provision.
Amortisation of intangibles arising on acquisition
\u2013 amortisation of $8.2m (2024: $8.2m)
has been recognised in relation to the Group\u2019s acquired intangible assets. As in previous years,
these are included in adjusting items as they are a non-cash charge arising from historical
investment activities.
Interest on EU state aid receivable
\u2013 \ufb01nance income of $1.2m (2024: $1.2m) has been
recognised in respect of interest due to the Group.
Tax on adjusting items
\u2013 this is the net impact of tax relating to the adjusting items listed above.
To support comparability with the \ufb01nancial statements as presented in 2025, a reconciliation to the adjusted consolidated income statement is shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0 \u00a0
Adjusted
\u00a0 \u00a0
Adjusted
\u00a0
Pro\ufb01t and loss
Adjusting items
pro\ufb01t and loss
Pro\ufb01t and loss
Adjusting items
pro\ufb01t and loss
\u00a0
$m
$m
$m
$m
$m
$m
Revenue
597.5
\u2013
597.5
603.8
\u2013
603.8
Cost of sales
(317.4)
\u2013
(317.4)
(314.2)
\u2013
(314.2)
Gross pro\ufb01t
280.1
\u2013
280.1
289.6
\u2013
289.6
Distribution costs
(91.6)
\u2013
(91.6)
(98.5)
\u2013
(98.5)
Administrative expenses
(79.5)
17.7
(61.8)
(95.1)
23.2
(71.9)
Operating pro\ufb01t
109.0
17.7
126.7
96.0
23.2
119.2
Other expenses
(2.6)
\u2013
(2.6)
(2.0)
\u2013
(2.0)
Finance income
3.2
(1.2)
2.0
2.9
(1.2)
1.7
Finance costs
(19.7)
1.1
(18.6)
(22.6)
0.4
(22.2)
Pro\ufb01t before income tax
89.9
17.6
107.5
74.3
22.4
96.7
Tax
(27.6)
1.6
(26.0)
(25.5)
0.8
(24.7)
Pro\ufb01t from continuing operations
62.3
19.2
81.5
48.8
23.2
72.0
Earnings per share
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
From continuing operations
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Basic earnings (cents)
10.7
3.3
14.0
8.3
3.9
12.2
Diluted earnings (cents)
10.5
3.2
13.7
8.1
3.9
12.0
To support comparability with the \ufb01nancial statements as presented in 2025, a reconciliation from operating pro\ufb01t/(loss) to adjusted operating pro\ufb01t/(loss) by segment is shown below for each year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0\u00a0
Personal
Segment
Central
\u00a0\u00a0\u00a0
Segment
\u00a0\u00a0
\u00a0
Coatings
Care
totals
costs
Total
Coatings
Personal Care
\u00a0
totals
Central costs
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Operating pro\ufb01t
64.7
63.4
128.1
(19.1)
109.0
73.5
49.3
122.8
(26.8)
96.0
Adjusting items:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Business transformation
\u2013
0.8
0.8
6.7
7.5
0.5
4.2
4.7
2.1
6.8
Acquisitions and disposals
\u2013
0.4
0.4
(6.8)
(6.4)
\u2013
\u2013
\u2013
\u2013
\u2013
St. Louis operational transformation
3.5
\u2013
3.5
\u2013
3.5
\u2013
\u2013
\u2013
\u2013
\u2013
Cloud and data transformation
\u2013
\u2013
\u2013
2.2
2.2
\u2013
\u2013
\u2013
2.1
2.1
Early termination of contract
1.9
\u2013
1.9
\u2013
1.9
\u2013
\u2013
\u2013
\u2013
\u2013
St. Louis \ufb01re
0.3
\u2013
0.3
\u2013
0.3
1.3
\u2013
1.3
\u2013
1.3
Environmental provisions
\u2013
\u2013
\u2013
0.5
0.5
\u2013
\u2013
\u2013
1.8
1.8
Settlement of Brazil customs matter
\u2013
\u2013
\u2013
\u2013
\u2013
3.0
\u2013
3.0
\u2013
3.0
Amortisation of intangibles arising on acquisition
\u2013
8.2
8.2
\u2013
8.2
0.1
8.1
8.2
\u2013
8.2
Adjusted operating pro\ufb01t
70.4
72.8
143.2
(16.5)
126.7
78.4
61.6
140.0
(20.8)
119.2
\n", "dimensions": { "concept": "elm:DisclosureOfAdjustingItemsTextBlock", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "6. Income tax expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Current tax:
\u00a0\u00a0
UK corporation tax
26.4
12.9
Overseas corporation tax
2.3
7.6
Adjustments in respect of prior years:
\u00a0\u00a0
United Kingdom
(0.6)
0.7
Overseas
1.2
0.2
Total current tax
29.3
21.4
Deferred tax:
\u00a0\u00a0
United Kingdom
(0.1)
6.0
Overseas
(1.4)
(1.5)
Adjustment in respect of prior years:
\u00a0\u00a0
United Kingdom
\u2013
\u2013
Overseas
(0.2)
(0.4)
Total deferred tax
(1.7)
4.1
Income tax expense for the year
27.6
25.5
Comprising:
\u00a0\u00a0
Income tax expense for the year
27.6
25.5
Adjusting items
1
:
\u00a0\u00a0
Overseas taxation on adjusting items
(7.4)
0.6
UK taxation on adjusting items
9.0
0.2
Taxation on adjusting items
1.6
0.8
Income tax expense for the year after adjusting items
26.0
24.7
\n
1
See Note 5 for details of adjusting items.
The tax charge on pro\ufb01ts represents an effective rate of 30.7% (2024: 34.3%) and an effective
tax rate after adjusting items of 24.2% (2024: 25.5%).
The tax impact of the adjusting items outlined within Note 5 and within the consolidated income
statement relates to the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Gross
Tax impact
Gross
Tax impact
\u00a0
$m
$m
$m
$m
Business transformation
7.5
1.5
6.6
1.7
Acquisitions and disposals
(6.4)
\u2013
0.2
\u2013
St. Louis operational transformation
3.5
0.7
\u2013
\u2013
Cloud and data transformation
2.2
0.5
2.1
0.6
Early termination of contract
1.9
0.4
\u2013
\u2013
St. Louis \ufb01re
0.3
0.1
1.3
0.3
Environmental provisions
0.5
0.1
1.8
\u2013
Settlement of Brazil customs matter
\u2013
\u2013
3.0
\u2013
Amortisation of intangibles arising
\u00a0 \u00a0 \u00a0 \u00a0
on acquisition
8.2
2.4
8.2
2.5
Interest on EU state aid receivable
(1.2)
(0.3)
(1.2)
(0.3)
Unwind of discount on provision
1.1
0.2
0.4
0.1
Uncertain tax provisions
\u2013
(7.2)
\u2013
\u2013
Derecognition of deferred tax
\u00a0 \u00a0 \u00a0 \u00a0
asset regarding Eaglescliffe
\u2013
\u2013
\u2013
(5.7)
Tax charge
17.6
(1.6)
22.4
(0.8)
\n
The Group is international and has operations across a range of jurisdictions. Accordingly, tax
charges of the Group in future periods will be affected by the pro\ufb01tability of operations in different
jurisdictions and changes to tax rates and regulations in the jurisdictions within which the Group
has operations. The Group\u2019s adjusted effective tax rate in 2025 is broadly in line with the prior
year. The medium-term expectation for the Group\u2019s adjusted effective tax rate is around 25%.
The Group is below the revenue threshold for the Pillar 2 legislation to apply and therefore there
is no impact on the \ufb01nancial statements.
The total charge for the year can be reconciled to the accounting pro\ufb01t as follows:
\u00a0
2025
2024
\u00a0
$m
%
$m
%
Pro\ufb01t before tax
89.9
\u00a0
74.3
\u00a0
Tax at 25% (2024: 25.0%)
22.5
25.0
18.6
25.0
Difference in overseas effective
\u00a0\u00a0\u00a0\u00a0
tax rates
0.6
0.7
(0.3)
(0.4)
Income not taxable
(2.2)
(2.4)
(2.8)
(3.8)
Expenses not deductible for
\u00a0\u00a0\u00a0\u00a0
tax purposes
6.0
6.7
3.2
4.3
Adjustments in respect of prior years
0.4
0.4
0.4
0.5
Uncertain tax provisions
2
5.1
5.6
\u2013
\u2013
Movement in unrecognised
\u00a0\u00a0\u00a0\u00a0
deferred tax
1
(4.8)
(5.3)
6.4
8.7
Total charge and
\u00a0\u00a0\u00a0\u00a0
effective tax rate for the year
27.6
30.7
25.5
34.3
\n
1
The current year movement in unrecognised deferred tax relates to foreign exchange losses brought into tax
as a result of the settlement of loans previously regarded as quasi-equity. The prior year movement in
unrecognised deferred tax relates to the derecognition of the deferred tax asset in respect of the Eaglescliffe
environmental provision ahead of the disposal of the Eaglescliffe site to Flacks Group.
2
The uncertain tax provisions are the net of a provision of $10.8m made during the period in respect of an open
HMRC tax audit and the reversal of a $5.7m provision in respect of a German Organschaft created in 2020. 16. Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0 \u00a0
\u00a0
Retirement
Accelerated tax
Amortisation of
Other intangible
temporary
Unrelieved tax
\u00a0
\u00a0
bene\ufb01t plans
depreciation
US goodwill
assets
differences
losses
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
At 1 January 2024
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Credit/(charge) to the income statement
\u2013
4.5
0.3
1.0
(4.2)
0.1
1.7
Credit/(charge) to other comprehensive income
0.8
\u2013
\u2013
\u2013
0.3
\u2013
1.1
Charge to retained earnings
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
Acquisition/disposal
\u2013
3.4
\u2013
(2.8)
0.3
(2.9)
(2.0)
Currency translation differences
(0.5)
(0.5)
\u2013
(0.4)
0.1
\u2013
(1.3)
At 31 December 2025
(5.5)
(12.1)
(62.2)
(12.5)
0.5
0.1
(91.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
0.5
0.1
0.6
Deferred tax liabilities
(5.5)
(12.1)
(62.2)
(12.5)
\u2013
\u2013
(92.3)
\n
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable pro\ufb01ts from which the future reversal of the underlying timing differences can
be deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable pro\ufb01ts have been modelled using the Group\u2019s Board-approved three-year forecasts.
Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are \ufb01led and where tax assets and liabilities may be netted.
At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $28.8m
(2024: $31.8m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group
considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $19.8m (gross $6.5m)
(2024: $7.3m (gross $22.2m)) in respect of German net operating losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "7. Pro\ufb01t from continuing operations
Pro\ufb01t from continuing operations of $62.3m (2024: $48.8m) has been arrived at after
charging/(crediting):
\u00a0
2025
2024
\u00a0
$m
$m
Employee costs (see Note 8)
111.1
108.1
Net foreign exchange losses
4.1
0.2
Research and development costs
7.3
8.0
Depreciation of property, plant and equipment
22.2
22.6
Amortisation of intangible assets
8.5
8.7
Total depreciation and amortisation expense
30.7
31.3
Impairment of assets
\u2013
\u2013
Loss on disposal of property, plant & equipment
0.8
1.0
Write off of inventory
6.3
3.8
Cost of inventories recognised as expense
236.5
246.9
Fees payable to company\u2019s auditors and its associates:
\u00a0\u00a0
Audit of company
1.5
1.2
Audit of subsidiaries
0.4
0.9
Audit-related services \u2013 interim review
0.2
0.3
CSRD metric readiness services
0.1
0.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "7. Pro\ufb01t from continuing operations
Pro\ufb01t from continuing operations of $62.3m (2024: $48.8m) has been arrived at after
charging/(crediting):
\u00a0
2025
2024
\u00a0
$m
$m
Employee costs (see Note 8)
111.1
108.1
Net foreign exchange losses
4.1
0.2
Research and development costs
7.3
8.0
Depreciation of property, plant and equipment
22.2
22.6
Amortisation of intangible assets
8.5
8.7
Total depreciation and amortisation expense
30.7
31.3
Impairment of assets
\u2013
\u2013
Loss on disposal of property, plant & equipment
0.8
1.0
Write off of inventory
6.3
3.8
Cost of inventories recognised as expense
236.5
246.9
Fees payable to company\u2019s auditors and its associates:
\u00a0\u00a0
Audit of company
1.5
1.2
Audit of subsidiaries
0.4
0.9
Audit-related services \u2013 interim review
0.2
0.3
CSRD metric readiness services
0.1
0.1
\n10. Goodwill and other intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Goodwill
Brand
Customer lists
intangible assets
Total
\u00a0
$m
$m
$m
$m
$m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
712.2
25.4
165.0
101.5
1,004.1
Exchange differences
(5.7)
(1.1)
(3.3)
(4.1)
(14.2)
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
706.5
24.3
161.7
97.7
990.2
Exchange differences
19.6
0.8
5.2
5.1
30.7
Additions
\u2013
\u2013
\u2013
0.1
0.1
Business acquisitions
11.3
0.6
3.5
7.9
23.3
Business disposals
\u2013
\u2013
(40.7)
(44.6)
(85.3)
At 31 December 2025
737.4
25.7
129.7
66.2
959.0
Amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
229.9
2.5
56.6
64.5
353.5
Exchange differences
(3.6)
(0.1)
(2.2)
(3.2)
(9.1)
Charge for the year
\u2013
\u2013
8.2
4.6
12.8
Impairment
\u2013
\u2013
23.1
24.0
47.1
At 31 December 2024
226.3
2.4
85.7
89.9
404.3
Exchange differences
16.2
0.2
4.8
4.8
26.0
Charge for the year
\u2013
\u2013
6.3
2.3
8.6
Business disposals
\u2013
\u2013
(40.7)
(43.1)
(83.8)
At 31 December 2025
242.5
2.6
56.1
53.9
355.1
Carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
494.9
23.1
73.6
12.3
603.9
At 31 December 2024
480.2
21.9
76.0
7.8
585.9
At 1 January 2024
482.3
22.9
108.4
37.0
650.6
\nIncluded in amortisation of $8.6m (2024:$12.8m) was $8.5m (2024: $8.7m) of amortisation from continuing operations, and $0.1m (2024: $4.1m) of amortisation from discontinued operations. 11. Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Right-of-use assets
\u00a0 \u00a0
\u00a0
Land and
Plant and
Fixtures, \ufb01ttings
Under
Land and
Plant and
Fixtures, \ufb01ttings
\u00a0
\u00a0
buildings
machinery
and equipment
construction
buildings
machinery
and equipment
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
100.1
594.9
32.5
12.3
54.4
2.3
1.8
798.3
Additions
1.8
19.1
\u2013
24.0
3.9
0.9
\u2013
49.7
Exchange differences
(2.5)
(26.8)
(0.5)
\u2013
(1.2)
0.2
(0.3)
(31.1)
Disposals
(0.2)
(2.3)
(0.3)
\u2013
(1.2)
(1.2)
(0.8)
(6.0)
Reclassi\ufb01cations
0.9
20.0
1.0
(21.9)
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
100.1
604.9
32.7
14.4
55.9
2.2
0.7
810.9
Additions
2.5
8.0
0.1
18.4
1.3
\u2013
0.1
30.4
Remeasurement of Right-of-use assets
\u2013
\u2013
\u2013
\u2013
(5.2)
\u2013
\u2013
(5.2)
Business disposals
(19.1)
(360.5)
\u2013
(8.5)
(11.6)
(0.8)
(0.1)
(400.6)
Exchange differences
4.3
36.5
0.4
(0.5)
2.0
\u2013
0.1
42.8
Disposals
\u2013
(7.7)
(0.9)
(0.2)
(0.8)
(0.2)
(0.2)
(10.0)
Reclassi\ufb01cations
2.2
0.4
1.2
(3.8)
\u2013
\u2013
\u2013
\u2013
Assets transferred to held for sale
(3.0)
(0.6)
\u2013
\u2013
\u2013
\u2013
\u2013
(3.6)
At 31 December 2025
87.0
281.0
33.5
19.8
41.6
1.2
0.6
464.7
Accumulated depreciation and impairment losses:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
43.0
280.0
23.4
\u2013
25.7
1.7
0.9
374.7
Charge for the year
3.5
27.3
2.9
\u2013
4.4
0.4
0.3
38.8
Exchange differences
(0.1)
(13.6)
(0.5)
\u2013
(0.2)
\u2013
(0.1)
(14.5)
Disposals
\u2013
(1.6)
(0.3)
\u2013
(1.2)
(1.2)
(0.7)
(5.0)
Impairment
0.8
78.1
\u2013
\u2013
\u2013
\u2013
\u2013
78.9
Reclassi\ufb01cations
\u2013
0.8
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
47.2
371.0
24.7
\u2013
28.7
0.9
0.4
472.9
Charge for the year
4.1
17.9
2.0
\u2013
3.1
0.3
0.2
27.6
Business disposals
(7.0)
(209.5)
\u2013
\u2013
(4.6)
(0.7)
(0.1)
(221.9)
Exchange differences
4.9
18.3
\u2013
\u2013
0.5
\u2013
\u2013
23.7
Disposals
\u2013
(3.1)
(1.0)
\u2013
(0.8)
\u2013
(0.2)
(5.1)
Assets transferred to held for sale
(1.0)
(0.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
At 31 December 2025
48.2
194.1
25.7
\u2013
26.9
0.5
0.3
295.7
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
38.8
86.9
7.8
19.8
14.7
0.7
0.3
169.0
At 31 December 2024
52.9
233.9
8.0
14.4
27.2
1.3
0.3
338.0
At 1 January 2024
57.1
314.9
9.1
12.3
28.7
0.6
0.9
423.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "7. Pro\ufb01t from continuing operations
Pro\ufb01t from continuing operations of $62.3m (2024: $48.8m) has been arrived at after
charging/(crediting):
\u00a0
2025
2024
\u00a0
$m
$m
Employee costs (see Note 8)
111.1
108.1
Net foreign exchange losses
4.1
0.2
Research and development costs
7.3
8.0
Depreciation of property, plant and equipment
22.2
22.6
Amortisation of intangible assets
8.5
8.7
Total depreciation and amortisation expense
30.7
31.3
Impairment of assets
\u2013
\u2013
Loss on disposal of property, plant & equipment
0.8
1.0
Write off of inventory
6.3
3.8
Cost of inventories recognised as expense
236.5
246.9
Fees payable to company\u2019s auditors and its associates:
\u00a0\u00a0
Audit of company
1.5
1.2
Audit of subsidiaries
0.4
0.9
Audit-related services \u2013 interim review
0.2
0.3
CSRD metric readiness services
0.1
0.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "
\u00a0
2025
2024
\u00a0
$m
$m
Employee costs (see Note 8)
111.1
108.1
Net foreign exchange losses
4.1
0.2
Research and development costs
7.3
8.0
Depreciation of property, plant and equipment
22.2
22.6
Amortisation of intangible assets
8.5
8.7
Total depreciation and amortisation expense
30.7
31.3
Impairment of assets
\u2013
\u2013
Loss on disposal of property, plant & equipment
0.8
1.0
Write off of inventory
6.3
3.8
Cost of inventories recognised as expense
236.5
246.9
Fees payable to company\u2019s auditors and its associates:
\u00a0\u00a0
Audit of company
1.5
1.2
Audit of subsidiaries
0.4
0.9
Audit-related services \u2013 interim review
0.2
0.3
CSRD metric readiness services
0.1
0.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "
\u00a0
2025
2024
\u00a0
$m
$m
Employee costs (see Note 8)
111.1
108.1
Net foreign exchange losses
4.1
0.2
Research and development costs
7.3
8.0
Depreciation of property, plant and equipment
22.2
22.6
Amortisation of intangible assets
8.5
8.7
Total depreciation and amortisation expense
30.7
31.3
Impairment of assets
\u2013
\u2013
Loss on disposal of property, plant & equipment
0.8
1.0
Write off of inventory
6.3
3.8
Cost of inventories recognised as expense
236.5
246.9
Fees payable to company\u2019s auditors and its associates:
\u00a0\u00a0
Audit of company
1.5
1.2
Audit of subsidiaries
0.4
0.9
Audit-related services \u2013 interim review
0.2
0.3
CSRD metric readiness services
0.1
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "9. Earnings per share
The calculation of the basic and diluted earnings per share attributable to the ordinary equity
holders of the parent is based on the following:
Earnings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Adjusted earnings
81.5
72.0
Adjusting items net of tax
(19.2)
23.2
Earnings for the purpose of basic earnings per share
62.3
48.8
Loss from discontinued operations
(107.8)
(96.6)
Loss from continuing and discontinued operations
(45.5)
(47.8)
\n
Number of shares:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
m
m
Weighted average number of shares for the purpose of basic
\u00a0 \u00a0
earnings per share
583.6
588.9
Effect of dilutive share options
10.5
11.9
Weighted average number of shares for the purpose of diluted
\u00a0 \u00a0
earnings per share
594.1
600.8
\n
The dilutive loss from continuing and discontinued operations per share calculation, does not
include the impact of the 10.5m dilutive share options (2024: 11.9m), as the inclusion of these
potential shares would have an anti-dilutive impact on the diluted loss per share from continuing
and discontinued operations; it would decrease the diluted loss per share from continuing and
discontinued operations.
Earnings per share:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
cents
cents
Earnings per share from continuing operations:
\u00a0\u00a0
Basic earnings
10.7
8.3
Diluted earnings
10.5
8.1
Adjusted basic earnings
14.0
12.2
Adjusted diluted earnings
13.7
12.0
Earnings per share from discontinued operations:
\u00a0\u00a0
Basic loss from discontinued operations
(18.5)
(16.4)
Diluted loss from discontinued operations
(18.5)
(16.4)
Earnings per share from continuing and discontinued
\u00a0\u00a0
operations:
\u00a0\u00a0
Basic loss from continuing and discontinued operations
(7.8)
(8.1)
Diluted loss from continuing and discontinued operations
(7.8)
(8.1)
\n
Adjusted basic earnings per share from continuing and discontinued operations in 2024 was
13.6 cents per share and Adjusted diluted earnings per share from continuing and discontinued
operations in 2024 was 13.3 cents per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "10. Goodwill and other intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Goodwill
Brand
Customer lists
intangible assets
Total
\u00a0
$m
$m
$m
$m
$m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
712.2
25.4
165.0
101.5
1,004.1
Exchange differences
(5.7)
(1.1)
(3.3)
(4.1)
(14.2)
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
706.5
24.3
161.7
97.7
990.2
Exchange differences
19.6
0.8
5.2
5.1
30.7
Additions
\u2013
\u2013
\u2013
0.1
0.1
Business acquisitions
11.3
0.6
3.5
7.9
23.3
Business disposals
\u2013
\u2013
(40.7)
(44.6)
(85.3)
At 31 December 2025
737.4
25.7
129.7
66.2
959.0
Amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
229.9
2.5
56.6
64.5
353.5
Exchange differences
(3.6)
(0.1)
(2.2)
(3.2)
(9.1)
Charge for the year
\u2013
\u2013
8.2
4.6
12.8
Impairment
\u2013
\u2013
23.1
24.0
47.1
At 31 December 2024
226.3
2.4
85.7
89.9
404.3
Exchange differences
16.2
0.2
4.8
4.8
26.0
Charge for the year
\u2013
\u2013
6.3
2.3
8.6
Business disposals
\u2013
\u2013
(40.7)
(43.1)
(83.8)
At 31 December 2025
242.5
2.6
56.1
53.9
355.1
Carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
494.9
23.1
73.6
12.3
603.9
At 31 December 2024
480.2
21.9
76.0
7.8
585.9
At 1 January 2024
482.3
22.9
108.4
37.0
650.6
\n
Included in amortisation of $8.6m (2024:$12.8m) was $8.5m (2024: $8.7m) of amortisation from continuing operations, and $0.1m (2024: $4.1m) of amortisation from discontinued operations.
The brand intangibles represent the value ascribed to the trading name and reputation of the
Deuchem, Fancor, Watercryl, Hi-Mar, SummitReheis and Alchemy acquisitions. The Group, with
the exception of SummitReheis and Alchemy, considers these to have signi\ufb01cant and ongoing
value to the business that will be maintained, and it is therefore considered appropriate to assign
these assets an inde\ufb01nite useful life.
The carrying amount of brand intangibles with an inde\ufb01nite useful life is $22.5m (2024: $21.9m).
Brand intangibles with an inde\ufb01nite useful life are tested annually for impairment as part of the
annual goodwill impairment test and have been allocated to the Personal Care and Coatings
CGUs. The net book value of brand related to the acquisition of Alchemy is $0.6m and has a
remaining useful life of ten years. The brand relating to SummitReheis has been amortised
over a period of three years, and is fully amortised.
The net book value of customer lists includes $70.1m (2024: $76.0m) in relation to the acquisition
of SummitReheis, which have remaining lives of between 1 and 16 years (2024: between 2 and 17
years). and $3.5m in relation to the acquisition of Alchemy, which has a remaining life of 15 years.
The net book value of other intangibles assets includes technology-related intangible assets of
$7.9m arising from the acquisition of Alchemy which have a remaining life of 14 years.
The remaining intangible assets comprise the value ascribed to patents and the capitalisation of
REACH registration costs which are being amortised over periods of 1 to 14 years.
Goodwill and brand intangibles with an inde\ufb01nite useful life impairment testing
Goodwill and brand intangibles with an inde\ufb01nite useful life are allocated to the Group\u2019s CGUs
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Personal Care:
\u00a0 \u00a0
Goodwill
301.6
288.9
Inde\ufb01nite useful life intangible assets
7.4
6.6
Coatings:
\u00a0 \u00a0
Goodwill
193.3
191.3
Inde\ufb01nite useful life intangible assets
15.7
15.3
At 31 December
518.0
502.1
\n
The Group tests annually for impairment at 31 October, or more frequently, if there are events or
circumstances that indicate that the carrying amount may not be recoverable.
Basis of the recoverable amount
The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations
which use cash flow projections based on \ufb01nancial budgets approved by the Directors covering
a three-year period.
Management\u2019s judgement in estimating the cash flows of a CGU
The key assumptions for the value in use calculations are expected changes to sales volumes,
selling prices and direct costs during the forecast period, growth rates used to extrapolate
beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in
sales volumes, selling prices and direct costs are based on past practices and expectations of
future changes in the market. A three-year forecasting model is used for all CGUs.
Growth rates
Cash flows for periods beyond the forecast period are extrapolated based on estimated long-
term growth rates. The rates do not exceed the average long-term growth rate for the relevant
products or markets.
Discount rates
Management estimate discount rates using pre-tax rates that reflect current market assessments
of the time value of money and the risks speci\ufb01c to the CGUs.
Personal Care
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 12.1% (2024: 12.0%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $350.0m (2024: $361.7m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.
Coatings
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 10.3% (2024: 11.3%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $488.4m (2024: $701.1m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "10. Goodwill and other intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Goodwill
Brand
Customer lists
intangible assets
Total
\u00a0
$m
$m
$m
$m
$m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
712.2
25.4
165.0
101.5
1,004.1
Exchange differences
(5.7)
(1.1)
(3.3)
(4.1)
(14.2)
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
706.5
24.3
161.7
97.7
990.2
Exchange differences
19.6
0.8
5.2
5.1
30.7
Additions
\u2013
\u2013
\u2013
0.1
0.1
Business acquisitions
11.3
0.6
3.5
7.9
23.3
Business disposals
\u2013
\u2013
(40.7)
(44.6)
(85.3)
At 31 December 2025
737.4
25.7
129.7
66.2
959.0
Amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
229.9
2.5
56.6
64.5
353.5
Exchange differences
(3.6)
(0.1)
(2.2)
(3.2)
(9.1)
Charge for the year
\u2013
\u2013
8.2
4.6
12.8
Impairment
\u2013
\u2013
23.1
24.0
47.1
At 31 December 2024
226.3
2.4
85.7
89.9
404.3
Exchange differences
16.2
0.2
4.8
4.8
26.0
Charge for the year
\u2013
\u2013
6.3
2.3
8.6
Business disposals
\u2013
\u2013
(40.7)
(43.1)
(83.8)
At 31 December 2025
242.5
2.6
56.1
53.9
355.1
Carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
494.9
23.1
73.6
12.3
603.9
At 31 December 2024
480.2
21.9
76.0
7.8
585.9
At 1 January 2024
482.3
22.9
108.4
37.0
650.6
\n
Included in amortisation of $8.6m (2024:$12.8m) was $8.5m (2024: $8.7m) of amortisation from continuing operations, and $0.1m (2024: $4.1m) of amortisation from discontinued operations.
The brand intangibles represent the value ascribed to the trading name and reputation of the
Deuchem, Fancor, Watercryl, Hi-Mar, SummitReheis and Alchemy acquisitions. The Group, with
the exception of SummitReheis and Alchemy, considers these to have signi\ufb01cant and ongoing
value to the business that will be maintained, and it is therefore considered appropriate to assign
these assets an inde\ufb01nite useful life.
The carrying amount of brand intangibles with an inde\ufb01nite useful life is $22.5m (2024: $21.9m).
Brand intangibles with an inde\ufb01nite useful life are tested annually for impairment as part of the
annual goodwill impairment test and have been allocated to the Personal Care and Coatings
CGUs. The net book value of brand related to the acquisition of Alchemy is $0.6m and has a
remaining useful life of ten years. The brand relating to SummitReheis has been amortised
over a period of three years, and is fully amortised.
The net book value of customer lists includes $70.1m (2024: $76.0m) in relation to the acquisition
of SummitReheis, which have remaining lives of between 1 and 16 years (2024: between 2 and 17
years). and $3.5m in relation to the acquisition of Alchemy, which has a remaining life of 15 years.
The net book value of other intangibles assets includes technology-related intangible assets of
$7.9m arising from the acquisition of Alchemy which have a remaining life of 14 years.
The remaining intangible assets comprise the value ascribed to patents and the capitalisation of
REACH registration costs which are being amortised over periods of 1 to 14 years.
Goodwill and brand intangibles with an inde\ufb01nite useful life impairment testing
Goodwill and brand intangibles with an inde\ufb01nite useful life are allocated to the Group\u2019s CGUs
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Personal Care:
\u00a0 \u00a0
Goodwill
301.6
288.9
Inde\ufb01nite useful life intangible assets
7.4
6.6
Coatings:
\u00a0 \u00a0
Goodwill
193.3
191.3
Inde\ufb01nite useful life intangible assets
15.7
15.3
At 31 December
518.0
502.1
\n
The Group tests annually for impairment at 31 October, or more frequently, if there are events or
circumstances that indicate that the carrying amount may not be recoverable.
Basis of the recoverable amount
The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations
which use cash flow projections based on \ufb01nancial budgets approved by the Directors covering
a three-year period.
Management\u2019s judgement in estimating the cash flows of a CGU
The key assumptions for the value in use calculations are expected changes to sales volumes,
selling prices and direct costs during the forecast period, growth rates used to extrapolate
beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in
sales volumes, selling prices and direct costs are based on past practices and expectations of
future changes in the market. A three-year forecasting model is used for all CGUs.
Growth rates
Cash flows for periods beyond the forecast period are extrapolated based on estimated long-
term growth rates. The rates do not exceed the average long-term growth rate for the relevant
products or markets.
Discount rates
Management estimate discount rates using pre-tax rates that reflect current market assessments
of the time value of money and the risks speci\ufb01c to the CGUs.
Personal Care
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 12.1% (2024: 12.0%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $350.0m (2024: $361.7m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.
Coatings
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 10.3% (2024: 11.3%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $488.4m (2024: $701.1m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "10. Goodwill and other intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0
Goodwill
Brand
Customer lists
intangible assets
Total
\u00a0
$m
$m
$m
$m
$m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
712.2
25.4
165.0
101.5
1,004.1
Exchange differences
(5.7)
(1.1)
(3.3)
(4.1)
(14.2)
Additions
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
706.5
24.3
161.7
97.7
990.2
Exchange differences
19.6
0.8
5.2
5.1
30.7
Additions
\u2013
\u2013
\u2013
0.1
0.1
Business acquisitions
11.3
0.6
3.5
7.9
23.3
Business disposals
\u2013
\u2013
(40.7)
(44.6)
(85.3)
At 31 December 2025
737.4
25.7
129.7
66.2
959.0
Amortisation and impairment:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
229.9
2.5
56.6
64.5
353.5
Exchange differences
(3.6)
(0.1)
(2.2)
(3.2)
(9.1)
Charge for the year
\u2013
\u2013
8.2
4.6
12.8
Impairment
\u2013
\u2013
23.1
24.0
47.1
At 31 December 2024
226.3
2.4
85.7
89.9
404.3
Exchange differences
16.2
0.2
4.8
4.8
26.0
Charge for the year
\u2013
\u2013
6.3
2.3
8.6
Business disposals
\u2013
\u2013
(40.7)
(43.1)
(83.8)
At 31 December 2025
242.5
2.6
56.1
53.9
355.1
Carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
494.9
23.1
73.6
12.3
603.9
At 31 December 2024
480.2
21.9
76.0
7.8
585.9
At 1 January 2024
482.3
22.9
108.4
37.0
650.6
\n
Included in amortisation of $8.6m (2024:$12.8m) was $8.5m (2024: $8.7m) of amortisation from continuing operations, and $0.1m (2024: $4.1m) of amortisation from discontinued operations.
The brand intangibles represent the value ascribed to the trading name and reputation of the
Deuchem, Fancor, Watercryl, Hi-Mar, SummitReheis and Alchemy acquisitions. The Group, with
the exception of SummitReheis and Alchemy, considers these to have signi\ufb01cant and ongoing
value to the business that will be maintained, and it is therefore considered appropriate to assign
these assets an inde\ufb01nite useful life.
The carrying amount of brand intangibles with an inde\ufb01nite useful life is $22.5m (2024: $21.9m).
Brand intangibles with an inde\ufb01nite useful life are tested annually for impairment as part of the
annual goodwill impairment test and have been allocated to the Personal Care and Coatings
CGUs. The net book value of brand related to the acquisition of Alchemy is $0.6m and has a
remaining useful life of ten years. The brand relating to SummitReheis has been amortised
over a period of three years, and is fully amortised.
The net book value of customer lists includes $70.1m (2024: $76.0m) in relation to the acquisition
of SummitReheis, which have remaining lives of between 1 and 16 years (2024: between 2 and 17
years). and $3.5m in relation to the acquisition of Alchemy, which has a remaining life of 15 years.
The net book value of other intangibles assets includes technology-related intangible assets of
$7.9m arising from the acquisition of Alchemy which have a remaining life of 14 years.
The remaining intangible assets comprise the value ascribed to patents and the capitalisation of
REACH registration costs which are being amortised over periods of 1 to 14 years.
Goodwill and brand intangibles with an inde\ufb01nite useful life impairment testing
Goodwill and brand intangibles with an inde\ufb01nite useful life are allocated to the Group\u2019s CGUs
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Personal Care:
\u00a0 \u00a0
Goodwill
301.6
288.9
Inde\ufb01nite useful life intangible assets
7.4
6.6
Coatings:
\u00a0 \u00a0
Goodwill
193.3
191.3
Inde\ufb01nite useful life intangible assets
15.7
15.3
At 31 December
518.0
502.1
\n
The Group tests annually for impairment at 31 October, or more frequently, if there are events or
circumstances that indicate that the carrying amount may not be recoverable.
Basis of the recoverable amount
The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations
which use cash flow projections based on \ufb01nancial budgets approved by the Directors covering
a three-year period.
Management\u2019s judgement in estimating the cash flows of a CGU
The key assumptions for the value in use calculations are expected changes to sales volumes,
selling prices and direct costs during the forecast period, growth rates used to extrapolate
beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in
sales volumes, selling prices and direct costs are based on past practices and expectations of
future changes in the market. A three-year forecasting model is used for all CGUs.
Growth rates
Cash flows for periods beyond the forecast period are extrapolated based on estimated long-
term growth rates. The rates do not exceed the average long-term growth rate for the relevant
products or markets.
Discount rates
Management estimate discount rates using pre-tax rates that reflect current market assessments
of the time value of money and the risks speci\ufb01c to the CGUs.
Personal Care
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 12.1% (2024: 12.0%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $350.0m (2024: $361.7m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.
Coatings
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 10.3% (2024: 11.3%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $488.4m (2024: $701.1m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "Goodwill and brand intangibles with an inde\ufb01nite useful life impairment testing
Goodwill and brand intangibles with an inde\ufb01nite useful life are allocated to the Group\u2019s CGUs
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Personal Care:
\u00a0 \u00a0
Goodwill
301.6
288.9
Inde\ufb01nite useful life intangible assets
7.4
6.6
Coatings:
\u00a0 \u00a0
Goodwill
193.3
191.3
Inde\ufb01nite useful life intangible assets
15.7
15.3
At 31 December
518.0
502.1
\n
The Group tests annually for impairment at 31 October, or more frequently, if there are events or
circumstances that indicate that the carrying amount may not be recoverable.
Basis of the recoverable amount
The recoverable amounts of the Group\u2019s CGUs are determined from value in use calculations
which use cash flow projections based on \ufb01nancial budgets approved by the Directors covering
a three-year period.
Management\u2019s judgement in estimating the cash flows of a CGU
The key assumptions for the value in use calculations are expected changes to sales volumes,
selling prices and direct costs during the forecast period, growth rates used to extrapolate
beyond the forecast period and the discount rates applied to the resulting cash flows. Changes in
sales volumes, selling prices and direct costs are based on past practices and expectations of
future changes in the market. A three-year forecasting model is used for all CGUs.
Growth rates
Cash flows for periods beyond the forecast period are extrapolated based on estimated long-
term growth rates. The rates do not exceed the average long-term growth rate for the relevant
products or markets.
Discount rates
Management estimate discount rates using pre-tax rates that reflect current market assessments
of the time value of money and the risks speci\ufb01c to the CGUs.
Personal Care
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 12.1% (2024: 12.0%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $350.0m (2024: $361.7m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.
Coatings
The recoverable amount of the CGU was calculated using forecast cash flows based on budgets
and plans for 2026 to 2030, a pre-tax discount rate of 10.3% (2024: 11.3%) and a long-term
growth rate of 3.0% (2024: 3.0%). The recoverable amount exceeded the carrying value of the
CGU by $488.4m (2024: $701.1m). The Directors do not consider that any reasonably possible
changes to the key assumptions would reduce the recoverable amount to its carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "11. Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Right-of-use assets
\u00a0 \u00a0
\u00a0
Land and
Plant and
Fixtures, \ufb01ttings
Under
Land and
Plant and
Fixtures, \ufb01ttings
\u00a0
\u00a0
buildings
machinery
and equipment
construction
buildings
machinery
and equipment
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
Cost:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
100.1
594.9
32.5
12.3
54.4
2.3
1.8
798.3
Additions
1.8
19.1
\u2013
24.0
3.9
0.9
\u2013
49.7
Exchange differences
(2.5)
(26.8)
(0.5)
\u2013
(1.2)
0.2
(0.3)
(31.1)
Disposals
(0.2)
(2.3)
(0.3)
\u2013
(1.2)
(1.2)
(0.8)
(6.0)
Reclassi\ufb01cations
0.9
20.0
1.0
(21.9)
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
100.1
604.9
32.7
14.4
55.9
2.2
0.7
810.9
Additions
2.5
8.0
0.1
18.4
1.3
\u2013
0.1
30.4
Remeasurement of Right-of-use assets
\u2013
\u2013
\u2013
\u2013
(5.2)
\u2013
\u2013
(5.2)
Business disposals
(19.1)
(360.5)
\u2013
(8.5)
(11.6)
(0.8)
(0.1)
(400.6)
Exchange differences
4.3
36.5
0.4
(0.5)
2.0
\u2013
0.1
42.8
Disposals
\u2013
(7.7)
(0.9)
(0.2)
(0.8)
(0.2)
(0.2)
(10.0)
Reclassi\ufb01cations
2.2
0.4
1.2
(3.8)
\u2013
\u2013
\u2013
\u2013
Assets transferred to held for sale
(3.0)
(0.6)
\u2013
\u2013
\u2013
\u2013
\u2013
(3.6)
At 31 December 2025
87.0
281.0
33.5
19.8
41.6
1.2
0.6
464.7
Accumulated depreciation and impairment losses:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
43.0
280.0
23.4
\u2013
25.7
1.7
0.9
374.7
Charge for the year
3.5
27.3
2.9
\u2013
4.4
0.4
0.3
38.8
Exchange differences
(0.1)
(13.6)
(0.5)
\u2013
(0.2)
\u2013
(0.1)
(14.5)
Disposals
\u2013
(1.6)
(0.3)
\u2013
(1.2)
(1.2)
(0.7)
(5.0)
Impairment
0.8
78.1
\u2013
\u2013
\u2013
\u2013
\u2013
78.9
Reclassi\ufb01cations
\u2013
0.8
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
47.2
371.0
24.7
\u2013
28.7
0.9
0.4
472.9
Charge for the year
4.1
17.9
2.0
\u2013
3.1
0.3
0.2
27.6
Business disposals
(7.0)
(209.5)
\u2013
\u2013
(4.6)
(0.7)
(0.1)
(221.9)
Exchange differences
4.9
18.3
\u2013
\u2013
0.5
\u2013
\u2013
23.7
Disposals
\u2013
(3.1)
(1.0)
\u2013
(0.8)
\u2013
(0.2)
(5.1)
Assets transferred to held for sale
(1.0)
(0.5)
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
At 31 December 2025
48.2
194.1
25.7
\u2013
26.9
0.5
0.3
295.7
Net book value:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
38.8
86.9
7.8
19.8
14.7
0.7
0.3
169.0
At 31 December 2024
52.9
233.9
8.0
14.4
27.2
1.3
0.3
338.0
At 1 January 2024
57.1
314.9
9.1
12.3
28.7
0.6
0.9
423.6
\n
Included in depreciation of $27.6m (2024:$38.8m) was $22.2m (2024: $22.6m) of depreciation from continuing operations, and $5.4m (2024: $16.2m) of depreciation from discontinued operations.
Group capital expenditure contracted but not provided for in these \ufb01nancial statements amounted
to $nil (2024: $nil).
In 2025 and 2024 the Group reclassi\ufb01ed items of property, plant and equipment from under
construction to their relevant categories upon the assets becoming available for use.
In 2025, the Group actively marketed for the sale of its former Personal Care manufacturing site
in Middletown, New York. At 31 December 2025 the site was classi\ufb01ed as held for sale, with the
sale expected to close within the \ufb01rst half of 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "12. Inventories \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Raw materials and consumables
28.8
34.2
Work in progress
9.4
10.4
Finished goods and goods purchased for resale
104.7
107.9
At 31 December
142.9
152.5
\nInventories are disclosed net of provisions for obsolescence of $9.8m (2024: $6.7m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "13. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Trade receivables
68.9
78.1
Other receivables
5.1
6.8
Prepayments
7.6
8.4
At 31 December
81.6
93.3
\n
The Group entered into an accounts receivable purchase programme. The net balance
outstanding, which have been transferred without recourse and derecognised, in relation to this
programme was $5.0m (2024: $18.4m).
Other receivables are receivables which are individually immaterial and primarily include VAT
recoverable, receivables from other taxes and employee debtors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "13. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Trade receivables
68.9
78.1
Other receivables
5.1
6.8
Prepayments
7.6
8.4
At 31 December
81.6
93.3
\n
The Group entered into an accounts receivable purchase programme. The net balance
outstanding, which have been transferred without recourse and derecognised, in relation to this
programme was $5.0m (2024: $18.4m).
Other receivables are receivables which are individually immaterial and primarily include VAT
recoverable, receivables from other taxes and employee debtors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "13. Trade and other receivables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Trade receivables
68.9
78.1
Other receivables
5.1
6.8
Prepayments
7.6
8.4
At 31 December
81.6
93.3
\n
The Group entered into an accounts receivable purchase programme. The net balance
outstanding, which have been transferred without recourse and derecognised, in relation to this
programme was $5.0m (2024: $18.4m).
Other receivables are receivables which are individually immaterial and primarily include VAT
recoverable, receivables from other taxes and employee debtors. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "14. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Trade payables
56.0
52.3
Other payables
3.4
7.4
Accruals
32.6
48.7
At 31 December
92.0
108.4
\n
The Group entered into supplier \ufb01nancing arrangements with US Bank. At the end of the period,
the net balance outstanding on the US Bank facility was $nil (2024: $1.1m).
Other payables are payables which are individually immaterial and primarily include VAT
payables, payables from other taxes, employee payables and payables in relation to the
Alchemy acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "14. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Trade payables
56.0
52.3
Other payables
3.4
7.4
Accruals
32.6
48.7
At 31 December
92.0
108.4
\n
The Group entered into supplier \ufb01nancing arrangements with US Bank. At the end of the period,
the net balance outstanding on the US Bank facility was $nil (2024: $1.1m).
Other payables are payables which are individually immaterial and primarily include VAT
payables, payables from other taxes, employee payables and payables in relation to the
Alchemy acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "14. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Trade payables
56.0
52.3
Other payables
3.4
7.4
Accruals
32.6
48.7
At 31 December
92.0
108.4
\n
The Group entered into supplier \ufb01nancing arrangements with US Bank. At the end of the period,
the net balance outstanding on the US Bank facility was $nil (2024: $1.1m).
Other payables are payables which are individually immaterial and primarily include VAT
payables, payables from other taxes, employee payables and payables in relation to the
Alchemy acquisition. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "15. Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Self-
\u00a0 \u00a0 \u00a0
\u00a0
Environmental
insurance
Restructuring
Other
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2025
43.2
0.2
4.7
0.3
48.4
Increase/(decrease)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in provisions
1.3
\u2013
1.3
\u2013
2.6
Unused amounts reversed
\u2013
\u2013
\u2013
\u2013
\u2013
Unwinding of discount
0.2
\u2013
\u2013
\u2013
0.2
Utilised during the year
(1.4)
\u2013
(5.2)
\u2013
(6.6)
Currency translation differences
3.9
\u2013
0.3
0.1
4.3
Disposals
(42.7)
\u2013
(1.1)
\u2013
(43.8)
At 31 December 2025
4.5
0.2
\u2013
0.4
5.1
Due within 1 year
1.1
0.2
\u2013
0.4
1.7
Due after 1 year
3.4
\u2013
\u2013
\u2013
3.4
\n
Environmental provisions include restoration provisions relating to manufacturing and distribution
sites, including certain sites no longer owned by the Group.
Restoration provisions have been derived using a discounted cash flow methodology and reflect
the extent to which it is probable that expenditure will be incurred over the next 25 years. The
level of these provisions are based on management\u2019s best estimate of the most likely outcome for
each individual exposure. These provisions are discounted using discount rates which reflect
market assessments and the risks speci\ufb01c to the liabilities. The discount rates used were 4.8% in
the US and 3.9% in Canada.
The following table shows the timeframes over which undiscounted costs in relation to all
environmental provisions are expected to be incurred:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1-10 years
11-20 years
20-25 years
25+ years
Total
\u00a0
$m
$m
$m
$m
$m
Environmental provisions
4.7
1.6
0.5
\u2013
6.8
\n
Additional environmental provisions of $1.3m were recognised due to extra remediation and
rehabilitation work identi\ufb01ed during the year. The charge of $1.3m is included within adjusting
items. If the cost estimates on which the provisions are based were to change by 10%, which is
reasonably possible, the provisions recognised would increase by approximately $0.4m.
While a range of outcomes is possible, the Directors believe that the reasonably possible range
for the environmental provision is from $3.7m to $10.6m.
Self-insurance provisions relate to personal injury and other claims from former employees or
third parties and represent the aggregate of outstanding claims plus a projection of losses
incurred but not yet reported which together make up the full liability recognised as a provision.
Insurance recoveries are recognised as a separate reimbursement asset. The self-insurance
provisions are expected to be utilised within one year.
Restructuring provisions relate to costs of adjusting headcount and other costs of restructuring
where a need to do so has been identi\ufb01ed by management. An overall increase in the
restructuring provisions of $1.3m was recognised during the year related to the Fit for the Future
programme, which was announced in 2023. These changes in the restructuring provisions are
included within adjusting items (see Note 5). The restructuring provisions are based on
management\u2019s best estimate of the cash outflow required to settle the obligation.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "15. Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Self-
\u00a0 \u00a0 \u00a0
\u00a0
Environmental
insurance
Restructuring
Other
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2025
43.2
0.2
4.7
0.3
48.4
Increase/(decrease)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
in provisions
1.3
\u2013
1.3
\u2013
2.6
Unused amounts reversed
\u2013
\u2013
\u2013
\u2013
\u2013
Unwinding of discount
0.2
\u2013
\u2013
\u2013
0.2
Utilised during the year
(1.4)
\u2013
(5.2)
\u2013
(6.6)
Currency translation differences
3.9
\u2013
0.3
0.1
4.3
Disposals
(42.7)
\u2013
(1.1)
\u2013
(43.8)
At 31 December 2025
4.5
0.2
\u2013
0.4
5.1
Due within 1 year
1.1
0.2
\u2013
0.4
1.7
Due after 1 year
3.4
\u2013
\u2013
\u2013
3.4
\n
Environmental provisions include restoration provisions relating to manufacturing and distribution
sites, including certain sites no longer owned by the Group.
Restoration provisions have been derived using a discounted cash flow methodology and reflect
the extent to which it is probable that expenditure will be incurred over the next 25 years. The
level of these provisions are based on management\u2019s best estimate of the most likely outcome for
each individual exposure. These provisions are discounted using discount rates which reflect
market assessments and the risks speci\ufb01c to the liabilities. The discount rates used were 4.8% in
the US and 3.9% in Canada.
The following table shows the timeframes over which undiscounted costs in relation to all
environmental provisions are expected to be incurred:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
1-10 years
11-20 years
20-25 years
25+ years
Total
\u00a0
$m
$m
$m
$m
$m
Environmental provisions
4.7
1.6
0.5
\u2013
6.8
\n
Additional environmental provisions of $1.3m were recognised due to extra remediation and
rehabilitation work identi\ufb01ed during the year. The charge of $1.3m is included within adjusting
items. If the cost estimates on which the provisions are based were to change by 10%, which is
reasonably possible, the provisions recognised would increase by approximately $0.4m.
While a range of outcomes is possible, the Directors believe that the reasonably possible range
for the environmental provision is from $3.7m to $10.6m.
Self-insurance provisions relate to personal injury and other claims from former employees or
third parties and represent the aggregate of outstanding claims plus a projection of losses
incurred but not yet reported which together make up the full liability recognised as a provision.
Insurance recoveries are recognised as a separate reimbursement asset. The self-insurance
provisions are expected to be utilised within one year.
Restructuring provisions relate to costs of adjusting headcount and other costs of restructuring
where a need to do so has been identi\ufb01ed by management. An overall increase in the
restructuring provisions of $1.3m was recognised during the year related to the Fit for the Future
programme, which was announced in 2023. These changes in the restructuring provisions are
included within adjusting items (see Note 5). The restructuring provisions are based on
management\u2019s best estimate of the cash outflow required to settle the obligation.30. Contingent liabilities
As is the case with other chemical companies, the Group occasionally receives notice of litigation
relating to regulatory and legal matters. A provision is recognised when the Group believes it has
a present legal or constructive obligation as a result of a past event, and it is probable that an
outflow of economic bene\ufb01ts will be required to settle the obligation. Where it is deemed that an
obligation is merely possible and that the probability of a material outflow is not remote, the
Group would disclose a contingent liability.
During 2021 HM Revenue and Customs (\u201cHMRC\u201d) opened a tax audit into the 2019 tax returns of
certain UK Group entities, focused speci\ufb01cally on the tax-ef\ufb01cient \ufb01nancing structure set up in
2014. The Group has been working constructively with HMRC and will move to settle some
aspects of the audit, reflected in the tax provision booked within the 2025 Annual Report and
Accounts.
On other matters the Group continues to come to a different conclusion to HMRC, based on legal
advice received, and will continue discussions. At this stage management have concluded that
there is a possible obligation with an outcome ranging from $0m to $32.5m.
During Q4 2023, an environmental incident occurred at the Eaglescliffe site, which, following
investigation during H1 2024, is likely to require additional remediation work at the site and could
result in a \ufb01ne from the relevant supervisory body. Under the terms of the sale and purchase
agreement with Flacks Group, signed in March 2025, Flacks Group are responsible for the cost of
any remediation and associated \ufb01ne. As the terms of the sale and purchase agreement state that
Elementis must pay any amount due and then reclaim the amount from Flacks Group via the
indemnity clause we have disclosed the event. Management have concluded at this stage that the
obligation cannot be measured with suf\ufb01cient reliability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "16. Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0 \u00a0
\u00a0
Retirement
Accelerated tax
Amortisation of
Other intangible
temporary
Unrelieved tax
\u00a0
\u00a0
bene\ufb01t plans
depreciation
US goodwill
assets
differences
losses
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
At 1 January 2024
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Credit/(charge) to the income statement
\u2013
4.5
0.3
1.0
(4.2)
0.1
1.7
Credit/(charge) to other comprehensive income
0.8
\u2013
\u2013
\u2013
0.3
\u2013
1.1
Charge to retained earnings
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
Acquisition/disposal
\u2013
3.4
\u2013
(2.8)
0.3
(2.9)
(2.0)
Currency translation differences
(0.5)
(0.5)
\u2013
(0.4)
0.1
\u2013
(1.3)
At 31 December 2025
(5.5)
(12.1)
(62.2)
(12.5)
0.5
0.1
(91.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
0.5
0.1
0.6
Deferred tax liabilities
(5.5)
(12.1)
(62.2)
(12.5)
\u2013
\u2013
(92.3)
\n
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable pro\ufb01ts from which the future reversal of the underlying timing differences can
be deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable pro\ufb01ts have been modelled using the Group\u2019s Board-approved three-year forecasts.
Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are \ufb01led and where tax assets and liabilities may be netted.
At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $28.8m
(2024: $31.8m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group
considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $19.8m (gross $6.5m)
(2024: $7.3m (gross $22.2m)) in respect of German net operating losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "16. Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other
\u00a0 \u00a0
\u00a0
Retirement
Accelerated tax
Amortisation of
Other intangible
temporary
Unrelieved tax
\u00a0
\u00a0
bene\ufb01t plans
depreciation
US goodwill
assets
differences
losses
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
At 1 January 2024
(9.7)
(39.6)
(62.8)
(26.6)
16.4
3.2
(119.1)
Credit/(charge) to the income statement
0.2
18.7
0.3
15.2
(11.2)
\u2013
23.2
Credit/(charge) to other comprehensive income
3.5
\u2013
\u2013
\u2013
(0.6)
\u2013
2.9
Credit to retained earnings
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Disposal
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Currency translation differences
0.2
1.4
\u2013
1.1
(0.3)
(0.3)
2.1
At 31 December 2024
(5.8)
(19.5)
(62.5)
(10.3)
4.5
2.9
(90.7)
Credit/(charge) to the income statement
\u2013
4.5
0.3
1.0
(4.2)
0.1
1.7
Credit/(charge) to other comprehensive income
0.8
\u2013
\u2013
\u2013
0.3
\u2013
1.1
Charge to retained earnings
\u2013
\u2013
\u2013
\u2013
(0.5)
\u2013
(0.5)
Acquisition/disposal
\u2013
3.4
\u2013
(2.8)
0.3
(2.9)
(2.0)
Currency translation differences
(0.5)
(0.5)
\u2013
(0.4)
0.1
\u2013
(1.3)
At 31 December 2025
(5.5)
(12.1)
(62.2)
(12.5)
0.5
0.1
(91.7)
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
0.5
0.1
0.6
Deferred tax liabilities
(5.5)
(12.1)
(62.2)
(12.5)
\u2013
\u2013
(92.3)
\n
Deferred tax assets have been recognised to the extent that it is considered more likely than not that there will be taxable pro\ufb01ts from which the future reversal of the underlying timing differences can
be deducted. Where this is not the case, deferred tax assets have not been recognised. Future taxable pro\ufb01ts have been modelled using the Group\u2019s Board-approved three-year forecasts.
Deferred tax liabilities are reduced for any deferred tax assets which exist within a jurisdiction where consolidated tax returns are \ufb01led and where tax assets and liabilities may be netted.
At the balance sheet date, the aggregate amount of the temporary differences in relation to the investment in subsidiaries for which deferred tax liabilities have not been recognised was $28.8m
(2024: $31.8m). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and the Group
considers that it is probable that such differences will not reverse in the foreseeable future. As at the balance sheet date, the Group had an unrecognised deferred tax asset of $19.8m (gross $6.5m)
(2024: $7.3m (gross $22.2m)) in respect of German net operating losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "17. Share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
At 1 January
52.7
52.5
Issue of shares
0.1
0.2
Purchase and cancellation of shares by the Company
(1.5)
\u00a0
At 31 December
51.3
52.7
\n
During 2025, the Company repurchased 24,578,253 Elementis plc shares under the share buyback programme at a cost of $53.8m, of which 23,026,118 shares were cancelled. At 31 December
2025, the Group held 91,378 Elementis plc shares in treasury, with a value of $0.2m, and held 4,181 (2024: 968,021) Elementis plc shares through the ESOT with a value of $nil (2024: $1.6m).
These shares are held to settle share options and awards granted to employees. Refer to Note 26 for further details.
18. Other reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
redemption
Translation
Hedging
Share options
\u00a0
\u00a0
reserve
reserve
reserve
reserve
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
158.8
(103.4)
5.9
8.8
70.1
Share-based payments
\u2013
\u2013
\u2013
5.7
5.7
Exchange differences
\u2013
(17.4)
\u2013
0.1
(17.3)
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(4.4)
\u2013
(4.4)
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
2.3
\u2013
2.3
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
0.4
\u2013
0.4
Recycle deferred foreign exchange losses on disposal
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer
\u2013
\u2013
\u2013
(5.3)
(5.3)
At 31 December 2024
158.8
(120.8)
4.2
9.3
51.5
Purchase and cancellation of shares by the Company
1.5
\u2013
\u2013
\u2013
1.5
Share-based payments
\u2013
\u2013
\u2013
7.0
7.0
Exchange differences
\u2013
12.3
\u2013
0.7
13.0
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
0.6
\u2013
0.6
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(4.5)
\u2013
(4.5)
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
(0.2)
\u2013
(0.2)
Recycle deferred foreign exchange losses on disposal
\u2013
(2.0)
\u2013
\u2013
(2.0)
Transfer
\u2013
\u2013
\u2013
(6.4)
(6.4)
At 31 December 2025
160.3
(110.5)
0.1
10.6
60.5
\n
The Company can redeem shares by repaying the market value to the shareholder, whereupon the shares are cancelled. Redemption must be from distributable pro\ufb01ts. The capital redemption
reserve represents the nominal value of the shares redeemed.
The translation reserve comprises all foreign currency differences arising from the translation of
the \ufb01nancial statements of foreign operations as well as from the translation of liabilities that
hedge the Company\u2019s net investment in a foreign subsidiary.
The hedging reserve comprises the effective portion of the cumulative net change in the fair
value of cash flow hedging instruments related to hedged transactions that have not yet occurred.
The share options reserve comprises amounts accumulated in equity in respect of share options
and awards granted to employees. The transfers from the share options reserve to retained
earnings is as a result of the exercise and expiry of share options and awards during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "17. Share capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
At 1 January
52.7
52.5
Issue of shares
0.1
0.2
Purchase and cancellation of shares by the Company
(1.5)
\u00a0
At 31 December
51.3
52.7
\n
During 2025, the Company repurchased 24,578,253 Elementis plc shares under the share buyback programme at a cost of $53.8m, of which 23,026,118 shares were cancelled. At 31 December
2025, the Group held 91,378 Elementis plc shares in treasury, with a value of $0.2m, and held 4,181 (2024: 968,021) Elementis plc shares through the ESOT with a value of $nil (2024: $1.6m).
These shares are held to settle share options and awards granted to employees. Refer to Note 26 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "18. Other reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Capital
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
redemption
Translation
Hedging
Share options
\u00a0
\u00a0
reserve
reserve
reserve
reserve
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
158.8
(103.4)
5.9
8.8
70.1
Share-based payments
\u2013
\u2013
\u2013
5.7
5.7
Exchange differences
\u2013
(17.4)
\u2013
0.1
(17.3)
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(4.4)
\u2013
(4.4)
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
2.3
\u2013
2.3
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
0.4
\u2013
0.4
Recycle deferred foreign exchange losses on disposal
\u2013
\u2013
\u2013
\u2013
\u2013
Transfer
\u2013
\u2013
\u2013
(5.3)
(5.3)
At 31 December 2024
158.8
(120.8)
4.2
9.3
51.5
Purchase and cancellation of shares by the Company
1.5
\u2013
\u2013
\u2013
1.5
Share-based payments
\u2013
\u2013
\u2013
7.0
7.0
Exchange differences
\u2013
12.3
\u2013
0.7
13.0
Effective portion of changes in fair value of cash flow hedges
\u2013
\u2013
0.6
\u2013
0.6
Fair value of cash flow hedges transferred to the income statement
\u2013
\u2013
(4.5)
\u2013
(4.5)
Fair value of cash flow hedges transferred to net assets
\u2013
\u2013
(0.2)
\u2013
(0.2)
Recycle deferred foreign exchange losses on disposal
\u2013
(2.0)
\u2013
\u2013
(2.0)
Transfer
\u2013
\u2013
\u2013
(6.4)
(6.4)
At 31 December 2025
160.3
(110.5)
0.1
10.6
60.5
\n
The Company can redeem shares by repaying the market value to the shareholder, whereupon the shares are cancelled. Redemption must be from distributable pro\ufb01ts. The capital redemption
reserve represents the nominal value of the shares redeemed.
The translation reserve comprises all foreign currency differences arising from the translation of
the \ufb01nancial statements of foreign operations as well as from the translation of liabilities that
hedge the Company\u2019s net investment in a foreign subsidiary.
The hedging reserve comprises the effective portion of the cumulative net change in the fair
value of cash flow hedging instruments related to hedged transactions that have not yet occurred.
The share options reserve comprises amounts accumulated in equity in respect of share options
and awards granted to employees. The transfers from the share options reserve to retained
earnings is as a result of the exercise and expiry of share options and awards during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "19. Borrowings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Bank loans
190.0
222.9
Short-term borrowings
50.0
\u2013
Unamortised syndicate loan fees
(3.8)
(3.7)
Carrying value of borrowings at 31 December
236.2
219.2
The borrowings are repayable as follows:
\u00a0\u00a0
Within one year
50.0
\u2013
Within two to four years
190.0
222.9
In the \ufb01fth year
\u2013
\u2013
\u00a0
240.0
222.9
The weighted average interest rates paid were as follows:
\u00a0\u00a0
\u00a0
2025
2024
\u00a0
%
%
Bank loans
4.3
5.9
\n
Group borrowings were denominated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
US dollar
240.0
75.0
Euro
\u2013
147.9
Total bank loans
240.0
222.9
\n
The Group\u2019s bank loans include term loans of $50m that mature in June 2026 and term loans of
$110m that mature in May 2029.
The Group\u2019s bank loans comprised US dollar borrowings comprising a fully drawn $160.0m term
loans (2024: $75.0m) and $80.0m of revolving credit facility (\u201cRCF\u201d) drawings (2024: $nil) and
euro borrowings comprising fully drawn \u20acnil term loans (2024: \u20ac142.9m) and \u20acnil of RCF drawings
(2024: \u20acnil).
The interest rates associated with these borrowings are floating rate.
The RCF and term loans are governed by the Group\u2019s bank syndicate facilities agreement, under
which certain Group entities act as guarantors. The guarantors to the facilities agreement are
required to constitute at least 75% of the Group\u2019s total \ufb01xed assets plus current assets less
current liabilities and 75% of the Group\u2019s pro\ufb01ts before interest expense and tax.
Each guarantor irrevocably and unconditionally jointly and severally guarantees the punctual
performance under the Group\u2019s bank syndicate facilities agreement. There are no \ufb01xed or
floating charges over assets.28. Movement in net borrowings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Change in net borrowings resulting from cash flows:
\u00a0 \u00a0
Decrease in cash and cash equivalents
(15.6)
(3.2)
Increase in short-term borrowings
(50.0)
\u2013
Decrease in long-term borrowings
47.8
34.8
\u00a0
(17.8)
31.6
Currency translation differences
(10.4)
7.3
(Increase)/decrease in net borrowings
(28.2)
38.9
Held for sale cash
\u2013
5.9
Net borrowings at 1 January
(157.2)
(202.0)
Net borrowings at 31 December
(185.4)
(157.2)
\u00a0
Bank and other
Lease
Total \ufb01nancing
Cash and cash
Net debt and
\u00a0
borrowings
liabilities
liabilities
equivalents
lease liabilities
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
(267.8)
(35.5)
(303.3)
65.8
(237.5)
Exchange rate
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments
10.1
0.8
10.9
(2.7)
8.2
Cash flows from
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancing activities
34.8
6.7
41.5
2.7
44.2
Other movements
\u2013
(6.4)
(6.4)
\u2013
(6.4)
Transferred to held
\u00a0\u00a0\u00a0\u00a0\u00a0
for sale
\u2013
\u2013
\u2013
(5.9)
(5.9)
At 31 December 2024
(222.9)
(34.4)
(257.3)
59.9
(197.4)
Exchange rate
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments
(14.9)
(1.4)
(16.3)
4.4
(11.9)
Business disposed
\u2013
7.2
7.2
\u2013
7.2
Cash flows from
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancing activities
(2.2)
5.5
3.3
(15.6)
(12.3)
Other movements
\u2013
2.7
2.7
5.9
8.6
At 31 December 2025
(240.0)
(20.4)
(260.4)
54.6
(205.8)
\n
Included in the net movement of other loans and borrowings of $79.7m (2024: $9.6m) are total
drawdowns of $115.4m (2024: $86.6m) and total repayments of $35.7m (2024: $96.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "20. Cash and cash equivalents
Cash and cash equivalents comprise the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Cash at bank and on hand at 31 December
54.6
59.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "21. Financial instruments \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0 \u00a0
Held at fair value
Held at amortised cost
\u00a0 \u00a0
Held at fair value
Held at amortised cost
\u00a0 \u00a0
\u00a0 \u00a0
Through
Derivatives
\u00a0 \u00a0
Total
Total
Through
Derivatives
\u00a0 \u00a0
Total
Total
\u00a0 \u00a0
pro\ufb01t
used for
\u00a0 \u00a0
book
fair
pro\ufb01t
used for
\u00a0 \u00a0
book
fair
\u00a0 \u00a0
and loss
hedging
Assets
Liabilities
value
value
and loss
hedging
Assets
Liabilities
value
value
At 31 December:
Note
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other receivables
13
\u2013
\u2013
74.0
\u2013
74.0
74.0
\u2013
\u2013
84.9
\u2013
84.9
84.9
Derivative \ufb01nancial assets
22
0.1
0.3
\u2013
\u2013
0.4
0.4
0.3
3.3
\u2013
\u2013
3.6
3.6
Cash and cash equivalents
20
\u2013
\u2013
54.6
\u2013
54.6
54.6
\u2013
\u2013
59.9
\u2013
59.9
59.9
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial assets
22
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.8
\u2013
\u2013
1.8
1.8
Financial assets
\u00a0
0.1
0.3
128.6
\u2013
129.0
129.0
0.3
5.1
144.8
\u2013
150.2
150.2
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Short-term borrowings
1
19
\u2013
\u2013
\u2013
(50.0)
(50.0)
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade and other payables
14
\u2013
\u2013
\u2013
(92.0)
(92.0)
(92.0)
\u2013
\u2013
\u2013
(108.4)
(108.4)
(108.4)
Derivative \ufb01nancial liabilities
22
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
\u2013
\u2013
(1.5)
(1.5)
Lease liabilities
24
\u2013
\u2013
\u2013
(4.5)
(4.5)
(4.5)
\u2013
\u2013
\u2013
(5.9)
(5.9)
(5.9)
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and borrowings
1
19
\u2013
\u2013
\u2013
(186.2)
(186.2)
(190.0)
\u2013
\u2013
\u2013
(219.2)
(219.2)
(222.9)
Lease liabilities
24
\u2013
\u2013
\u2013
(15.9)
(15.9)
(15.9)
\u2013
\u2013
\u2013
(28.8)
(28.8)
(28.8)
Derivative \ufb01nancial liabilities
22
\u2013
(0.1)
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Financial liabilities
\u00a0
\u2013
(0.1)
\u2013
(348.6)
(348.7)
(352.5)
\u2013
(1.5)
\u2013
(362.3)
(363.8)
(367.5)
Total
\u00a0
0.1
0.2
128.6
(348.6)
(219.7)
(223.5)
0.3
3.6
144.8
(362.3)
(213.6)
(217.3)
\n
1
The total book value of loans and borrowings are shown net of facility fees of $3.8m (2024: $3.7m).
Fair values measurement and hierarchy
Basis for determining fair values
The Group measures fair values in respect of \ufb01nancial instruments in accordance with IFRS 13,
using the following fair value hierarchy that reflects the signi\ufb01cance of the inputs used in making
the measurements:
Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.
Level 2: Valuation techniques based on observable inputs, either directly or indirectly.
Level 3: Valuation techniques using signi\ufb01cant unobservable inputs. This category includes
contingent consideration.
The following summarises the signi\ufb01cant methods and assumptions used in estimating the fair
values of \ufb01nancial instruments:
The Group assesses that the fair values of cash and cash equivalents, trade and other
receivables, trade and other payables, and the current portion of floating rate bank and other
borrowings, approximate to book values due to the short maturity periods of these \ufb01nancial
instruments. For trade and other receivables, allowances are made within their book value for
credit risk.
Derivatives (Level 2)
Fair value is estimated by discounting the difference between the contractual forward price and
the current forward price for the residual maturity of the contract using a risk-free interest rate
(based on government bonds).
Loans and borrowings (Level 2)
Fair value is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the reporting date.
The following table shows amounts recognised in pro\ufb01t or loss in relation to \ufb01nancial assets and
liabilities within the scope of IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Recognised in pro\ufb01t or loss
\u00a0 \u00a0
Interest income on bank deposits held at amortised cost
0.7
0.3
Financial income
0.7
0.3
Interest on bank loans
(16.9)
(18.2)
Fair value of cash flow hedges transferred from equity
(0.6)
(1.8)
Interest on lease liabilities
(0.9)
(1.1)
Financial costs
(18.4)
(21.1)
Fair value of cash flow hedges transferred from equity
5.1
6.2
Fair value movements on derivatives
(0.9)
\u2013
Loss from discontinued operations
4.2
6.2
\n
The following table shows amounts recognised directly in equity in relation to \ufb01nancial assets and
liabilities within the scope of IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Recognised directly in equity
\u00a0\u00a0
Effective portion of changes in fair value of cash flow hedges
0.6
2.3
Fair value of cash flow hedges transferred to income statement
(4.5)
(4.4)
Fair value of cash flow hedges transferred to net assets
(0.2)
0.4
Effective portion of change in fair value of net investment hedge
0.9
6.5
Foreign currency translation differences for foreign operations
11.4
(23.9)
Recycle deferred foreign exchange gains on disposal of subsidiary
(2.0)
\u2013
Recognised in:
\u00a0\u00a0
Hedging reserve
(4.1)
(1.7)
Translation reserve
10.3
(17.4)
\n
22. Derivative \ufb01nancial instruments and hedging activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract or underlying
\u00a0 \u00a0
Contract or underlying
\u00a0 \u00a0
\u00a0
principal amount
Fair value
principal amount
Fair value
\u00a0 \u00a0 \u00a0
Assets
Liabilities
\u00a0 \u00a0
Assets
Liabilities
At 31 December:
Assets
Liabilities
$m
$m
Assets
Liabilities
$m
$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps \u2013 cash flow hedges
$15m
$35m
\u2013
\u2013
\u2013
\u20ac142m
\u2013
(1.4)
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
$25m
\u2013
0.2
\u2013
Nickel swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
270MT
\u2013
3.2
\u2013
Aluminium swaps \u2013 cash flow hedges
1,100MT
\u2013
0.3
\u2013
800MT
2,000MT
0.1
(0.1)
Aluminium swaps
700MT
\u2013
0.1
\u2013
2,460MT
\u2013
0.1
\u2013
Total
\u00a0 \u00a0
0.4
\u2013
\u00a0 \u00a0
3.6
(1.5)
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps \u2013 cash flow hedges
$25m
$35m
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
Nickel swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
133MT
\u2013
1.8
\u2013
Total
\u00a0 \u00a0
0.4
(0.1)
\u00a0 \u00a0
5.4
(1.5)
\n
Hedging activities
The Group is exposed to certain risks relating to its ongoing business operations. The primary
risks managed using derivative instruments are foreign currency risk, commodity price risk and
interest rate risk.
The Group\u2019s risk management strategy is explained in Note 23.
Derivatives designated as hedging instruments
Commodity price risk
The Group enters into commodity swap contracts to reduce the volatility attributable to price
fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge
accounting, the commodity forward contracts are accounted for as cash flow hedges. The
weighted average strike price on outstanding aluminium hedges was $2,729.7 per metric ton
(\u201cMT\u201d) (2024: $2,565.4 per MT).
There is an economic relationship between the hedged items and the hedging instruments as
the terms of the commodity swap contracts match the terms of the expected highly probable
forecast transactions (i.e. notional amount and expected payment date). During the year ended
31 December 2025, the group recognised a gain of $3.6m (2024: $2.9m) within loss from
discontinued operations in the consolidated income statement as a result of the sale of selected
nickel hedges. For all other commodity hedges, as all critical terms matched during the year,
hedge ineffectiveness was immaterial. The hedge ratio is 1:1.
Interest rate risk
The Group enters into interest rate swaps to swap a portion of the interest arising from the
Group\u2019s bank borrowings from floating to \ufb01xed. Interest payments are highly probable;
the hedged risk is the change in the market interest rate. The hedged items are the interest
rate cash flows on $110m of US dollar-denominated debt. The interest rate swaps for the
euro-denominated debt matured in 2025. The Group\u2019s total borrowings are shown in
Note 19 to the \ufb01nancial statements.
The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments
have been matched along with the contractual interest cash flows, therefore creating an exact
offset for these transactions resulting in a net \ufb01xed interest payable. The interest rate swaps and
the hedged items are matched (equal and opposite terms of interest rate, date and maturity);
this results in a designated hedge ratio of 1:1 or 100%.
Hedge ineffectiveness can arise from:
Changes in timing of the hedged item
A reduction in the amount of the hedged item considered to be highly probable
A change in the credit risk of Elementis or the counterparty to the derivative contract
Foreign currency basis spreads
The effect of cash flow hedges in the consolidated income statement and the consolidated
\n
statement of other comprehensive income (\u201cOCI\u201d) is as follows:
\n\n \n
Total hedging
Amount
Amount
(loss)/gain
reclassi\ufb01ed
reclassi\ufb01ed from
recognised
from OCI to
OCI to the
in OCI
pro\ufb01t or loss
balance sheet
$m
$m
$m
2025
Interest rate swaps \u2013 cash flow hedges
1
\u2013
(0.6)
\u2013
Nickel forward contracts \u2013 cash flow hedges
2
(0.1)
5.1
\u2013
Aluminium forward contracts \u2013 cash flow hedges
3
(0.5)
\u2013
(0.2)
2024
Interest rate swaps \u2013 cash flow hedges
1
(2.2)
(1.8)
\u2013
Nickel forward contracts \u2013 cash flow hedges
2
(0.9)
6.2
\u2013
Aluminium forward contracts \u2013 cash flow hedges
3
0.8
\u2013
(0.4)
\n
1
Recorded in \ufb01nance costs in the income statement.
\n
2
Recorded in loss from discontinued operations in the income statement.
\n
3
Recorded in inventory in the balance sheet.
\n
Amounts reclassi\ufb01ed from other comprehensive income to pro\ufb01t or loss are due to the hedged
\n
item affecting pro\ufb01t or loss in the period. There were no instances of non-occurrence of hedged
\n
cash flows in either the current or comparative period.
\n
Hedge of net investments in foreign operations
\n
The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to
\n
match the currency of its cash flows, earnings and assets which are principally denominated in
\n
those currencies.
\n
The euro and US dollar borrowings in Elementis Holdings Limited are designated as net
\n
investment hedges, as the Company\u2019s functional currency is pounds sterling. The Group does not
\n
undertake derivative transactions to hedge the foreign currency translation exposures.
\n
The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency
\n
borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of
\n
net assets. The critical terms of the euro and US dollar borrowings and their corresponding
\n
hedged items are therefore the same.
\n
The Group performs a qualitative assessment of effectiveness, and it is expected that the value of
\n
the euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged
\n
items in pounds sterling will systematically move in the opposite direction in response to
\n
movements in the underlying exchange rates. The main source of ineffectiveness in these
\n
hedging relationships is the impact of a decline in the carrying value of the hedged item
\n
compared with the euro and US dollar borrowings, with the result that the value of the hedged
\n
item is less than the value of hedging instrument.
\n
Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis
\n
Holdings Limited are recorded in other comprehensive income and deferred in the foreign
\n
currency translation reserve on the balance sheet as long as the hedge is effective. Any
\n
ineffectiveness is recognised in the income statement for that year.
\n
Following the sale of the Talc business in May 2025, the Group repaid its euro-denominated
\n
borrowings. Upon sale of the Talc business, $2.0m of deferred foreign exchange gains was
\n
recycled through to pro\ufb01t and loss, including a portion related to the hedge of net investment in
\n
foreign operations. The remaining value, which relates to other euro subsidiaries, will be recycled
\n
upon disposal of those subsidiaries.
\n
The impact of the hedged items on the statement of comprehensive income is as follows:
\n\n \n
2025
2024
Foreign
Foreign
currency
currency
translation
translation
reserve
reserve
Year ended 31 December
$m
$m
Net investment in foreign subsidiaries
11.4
(23.9)
Impact of hedging on equity
Set out below is the reconciliation of each component of equity and the analysis of other
comprehensive income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Cash flow
Foreign currency
\u00a0
hedge
translation
\u00a0
reserve
reserve
\u00a0
$m
$m
At 1 January 2024
5.9
(103.4)
Effective portion of changes in fair value arising from
\u00a0 \u00a0
cash flow hedges
2.3
\u2013
Fair value of cash flow hedges transferred to income statement
(4.4)
\u2013
Fair value of cash flow hedges transferred to net assets
0.4
\u2013
Foreign currency revaluation of the net foreign operations
\u2013
(23.9)
Foreign currency revaluation of borrowings
\u2013
6.5
At 31 December 2024
4.2
(120.8)
Effective portion of changes in fair value arising from
\u00a0 \u00a0
cash flow hedges
0.6
\u2013
Fair value of cash flow hedges transferred to income statement
(4.5)
\u2013
Fair value of cash flow hedges transferred to net assets
(0.2)
\u2013
Recycling of deferred foreign exchange gains on disposal
\u00a0 \u00a0
of subsidiary
\u2013
(2.0)
Foreign currency revaluation of the net foreign operations
\u2013
11.4
Foreign currency revaluation of borrowings
\u2013
0.9
At 31 December 2025
0.1
(110.5)
\n
\u00a0
Bank and other
Lease
Total \ufb01nancing
Cash and cash
Net debt and
\u00a0
borrowings
liabilities
liabilities
equivalents
lease liabilities
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
(267.8)
(35.5)
(303.3)
65.8
(237.5)
Exchange rate
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments
10.1
0.8
10.9
(2.7)
8.2
Cash flows from
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancing activities
34.8
6.7
41.5
2.7
44.2
Other movements
\u2013
(6.4)
(6.4)
\u2013
(6.4)
Transferred to held
\u00a0\u00a0\u00a0\u00a0\u00a0
for sale
\u2013
\u2013
\u2013
(5.9)
(5.9)
At 31 December 2024
(222.9)
(34.4)
(257.3)
59.9
(197.4)
Exchange rate
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments
(14.9)
(1.4)
(16.3)
4.4
(11.9)
Business disposed
\u2013
7.2
7.2
\u2013
7.2
Cash flows from
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancing activities
(2.2)
5.5
3.3
(15.6)
(12.3)
Other movements
\u2013
2.7
2.7
5.9
8.6
At 31 December 2025
(240.0)
(20.4)
(260.4)
54.6
(205.8)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0 \u00a0
Held at fair value
Held at amortised cost
\u00a0 \u00a0
Held at fair value
Held at amortised cost
\u00a0 \u00a0
\u00a0 \u00a0
Through
Derivatives
\u00a0 \u00a0
Total
Total
Through
Derivatives
\u00a0 \u00a0
Total
Total
\u00a0 \u00a0
pro\ufb01t
used for
\u00a0 \u00a0
book
fair
pro\ufb01t
used for
\u00a0 \u00a0
book
fair
\u00a0 \u00a0
and loss
hedging
Assets
Liabilities
value
value
and loss
hedging
Assets
Liabilities
value
value
At 31 December:
Note
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other receivables
13
\u2013
\u2013
74.0
\u2013
74.0
74.0
\u2013
\u2013
84.9
\u2013
84.9
84.9
Derivative \ufb01nancial assets
22
0.1
0.3
\u2013
\u2013
0.4
0.4
0.3
3.3
\u2013
\u2013
3.6
3.6
Cash and cash equivalents
20
\u2013
\u2013
54.6
\u2013
54.6
54.6
\u2013
\u2013
59.9
\u2013
59.9
59.9
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial assets
22
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.8
\u2013
\u2013
1.8
1.8
Financial assets
\u00a0
0.1
0.3
128.6
\u2013
129.0
129.0
0.3
5.1
144.8
\u2013
150.2
150.2
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Short-term borrowings
1
19
\u2013
\u2013
\u2013
(50.0)
(50.0)
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade and other payables
14
\u2013
\u2013
\u2013
(92.0)
(92.0)
(92.0)
\u2013
\u2013
\u2013
(108.4)
(108.4)
(108.4)
Derivative \ufb01nancial liabilities
22
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
\u2013
\u2013
(1.5)
(1.5)
Lease liabilities
24
\u2013
\u2013
\u2013
(4.5)
(4.5)
(4.5)
\u2013
\u2013
\u2013
(5.9)
(5.9)
(5.9)
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and borrowings
1
19
\u2013
\u2013
\u2013
(186.2)
(186.2)
(190.0)
\u2013
\u2013
\u2013
(219.2)
(219.2)
(222.9)
Lease liabilities
24
\u2013
\u2013
\u2013
(15.9)
(15.9)
(15.9)
\u2013
\u2013
\u2013
(28.8)
(28.8)
(28.8)
Derivative \ufb01nancial liabilities
22
\u2013
(0.1)
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Financial liabilities
\u00a0
\u2013
(0.1)
\u2013
(348.6)
(348.7)
(352.5)
\u2013
(1.5)
\u2013
(362.3)
(363.8)
(367.5)
Total
\u00a0
0.1
0.2
128.6
(348.6)
(219.7)
(223.5)
0.3
3.6
144.8
(362.3)
(213.6)
(217.3)
\n
1
The total book value of loans and borrowings are shown net of facility fees of $3.8m (2024: $3.7m). 28. Movement in net borrowings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Change in net borrowings resulting from cash flows:
\u00a0 \u00a0
Decrease in cash and cash equivalents
(15.6)
(3.2)
Increase in short-term borrowings
(50.0)
\u2013
Decrease in long-term borrowings
47.8
34.8
\u00a0
(17.8)
31.6
Currency translation differences
(10.4)
7.3
(Increase)/decrease in net borrowings
(28.2)
38.9
Held for sale cash
\u2013
5.9
Net borrowings at 1 January
(157.2)
(202.0)
Net borrowings at 31 December
(185.4)
(157.2)
\u00a0
Bank and other
Lease
Total \ufb01nancing
Cash and cash
Net debt and
\u00a0
borrowings
liabilities
liabilities
equivalents
lease liabilities
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
(267.8)
(35.5)
(303.3)
65.8
(237.5)
Exchange rate
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments
10.1
0.8
10.9
(2.7)
8.2
Cash flows from
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancing activities
34.8
6.7
41.5
2.7
44.2
Other movements
\u2013
(6.4)
(6.4)
\u2013
(6.4)
Transferred to held
\u00a0\u00a0\u00a0\u00a0\u00a0
for sale
\u2013
\u2013
\u2013
(5.9)
(5.9)
At 31 December 2024
(222.9)
(34.4)
(257.3)
59.9
(197.4)
Exchange rate
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments
(14.9)
(1.4)
(16.3)
4.4
(11.9)
Business disposed
\u2013
7.2
7.2
\u2013
7.2
Cash flows from
\u00a0\u00a0\u00a0\u00a0\u00a0
\ufb01nancing activities
(2.2)
5.5
3.3
(15.6)
(12.3)
Other movements
\u2013
2.7
2.7
5.9
8.6
At 31 December 2025
(240.0)
(20.4)
(260.4)
54.6
(205.8)
\n
Included in the net movement of other loans and borrowings of $79.7m (2024: $9.6m) are total
drawdowns of $115.4m (2024: $86.6m) and total repayments of $35.7m (2024: $96.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0 \u00a0
Held at fair value
Held at amortised cost
\u00a0 \u00a0
Held at fair value
Held at amortised cost
\u00a0 \u00a0
\u00a0 \u00a0
Through
Derivatives
\u00a0 \u00a0
Total
Total
Through
Derivatives
\u00a0 \u00a0
Total
Total
\u00a0 \u00a0
pro\ufb01t
used for
\u00a0 \u00a0
book
fair
pro\ufb01t
used for
\u00a0 \u00a0
book
fair
\u00a0 \u00a0
and loss
hedging
Assets
Liabilities
value
value
and loss
hedging
Assets
Liabilities
value
value
At 31 December:
Note
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other receivables
13
\u2013
\u2013
74.0
\u2013
74.0
74.0
\u2013
\u2013
84.9
\u2013
84.9
84.9
Derivative \ufb01nancial assets
22
0.1
0.3
\u2013
\u2013
0.4
0.4
0.3
3.3
\u2013
\u2013
3.6
3.6
Cash and cash equivalents
20
\u2013
\u2013
54.6
\u2013
54.6
54.6
\u2013
\u2013
59.9
\u2013
59.9
59.9
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivative \ufb01nancial assets
22
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1.8
\u2013
\u2013
1.8
1.8
Financial assets
\u00a0
0.1
0.3
128.6
\u2013
129.0
129.0
0.3
5.1
144.8
\u2013
150.2
150.2
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Short-term borrowings
1
19
\u2013
\u2013
\u2013
(50.0)
(50.0)
(50.0)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Trade and other payables
14
\u2013
\u2013
\u2013
(92.0)
(92.0)
(92.0)
\u2013
\u2013
\u2013
(108.4)
(108.4)
(108.4)
Derivative \ufb01nancial liabilities
22
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(1.5)
\u2013
\u2013
(1.5)
(1.5)
Lease liabilities
24
\u2013
\u2013
\u2013
(4.5)
(4.5)
(4.5)
\u2013
\u2013
\u2013
(5.9)
(5.9)
(5.9)
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and borrowings
1
19
\u2013
\u2013
\u2013
(186.2)
(186.2)
(190.0)
\u2013
\u2013
\u2013
(219.2)
(219.2)
(222.9)
Lease liabilities
24
\u2013
\u2013
\u2013
(15.9)
(15.9)
(15.9)
\u2013
\u2013
\u2013
(28.8)
(28.8)
(28.8)
Derivative \ufb01nancial liabilities
22
\u2013
(0.1)
\u2013
\u2013
(0.1)
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Financial liabilities
\u00a0
\u2013
(0.1)
\u2013
(348.6)
(348.7)
(352.5)
\u2013
(1.5)
\u2013
(362.3)
(363.8)
(367.5)
Total
\u00a0
0.1
0.2
128.6
(348.6)
(219.7)
(223.5)
0.3
3.6
144.8
(362.3)
(213.6)
(217.3)
\n
1
The total book value of loans and borrowings are shown net of facility fees of $3.8m (2024: $3.7m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "Fair values measurement and hierarchy
Basis for determining fair values
The Group measures fair values in respect of \ufb01nancial instruments in accordance with IFRS 13,
using the following fair value hierarchy that reflects the signi\ufb01cance of the inputs used in making
the measurements:
Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.
Level 2: Valuation techniques based on observable inputs, either directly or indirectly.
Level 3: Valuation techniques using signi\ufb01cant unobservable inputs. This category includes
contingent consideration.
The following summarises the signi\ufb01cant methods and assumptions used in estimating the fair
values of \ufb01nancial instruments:
The Group assesses that the fair values of cash and cash equivalents, trade and other
receivables, trade and other payables, and the current portion of floating rate bank and other
borrowings, approximate to book values due to the short maturity periods of these \ufb01nancial
instruments. For trade and other receivables, allowances are made within their book value for
credit risk.
Derivatives (Level 2)
Fair value is estimated by discounting the difference between the contractual forward price and
the current forward price for the residual maturity of the contract using a risk-free interest rate
(based on government bonds).
Loans and borrowings (Level 2)
Fair value is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the reporting date.
The following table shows amounts recognised in pro\ufb01t or loss in relation to \ufb01nancial assets and
liabilities within the scope of IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Recognised in pro\ufb01t or loss
\u00a0 \u00a0
Interest income on bank deposits held at amortised cost
0.7
0.3
Financial income
0.7
0.3
Interest on bank loans
(16.9)
(18.2)
Fair value of cash flow hedges transferred from equity
(0.6)
(1.8)
Interest on lease liabilities
(0.9)
(1.1)
Financial costs
(18.4)
(21.1)
Fair value of cash flow hedges transferred from equity
5.1
6.2
Fair value movements on derivatives
(0.9)
\u2013
Loss from discontinued operations
4.2
6.2
\n
The following table shows amounts recognised directly in equity in relation to \ufb01nancial assets and
liabilities within the scope of IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Recognised directly in equity
\u00a0\u00a0
Effective portion of changes in fair value of cash flow hedges
0.6
2.3
Fair value of cash flow hedges transferred to income statement
(4.5)
(4.4)
Fair value of cash flow hedges transferred to net assets
(0.2)
0.4
Effective portion of change in fair value of net investment hedge
0.9
6.5
Foreign currency translation differences for foreign operations
11.4
(23.9)
Recycle deferred foreign exchange gains on disposal of subsidiary
(2.0)
\u2013
Recognised in:
\u00a0\u00a0
Hedging reserve
(4.1)
(1.7)
Translation reserve
10.3
(17.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Fair values measurement and hierarchy
Basis for determining fair values
The Group measures fair values in respect of \ufb01nancial instruments in accordance with IFRS 13,
using the following fair value hierarchy that reflects the signi\ufb01cance of the inputs used in making
the measurements:
Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.
Level 2: Valuation techniques based on observable inputs, either directly or indirectly.
Level 3: Valuation techniques using signi\ufb01cant unobservable inputs. This category includes
contingent consideration.
The following summarises the signi\ufb01cant methods and assumptions used in estimating the fair
values of \ufb01nancial instruments:
The Group assesses that the fair values of cash and cash equivalents, trade and other
receivables, trade and other payables, and the current portion of floating rate bank and other
borrowings, approximate to book values due to the short maturity periods of these \ufb01nancial
instruments. For trade and other receivables, allowances are made within their book value for
credit risk.
Derivatives (Level 2)
Fair value is estimated by discounting the difference between the contractual forward price and
the current forward price for the residual maturity of the contract using a risk-free interest rate
(based on government bonds).
Loans and borrowings (Level 2)
Fair value is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the reporting date.
The following table shows amounts recognised in pro\ufb01t or loss in relation to \ufb01nancial assets and
liabilities within the scope of IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Recognised in pro\ufb01t or loss
\u00a0 \u00a0
Interest income on bank deposits held at amortised cost
0.7
0.3
Financial income
0.7
0.3
Interest on bank loans
(16.9)
(18.2)
Fair value of cash flow hedges transferred from equity
(0.6)
(1.8)
Interest on lease liabilities
(0.9)
(1.1)
Financial costs
(18.4)
(21.1)
Fair value of cash flow hedges transferred from equity
5.1
6.2
Fair value movements on derivatives
(0.9)
\u2013
Loss from discontinued operations
4.2
6.2
\n
The following table shows amounts recognised directly in equity in relation to \ufb01nancial assets and
liabilities within the scope of IFRS 9:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Recognised directly in equity
\u00a0\u00a0
Effective portion of changes in fair value of cash flow hedges
0.6
2.3
Fair value of cash flow hedges transferred to income statement
(4.5)
(4.4)
Fair value of cash flow hedges transferred to net assets
(0.2)
0.4
Effective portion of change in fair value of net investment hedge
0.9
6.5
Foreign currency translation differences for foreign operations
11.4
(23.9)
Recycle deferred foreign exchange gains on disposal of subsidiary
(2.0)
\u2013
Recognised in:
\u00a0\u00a0
Hedging reserve
(4.1)
(1.7)
Translation reserve
10.3
(17.4)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "22. Derivative \ufb01nancial instruments and hedging activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract or underlying
\u00a0 \u00a0
Contract or underlying
\u00a0 \u00a0
\u00a0
principal amount
Fair value
principal amount
Fair value
\u00a0 \u00a0 \u00a0
Assets
Liabilities
\u00a0 \u00a0
Assets
Liabilities
At 31 December:
Assets
Liabilities
$m
$m
Assets
Liabilities
$m
$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps \u2013 cash flow hedges
$15m
$35m
\u2013
\u2013
\u2013
\u20ac142m
\u2013
(1.4)
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
$25m
\u2013
0.2
\u2013
Nickel swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
270MT
\u2013
3.2
\u2013
Aluminium swaps \u2013 cash flow hedges
1,100MT
\u2013
0.3
\u2013
800MT
2,000MT
0.1
(0.1)
Aluminium swaps
700MT
\u2013
0.1
\u2013
2,460MT
\u2013
0.1
\u2013
Total
\u00a0 \u00a0
0.4
\u2013
\u00a0 \u00a0
3.6
(1.5)
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps \u2013 cash flow hedges
$25m
$35m
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
Nickel swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
133MT
\u2013
1.8
\u2013
Total
\u00a0 \u00a0
0.4
(0.1)
\u00a0 \u00a0
5.4
(1.5)
\n
Hedging activities
The Group is exposed to certain risks relating to its ongoing business operations. The primary
risks managed using derivative instruments are foreign currency risk, commodity price risk and
interest rate risk.
The Group\u2019s risk management strategy is explained in Note 23.
Derivatives designated as hedging instruments
Commodity price risk
The Group enters into commodity swap contracts to reduce the volatility attributable to price
fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge
accounting, the commodity forward contracts are accounted for as cash flow hedges. The
weighted average strike price on outstanding aluminium hedges was $2,729.7 per metric ton
(\u201cMT\u201d) (2024: $2,565.4 per MT).
There is an economic relationship between the hedged items and the hedging instruments as
the terms of the commodity swap contracts match the terms of the expected highly probable
forecast transactions (i.e. notional amount and expected payment date). During the year ended
31 December 2025, the group recognised a gain of $3.6m (2024: $2.9m) within loss from
discontinued operations in the consolidated income statement as a result of the sale of selected
nickel hedges. For all other commodity hedges, as all critical terms matched during the year,
hedge ineffectiveness was immaterial. The hedge ratio is 1:1.
Interest rate risk
The Group enters into interest rate swaps to swap a portion of the interest arising from the
Group\u2019s bank borrowings from floating to \ufb01xed. Interest payments are highly probable;
the hedged risk is the change in the market interest rate. The hedged items are the interest
rate cash flows on $110m of US dollar-denominated debt. The interest rate swaps for the
euro-denominated debt matured in 2025. The Group\u2019s total borrowings are shown in
Note 19 to the \ufb01nancial statements.
The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments
have been matched along with the contractual interest cash flows, therefore creating an exact
offset for these transactions resulting in a net \ufb01xed interest payable. The interest rate swaps and
the hedged items are matched (equal and opposite terms of interest rate, date and maturity);
this results in a designated hedge ratio of 1:1 or 100%.
Hedge ineffectiveness can arise from:
Changes in timing of the hedged item
A reduction in the amount of the hedged item considered to be highly probable
A change in the credit risk of Elementis or the counterparty to the derivative contract
Foreign currency basis spreads
\n
The effect of cash flow hedges in the consolidated income statement and the consolidated
\n
statement of other comprehensive income (\u201cOCI\u201d) is as follows:
\n\n \n
Total hedging
Amount
Amount
(loss)/gain
reclassi\ufb01ed
reclassi\ufb01ed from
recognised
from OCI to
OCI to the
in OCI
pro\ufb01t or loss
balance sheet
$m
$m
$m
2025
Interest rate swaps \u2013 cash flow hedges
1
\u2013
(0.6)
\u2013
Nickel forward contracts \u2013 cash flow hedges
2
(0.1)
5.1
\u2013
Aluminium forward contracts \u2013 cash flow hedges
3
(0.5)
\u2013
(0.2)
2024
Interest rate swaps \u2013 cash flow hedges
1
(2.2)
(1.8)
\u2013
Nickel forward contracts \u2013 cash flow hedges
2
(0.9)
6.2
\u2013
Aluminium forward contracts \u2013 cash flow hedges
3
0.8
\u2013
(0.4)
\n
1
Recorded in \ufb01nance costs in the income statement.
\n
2
Recorded in loss from discontinued operations in the income statement.
\n
3
Recorded in inventory in the balance sheet.
\n
Amounts reclassi\ufb01ed from other comprehensive income to pro\ufb01t or loss are due to the hedged
\n
item affecting pro\ufb01t or loss in the period. There were no instances of non-occurrence of hedged
\n
cash flows in either the current or comparative period.
\n
Hedge of net investments in foreign operations
\n
The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to
\n
match the currency of its cash flows, earnings and assets which are principally denominated in
\n
those currencies.
\n
The euro and US dollar borrowings in Elementis Holdings Limited are designated as net
\n
investment hedges, as the Company\u2019s functional currency is pounds sterling. The Group does not
\n
undertake derivative transactions to hedge the foreign currency translation exposures.
\n
The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency
\n
borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of
\n
net assets. The critical terms of the euro and US dollar borrowings and their corresponding
\n
hedged items are therefore the same.
\n
The Group performs a qualitative assessment of effectiveness, and it is expected that the value of
\n
the euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged
\n
items in pounds sterling will systematically move in the opposite direction in response to
\n
movements in the underlying exchange rates. The main source of ineffectiveness in these
\n
hedging relationships is the impact of a decline in the carrying value of the hedged item
\n
compared with the euro and US dollar borrowings, with the result that the value of the hedged
\n
item is less than the value of hedging instrument.
\n
Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis
\n
Holdings Limited are recorded in other comprehensive income and deferred in the foreign
\n
currency translation reserve on the balance sheet as long as the hedge is effective. Any
\n
ineffectiveness is recognised in the income statement for that year.
\n
Following the sale of the Talc business in May 2025, the Group repaid its euro-denominated
\n
borrowings. Upon sale of the Talc business, $2.0m of deferred foreign exchange gains was
\n
recycled through to pro\ufb01t and loss, including a portion related to the hedge of net investment in
\n
foreign operations. The remaining value, which relates to other euro subsidiaries, will be recycled
\n
upon disposal of those subsidiaries.
\n
The impact of the hedged items on the statement of comprehensive income is as follows:
\n\n \n
2025
2024
Foreign
Foreign
currency
currency
translation
translation
reserve
reserve
Year ended 31 December
$m
$m
Net investment in foreign subsidiaries
11.4
(23.9)
Impact of hedging on equity
Set out below is the reconciliation of each component of equity and the analysis of other
comprehensive income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Cash flow
Foreign currency
\u00a0
hedge
translation
\u00a0
reserve
reserve
\u00a0
$m
$m
At 1 January 2024
5.9
(103.4)
Effective portion of changes in fair value arising from
\u00a0 \u00a0
cash flow hedges
2.3
\u2013
Fair value of cash flow hedges transferred to income statement
(4.4)
\u2013
Fair value of cash flow hedges transferred to net assets
0.4
\u2013
Foreign currency revaluation of the net foreign operations
\u2013
(23.9)
Foreign currency revaluation of borrowings
\u2013
6.5
At 31 December 2024
4.2
(120.8)
Effective portion of changes in fair value arising from
\u00a0 \u00a0
cash flow hedges
0.6
\u2013
Fair value of cash flow hedges transferred to income statement
(4.5)
\u2013
Fair value of cash flow hedges transferred to net assets
(0.2)
\u2013
Recycling of deferred foreign exchange gains on disposal
\u00a0 \u00a0
of subsidiary
\u2013
(2.0)
Foreign currency revaluation of the net foreign operations
\u2013
11.4
Foreign currency revaluation of borrowings
\u2013
0.9
At 31 December 2025
0.1
(110.5)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "22. Derivative \ufb01nancial instruments and hedging activities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Contract or underlying
\u00a0 \u00a0
Contract or underlying
\u00a0 \u00a0
\u00a0
principal amount
Fair value
principal amount
Fair value
\u00a0 \u00a0 \u00a0
Assets
Liabilities
\u00a0 \u00a0
Assets
Liabilities
At 31 December:
Assets
Liabilities
$m
$m
Assets
Liabilities
$m
$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps \u2013 cash flow hedges
$15m
$35m
\u2013
\u2013
\u2013
\u20ac142m
\u2013
(1.4)
Interest rate swaps
\u2013
\u2013
\u2013
\u2013
$25m
\u2013
0.2
\u2013
Nickel swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
270MT
\u2013
3.2
\u2013
Aluminium swaps \u2013 cash flow hedges
1,100MT
\u2013
0.3
\u2013
800MT
2,000MT
0.1
(0.1)
Aluminium swaps
700MT
\u2013
0.1
\u2013
2,460MT
\u2013
0.1
\u2013
Total
\u00a0 \u00a0
0.4
\u2013
\u00a0 \u00a0
3.6
(1.5)
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps \u2013 cash flow hedges
$25m
$35m
\u2013
(0.1)
\u2013
\u2013
\u2013
\u2013
Nickel swaps \u2013 cash flow hedges
\u2013
\u2013
\u2013
\u2013
133MT
\u2013
1.8
\u2013
Total
\u00a0 \u00a0
0.4
(0.1)
\u00a0 \u00a0
5.4
(1.5)
\n
Hedging activities
The Group is exposed to certain risks relating to its ongoing business operations. The primary
risks managed using derivative instruments are foreign currency risk, commodity price risk and
interest rate risk.
The Group\u2019s risk management strategy is explained in Note 23.
Derivatives designated as hedging instruments
Commodity price risk
The Group enters into commodity swap contracts to reduce the volatility attributable to price
fluctuations of aluminium and nickel. To the extent they continue to meet the criteria for hedge
accounting, the commodity forward contracts are accounted for as cash flow hedges. The
weighted average strike price on outstanding aluminium hedges was $2,729.7 per metric ton
(\u201cMT\u201d) (2024: $2,565.4 per MT).
There is an economic relationship between the hedged items and the hedging instruments as
the terms of the commodity swap contracts match the terms of the expected highly probable
forecast transactions (i.e. notional amount and expected payment date). During the year ended
31 December 2025, the group recognised a gain of $3.6m (2024: $2.9m) within loss from
discontinued operations in the consolidated income statement as a result of the sale of selected
nickel hedges. For all other commodity hedges, as all critical terms matched during the year,
hedge ineffectiveness was immaterial. The hedge ratio is 1:1.
Interest rate risk
The Group enters into interest rate swaps to swap a portion of the interest arising from the
Group\u2019s bank borrowings from floating to \ufb01xed. Interest payments are highly probable;
the hedged risk is the change in the market interest rate. The hedged items are the interest
rate cash flows on $110m of US dollar-denominated debt. The interest rate swaps for the
euro-denominated debt matured in 2025. The Group\u2019s total borrowings are shown in
Note 19 to the \ufb01nancial statements.
The principal terms (notional, reset date, tenor) of the hedged items and the hedged instruments
have been matched along with the contractual interest cash flows, therefore creating an exact
offset for these transactions resulting in a net \ufb01xed interest payable. The interest rate swaps and
the hedged items are matched (equal and opposite terms of interest rate, date and maturity);
this results in a designated hedge ratio of 1:1 or 100%.
Hedge ineffectiveness can arise from:
Changes in timing of the hedged item
A reduction in the amount of the hedged item considered to be highly probable
A change in the credit risk of Elementis or the counterparty to the derivative contract
Foreign currency basis spreads
\n
The effect of cash flow hedges in the consolidated income statement and the consolidated
\n
statement of other comprehensive income (\u201cOCI\u201d) is as follows:
\n\n \n
Total hedging
Amount
Amount
(loss)/gain
reclassi\ufb01ed
reclassi\ufb01ed from
recognised
from OCI to
OCI to the
in OCI
pro\ufb01t or loss
balance sheet
$m
$m
$m
2025
Interest rate swaps \u2013 cash flow hedges
1
\u2013
(0.6)
\u2013
Nickel forward contracts \u2013 cash flow hedges
2
(0.1)
5.1
\u2013
Aluminium forward contracts \u2013 cash flow hedges
3
(0.5)
\u2013
(0.2)
2024
Interest rate swaps \u2013 cash flow hedges
1
(2.2)
(1.8)
\u2013
Nickel forward contracts \u2013 cash flow hedges
2
(0.9)
6.2
\u2013
Aluminium forward contracts \u2013 cash flow hedges
3
0.8
\u2013
(0.4)
\n
1
Recorded in \ufb01nance costs in the income statement.
\n
2
Recorded in loss from discontinued operations in the income statement.
\n
3
Recorded in inventory in the balance sheet.
\n
Amounts reclassi\ufb01ed from other comprehensive income to pro\ufb01t or loss are due to the hedged
\n
item affecting pro\ufb01t or loss in the period. There were no instances of non-occurrence of hedged
\n
cash flows in either the current or comparative period.
\n
Hedge of net investments in foreign operations
\n
The Group seeks to denominate the currency of its borrowings in euros and US dollars in order to
\n
match the currency of its cash flows, earnings and assets which are principally denominated in
\n
those currencies.
\n
The euro and US dollar borrowings in Elementis Holdings Limited are designated as net
\n
investment hedges, as the Company\u2019s functional currency is pounds sterling. The Group does not
\n
undertake derivative transactions to hedge the foreign currency translation exposures.
\n
The Group analyses the euro and US dollar net assets by subsidiary, and the foreign currency
\n
borrowings in the name of Elementis Holdings Limited are allocated against certain tranches of
\n
net assets. The critical terms of the euro and US dollar borrowings and their corresponding
\n
hedged items are therefore the same.
\n
The Group performs a qualitative assessment of effectiveness, and it is expected that the value of
\n
the euro and US dollar borrowings in pounds sterling and the value of the corresponding hedged
\n
items in pounds sterling will systematically move in the opposite direction in response to
\n
movements in the underlying exchange rates. The main source of ineffectiveness in these
\n
hedging relationships is the impact of a decline in the carrying value of the hedged item
\n
compared with the euro and US dollar borrowings, with the result that the value of the hedged
\n
item is less than the value of hedging instrument.
\n
Foreign currency revaluation on the euro and US dollar borrowings in the name of Elementis
\n
Holdings Limited are recorded in other comprehensive income and deferred in the foreign
\n
currency translation reserve on the balance sheet as long as the hedge is effective. Any
\n
ineffectiveness is recognised in the income statement for that year.
\n
Following the sale of the Talc business in May 2025, the Group repaid its euro-denominated
\n
borrowings. Upon sale of the Talc business, $2.0m of deferred foreign exchange gains was
\n
recycled through to pro\ufb01t and loss, including a portion related to the hedge of net investment in
\n
foreign operations. The remaining value, which relates to other euro subsidiaries, will be recycled
\n
upon disposal of those subsidiaries.
\n
The impact of the hedged items on the statement of comprehensive income is as follows:
\n\n \n
2025
2024
Foreign
Foreign
currency
currency
translation
translation
reserve
reserve
Year ended 31 December
$m
$m
Net investment in foreign subsidiaries
11.4
(23.9)
Impact of hedging on equity
Set out below is the reconciliation of each component of equity and the analysis of other
comprehensive income:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Cash flow
Foreign currency
\u00a0
hedge
translation
\u00a0
reserve
reserve
\u00a0
$m
$m
At 1 January 2024
5.9
(103.4)
Effective portion of changes in fair value arising from
\u00a0 \u00a0
cash flow hedges
2.3
\u2013
Fair value of cash flow hedges transferred to income statement
(4.4)
\u2013
Fair value of cash flow hedges transferred to net assets
0.4
\u2013
Foreign currency revaluation of the net foreign operations
\u2013
(23.9)
Foreign currency revaluation of borrowings
\u2013
6.5
At 31 December 2024
4.2
(120.8)
Effective portion of changes in fair value arising from
\u00a0 \u00a0
cash flow hedges
0.6
\u2013
Fair value of cash flow hedges transferred to income statement
(4.5)
\u2013
Fair value of cash flow hedges transferred to net assets
(0.2)
\u2013
Recycling of deferred foreign exchange gains on disposal
\u00a0 \u00a0
of subsidiary
\u2013
(2.0)
Foreign currency revaluation of the net foreign operations
\u2013
11.4
Foreign currency revaluation of borrowings
\u2013
0.9
At 31 December 2025
0.1
(110.5)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "23. Financial risk management
Risk management objectives
The Group has exposure to the following risks from its use of \ufb01nancial instruments:
Credit risk
Liquidity risk
Market risk
The Board of Directors has overall responsibility for the establishment and oversight of the
Group\u2019s risk management framework. The Group\u2019s risk management policies are established to
identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and
to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Group\u2019s activities.
The Group\u2019s Audit Committee oversees how management monitors compliance with the
Group\u2019s risk management policies and procedures and reviews the adequacy of the risk
management framework in relation to the risks faced by the Group. The Group\u2019s Audit Committee
is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad
hoc reviews of risk management controls and procedures, the results of which are reported to
the Audit Committee.
Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s
receivables from customers.
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. The demographics of the Group\u2019s customer base, including the default risk of the
industry and country in which customers operate, has less influence on credit risk. No single
customer accounts for a signi\ufb01cant proportion of the Group\u2019s revenue.
Each new customer is analysed individually for creditworthiness before the Group\u2019s standard
payment and delivery terms and conditions are offered. The Group\u2019s review includes external
ratings, where available, and in some cases bank references. Purchase limits are established for
each customer, which represents the maximum open amount without requiring approval from the
Board of Directors. Customers that fail to meet the Group\u2019s benchmark creditworthiness may
transact with the Group only on a prepayment basis.
The Group applies the IFRS 9 simpli\ufb01ed approach in establishing an allowance for ECLs. The
Group therefore does not track changes in credit risk but instead recognises a loss allowance
based on lifetime ECLs at each reporting date. A provision matrix is used to calculate lifetime
ECLs which takes into account the Group\u2019s historical credit loss experience adjusted for historical
conditions that are not relevant to future cash flows and forward-looking factors speci\ufb01c to the
debtor and economic environment.
Investments
The Group limits its exposure to credit risk through a treasury policy that imposes graduated
limits on the amount of funds that can be deposited with counterparties by reference to the
counterparties\u2019 credit ratings, as de\ufb01ned by S&P Global Ratings or Moody\u2019s. Management do not
expect any counterparty to fail to meet its obligations.
Exposure to credit risk
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
$m
$m
Trade receivables
68.9
78.1
Cash and cash equivalents
54.6
59.9
At 31 December
123.5
138.0
The maximum exposure to credit risk for trade receivables at the reporting date by geographic
region was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
$m
$m
North America
22.4
21.9
Europe
23.1
30.7
Rest of the World
23.4
25.5
At 31 December
68.9
78.1
\n
Expected credit losses
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables
using a provision matrix:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Expected
Expected
\u00a0
Expected
Expected
\u00a0
Gross
credit loss
credit loss
Gross
credit loss
credit loss
\u00a0
$m
rate
$m
$m
rate
$m
Not past due
58.7
0.0%
\u2013
67.6
0.0%
\u2013
Past due 0-30 days
7.4
0.0%
\u2013
9.6
0.4%
\u2013
Past due 31-120 days
3.0
7.1%
(0.2)
1.0
18.7%
(0.3)
Past due > 121 days
0.2
100%
(0.2)
0.9
80.1%
(0.7)
Total
69.3
\u00a0
(0.4)
79.1
\u00a0
(1.0)
\n
The movement in the allowance for expected credit losses during the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
At 1 January
1.0
0.9
Additional/(released to income statement) \u2013 administrative expenses
(0.2)
0.1
Disposal of business
(0.4)
\u2013
At 31 December
0.4
1.0
\n
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they
fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will
always have suf\ufb01cient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The Group\u2019s funding policy is to have committed borrowings in place to cover at least 125% of the
maximum forecast net borrowings for the next 12-month period.
The committed facilities at 31 December were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Total
Undrawn
Drawn
Total
Undrawn
Drawn
\u00a0
committed
committed
committed
committed
committed
committed
\u00a0
facilities
facilities
facilities
facilities
facilities
facilities
\u00a0
$m
$m
$m
$m
$m
$m
US dollar term loan
160.0
\u2013
160.0
75.0
\u2013
75.0
Euro term loan
\u2013
\u2013
\u2013
147.9
\u2013
147.9
RCF
250.0
170.0
80.0
250.0
250.0
\u2013
Lines of credit
11.4
11.2
0.2
6.3
2.1
4.2
Total
421.4
181.2
240.2
479.2
252.1
227.1
of which expires after
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
more than 1 year
\u00a0
170.0
\u00a0 \u00a0
250.0
\u00a0
\n
In addition, some suppliers have access to utilise the Group\u2019s supplier \ufb01nance programme,
which is provided by US Bank. There is no cost to the Group for providing this programme
as the cost is borne by the suppliers. The programme allows suppliers to choose whether they
want to accelerate the payment of their invoices, by the \ufb01nancing banks, at a low interest cost.
The amounts outstanding to the banks are presented within trade and other payables, and the
cash flows are presented with cash flows from operating activities. At the end of the period, the
total facility with US Bank was $3.0m (2024: $3.0m), with the net balance outstanding of $nil
(2024: $1.1m).
Exposure to liquidity risk
The maturity analyses for \ufb01nancial liabilities showing the anticipated remaining contractual
undiscounted cash flows, including future interest payments, at current-year exchange rates and
assuming floating interest rates remain at the latest \ufb01xing rates, are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
\u00a0
Within 1 year
1 to 2 years
2 to 5 years
After 5 years
Total
\u00a0
$m
$m
$m
$m
$m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and borrowings
61.9
9.4
203.2
\u2013
274.5
Trade and other payables
91.3
\u2013
\u2013
\u2013
91.3
Lease liabilities
4.5
3.4
7.4
9.9
25.2
Total
157.7
12.8
210.6
9.9
391.0
Derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(0.3)
(0.1)
\u2013
\u2013
(0.4)
Commodity swap contracts
0.2
\u2013
\u2013
\u2013
0.2
Total
(0.1)
(0.1)
\u2013
\u2013
(0.2)
\n
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest
rates, will affect the Group\u2019s income or the value of its holdings of \ufb01nancial instruments. The
objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return on risk.
The Group uses derivatives in the ordinary course of business, and also incurs \ufb01nancial liabilities,
in order to manage market risks. All such transactions are carried out within the guidelines set by
the Board.
Market risk \u2013 currency risk
The Group is exposed to currency risk on sales, purchases and borrowings that are denominated
in a foreign currency other than the respective functional currencies of Group entities, primarily
the US dollar and the euro.
Interest on borrowings is denominated in currencies that match the cash flows generated by the
underlying operations of the Group, primarily US dollar, but also euro. This provides an economic
hedge in instances where hedging derivatives are not entered into. In respect of other monetary
assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure
is kept to an acceptable level by buying or selling foreign currencies at spot rates when
necessary to address short-term imbalances.
The Group\u2019s net investment in overseas subsidiaries creates exposure to foreign exchange
fluctuations. The risk is hedged by US dollar- and euro-denominated drawdowns under the
syndicated facility designated as the hedged item in net investment hedge relationships. This
mitigates the currency risk arising from the retranslation of a subsidiary\u2019s net assets into pounds
sterling, the functional currency of the ultimate parent Elementis plc.
Currency risk sensitivity analysis
The following table illustrates the effect on the income statement and items that are recognised
directly in equity that would result from a 10% strengthening of the US dollar against the following
currencies, before the effect of tax. The analysis covers only \ufb01nancial assets and liabilities
held at the balance sheet date and assumes that all other variables, in particular interest rates,
remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Income
\u00a0
Income
\u00a0
\u00a0
statement
Equity
statement
Equity
\u00a0
$m
$m
$m
$m
Gain from US dollar strengthening
\u00a0 \u00a0 \u00a0 \u00a0
10% against euro
0.1
0.1
0.4
0.4
Gain/(loss) from US dollar
\u00a0 \u00a0 \u00a0 \u00a0
strengthening 10% against sterling
0.3
(26.4)
0.1
(8.2)
\n
Market risk \u2013 interest rate
The Group\u2019s policy is to borrow at both \ufb01xed and floating interest rates and to use interest rate
swaps to generate the required interest pro\ufb01le. These interest swaps are designated within cash
flow hedging relationships with the interest payments on the borrowings they are hedging. The
risk being hedged is the exposure of the Group to market rate volatility on a portion of the core
Group debt. The Group policy does not require that a speci\ufb01c proportion of the Group\u2019s
borrowings are at \ufb01xed rates of interest.
Interest rate sensitivity analysis
A change of 100 basis points (\u201cbps\u201d) (1%) in interest rates would have impacted pro\ufb01t or loss by
the amounts shown below. This analysis assumes that all other variables, in particular foreign
currency rates, remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
100bps
100bps
100bps
100bps
\u00a0
increase
decrease
increase
decrease
\u00a0
$m
$m
$m
$m
Variable rate instruments \u2013 gain/(loss)
1.1
(1.1)
0.2
(0.2)
\n
Market risk \u2013 commodity price risk
The Group is exposed to movements in the prices of aluminium commodities it purchases. The
volatility in the prices of these commodities has led to the decision to enter into commodity swap
contracts. The swap contracts do not result in physical delivery, but are designated as cash flow
hedges to offset the effect of price changes.
Commodity price sensitivity analysis
In 2025 and 2024 the Group\u2019s aluminium purchases were fully hedged and all aluminium swap
derivatives achieved hedge accounting; there was no impact on pro\ufb01t or loss and no sensitivity is
presented.
Other market price risk
Equity price risk arises from equity securities held within the Group\u2019s de\ufb01ned bene\ufb01t pension
obligations. In respect of the US schemes, management monitors the mix of debt and equity
securities in its investment portfolio based on market expectations. The primary goal of the
Group\u2019s investment strategy is to maximise investment returns, without excessive risk-taking,
in order to meet partially the Group\u2019s unfunded bene\ufb01t obligations; management is assisted by
external advisers in this regard. In respect of the UK scheme, the investment strategy is set by the
trustees and the Board is kept informed.
Capital management
The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and
market con\ufb01dence, sustain future development of the business and maximise shareholder value.
The capital structure of the Group consists of debt (see Note 19), cash and cash equivalents
(see Note 20) and equity attributable to equity holders of the parent comprising capital, reserves
and retained earnings (see Statement of changes in equity).
The Group utilises a mix of debt funding sources including term loans and RCFs from the Group\u2019s
syndicated borrowing facility with differing maturities to ensure continuity and provide flexibility.
The Group is subject to two \ufb01nancial covenants which apply to the Group\u2019s syndicated borrowing
facilities. Following the re\ufb01nancing on 29 May 2024, the Group is required to maintain a ratio of
net debt/EBITDA (post IFRS 16) of less than 3.50x and a minimum net interest cover of 3.0x (in
relation to earnings before net interest expense and tax). The post-IFRS 16 net debt/EBITDA ratio
stood at 1.4x at 31 December 2025 (2024: 1.3x) and the Directors anticipate the strong cash
generation of the Group will continue to drive a deleveraging pro\ufb01le going forward. Net interest
cover at 31 December 2025 was 8.6x (2024: 6.7x).
The Board monitors the adjusted ROCE, both including and excluding goodwill, as de\ufb01ned on
page 209.
The dividend policy is set out in the Chair\u2019s statement on page 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial
instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s
receivables from customers.
Trade receivables
The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each
customer. The demographics of the Group\u2019s customer base, including the default risk of the
industry and country in which customers operate, has less influence on credit risk. No single
customer accounts for a signi\ufb01cant proportion of the Group\u2019s revenue.
Each new customer is analysed individually for creditworthiness before the Group\u2019s standard
payment and delivery terms and conditions are offered. The Group\u2019s review includes external
ratings, where available, and in some cases bank references. Purchase limits are established for
each customer, which represents the maximum open amount without requiring approval from the
Board of Directors. Customers that fail to meet the Group\u2019s benchmark creditworthiness may
transact with the Group only on a prepayment basis.
The Group applies the IFRS 9 simpli\ufb01ed approach in establishing an allowance for ECLs. The
Group therefore does not track changes in credit risk but instead recognises a loss allowance
based on lifetime ECLs at each reporting date. A provision matrix is used to calculate lifetime
ECLs which takes into account the Group\u2019s historical credit loss experience adjusted for historical
conditions that are not relevant to future cash flows and forward-looking factors speci\ufb01c to the
debtor and economic environment.
Investments
The Group limits its exposure to credit risk through a treasury policy that imposes graduated
limits on the amount of funds that can be deposited with counterparties by reference to the
counterparties\u2019 credit ratings, as de\ufb01ned by S&P Global Ratings or Moody\u2019s. Management do not
expect any counterparty to fail to meet its obligations.
Exposure to credit risk
The carrying amount of \ufb01nancial assets represents the maximum credit exposure. The maximum
exposure to credit risk at the reporting date was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
$m
$m
Trade receivables
68.9
78.1
Cash and cash equivalents
54.6
59.9
At 31 December
123.5
138.0
The maximum exposure to credit risk for trade receivables at the reporting date by geographic
region was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Carrying amount
\u00a0
2025
2024
\u00a0
$m
$m
North America
22.4
21.9
Europe
23.1
30.7
Rest of the World
23.4
25.5
At 31 December
68.9
78.1
\n
Expected credit losses
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables
using a provision matrix:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Expected
Expected
\u00a0
Expected
Expected
\u00a0
Gross
credit loss
credit loss
Gross
credit loss
credit loss
\u00a0
$m
rate
$m
$m
rate
$m
Not past due
58.7
0.0%
\u2013
67.6
0.0%
\u2013
Past due 0-30 days
7.4
0.0%
\u2013
9.6
0.4%
\u2013
Past due 31-120 days
3.0
7.1%
(0.2)
1.0
18.7%
(0.3)
Past due > 121 days
0.2
100%
(0.2)
0.9
80.1%
(0.7)
Total
69.3
\u00a0
(0.4)
79.1
\u00a0
(1.0)
\n
The movement in the allowance for expected credit losses during the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
At 1 January
1.0
0.9
Additional/(released to income statement) \u2013 administrative expenses
(0.2)
0.1
Disposal of business
(0.4)
\u2013
At 31 December
0.4
1.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Expected credit losses
Set out below is the information about the credit risk exposure on the Group\u2019s trade receivables
using a provision matrix:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Expected
Expected
\u00a0
Expected
Expected
\u00a0
Gross
credit loss
credit loss
Gross
credit loss
credit loss
\u00a0
$m
rate
$m
$m
rate
$m
Not past due
58.7
0.0%
\u2013
67.6
0.0%
\u2013
Past due 0-30 days
7.4
0.0%
\u2013
9.6
0.4%
\u2013
Past due 31-120 days
3.0
7.1%
(0.2)
1.0
18.7%
(0.3)
Past due > 121 days
0.2
100%
(0.2)
0.9
80.1%
(0.7)
Total
69.3
\u00a0
(0.4)
79.1
\u00a0
(1.0)
\n
The movement in the allowance for expected credit losses during the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
At 1 January
1.0
0.9
Additional/(released to income statement) \u2013 administrative expenses
(0.2)
0.1
Disposal of business
(0.4)
\u2013
At 31 December
0.4
1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they
fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will
always have suf\ufb01cient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.
The Group\u2019s funding policy is to have committed borrowings in place to cover at least 125% of the
maximum forecast net borrowings for the next 12-month period.
The committed facilities at 31 December were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Total
Undrawn
Drawn
Total
Undrawn
Drawn
\u00a0
committed
committed
committed
committed
committed
committed
\u00a0
facilities
facilities
facilities
facilities
facilities
facilities
\u00a0
$m
$m
$m
$m
$m
$m
US dollar term loan
160.0
\u2013
160.0
75.0
\u2013
75.0
Euro term loan
\u2013
\u2013
\u2013
147.9
\u2013
147.9
RCF
250.0
170.0
80.0
250.0
250.0
\u2013
Lines of credit
11.4
11.2
0.2
6.3
2.1
4.2
Total
421.4
181.2
240.2
479.2
252.1
227.1
of which expires after
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
more than 1 year
\u00a0
170.0
\u00a0 \u00a0
250.0
\u00a0
\n
In addition, some suppliers have access to utilise the Group\u2019s supplier \ufb01nance programme,
which is provided by US Bank. There is no cost to the Group for providing this programme
as the cost is borne by the suppliers. The programme allows suppliers to choose whether they
want to accelerate the payment of their invoices, by the \ufb01nancing banks, at a low interest cost.
The amounts outstanding to the banks are presented within trade and other payables, and the
cash flows are presented with cash flows from operating activities. At the end of the period, the
total facility with US Bank was $3.0m (2024: $3.0m), with the net balance outstanding of $nil
(2024: $1.1m).
Exposure to liquidity risk
The maturity analyses for \ufb01nancial liabilities showing the anticipated remaining contractual
undiscounted cash flows, including future interest payments, at current-year exchange rates and
assuming floating interest rates remain at the latest \ufb01xing rates, are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
\u00a0
Within 1 year
1 to 2 years
2 to 5 years
After 5 years
Total
\u00a0
$m
$m
$m
$m
$m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and borrowings
61.9
9.4
203.2
\u2013
274.5
Trade and other payables
91.3
\u2013
\u2013
\u2013
91.3
Lease liabilities
4.5
3.4
7.4
9.9
25.2
Total
157.7
12.8
210.6
9.9
391.0
Derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(0.3)
(0.1)
\u2013
\u2013
(0.4)
Commodity swap contracts
0.2
\u2013
\u2013
\u2013
0.2
Total
(0.1)
(0.1)
\u2013
\u2013
(0.2)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
\u00a0
Within 1 year
1 to 2 years
2 to 5 years
After 5 years
Total
\u00a0
$m
$m
$m
$m
$m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and borrowings
61.9
9.4
203.2
\u2013
274.5
Trade and other payables
91.3
\u2013
\u2013
\u2013
91.3
Lease liabilities
4.5
3.4
7.4
9.9
25.2
Total
157.7
12.8
210.6
9.9
391.0
Derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(0.3)
(0.1)
\u2013
\u2013
(0.4)
Commodity swap contracts
0.2
\u2013
\u2013
\u2013
0.2
Total
(0.1)
(0.1)
\u2013
\u2013
(0.2)
\n", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2025
\u00a0
Within 1 year
1 to 2 years
2 to 5 years
After 5 years
Total
\u00a0
$m
$m
$m
$m
$m
Non-derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Loans and borrowings
61.9
9.4
203.2
\u2013
274.5
Trade and other payables
91.3
\u2013
\u2013
\u2013
91.3
Lease liabilities
4.5
3.4
7.4
9.9
25.2
Total
157.7
12.8
210.6
9.9
391.0
Derivative
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate swaps
(0.3)
(0.1)
\u2013
\u2013
(0.4)
Commodity swap contracts
0.2
\u2013
\u2013
\u2013
0.2
Total
(0.1)
(0.1)
\u2013
\u2013
(0.2)
\n", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest
rates, will affect the Group\u2019s income or the value of its holdings of \ufb01nancial instruments. The
objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return on risk.
The Group uses derivatives in the ordinary course of business, and also incurs \ufb01nancial liabilities,
in order to manage market risks. All such transactions are carried out within the guidelines set by
the Board.
Market risk \u2013 currency risk
The Group is exposed to currency risk on sales, purchases and borrowings that are denominated
in a foreign currency other than the respective functional currencies of Group entities, primarily
the US dollar and the euro.
Interest on borrowings is denominated in currencies that match the cash flows generated by the
underlying operations of the Group, primarily US dollar, but also euro. This provides an economic
hedge in instances where hedging derivatives are not entered into. In respect of other monetary
assets and liabilities denominated in foreign currencies, the Group ensures that its net exposure
is kept to an acceptable level by buying or selling foreign currencies at spot rates when
necessary to address short-term imbalances.
The Group\u2019s net investment in overseas subsidiaries creates exposure to foreign exchange
fluctuations. The risk is hedged by US dollar- and euro-denominated drawdowns under the
syndicated facility designated as the hedged item in net investment hedge relationships. This
mitigates the currency risk arising from the retranslation of a subsidiary\u2019s net assets into pounds
sterling, the functional currency of the ultimate parent Elementis plc.
Currency risk sensitivity analysis
The following table illustrates the effect on the income statement and items that are recognised
directly in equity that would result from a 10% strengthening of the US dollar against the following
currencies, before the effect of tax. The analysis covers only \ufb01nancial assets and liabilities
held at the balance sheet date and assumes that all other variables, in particular interest rates,
remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Income
\u00a0
Income
\u00a0
\u00a0
statement
Equity
statement
Equity
\u00a0
$m
$m
$m
$m
Gain from US dollar strengthening
\u00a0 \u00a0 \u00a0 \u00a0
10% against euro
0.1
0.1
0.4
0.4
Gain/(loss) from US dollar
\u00a0 \u00a0 \u00a0 \u00a0
strengthening 10% against sterling
0.3
(26.4)
0.1
(8.2)
\n
Market risk \u2013 interest rate
The Group\u2019s policy is to borrow at both \ufb01xed and floating interest rates and to use interest rate
swaps to generate the required interest pro\ufb01le. These interest swaps are designated within cash
flow hedging relationships with the interest payments on the borrowings they are hedging. The
risk being hedged is the exposure of the Group to market rate volatility on a portion of the core
Group debt. The Group policy does not require that a speci\ufb01c proportion of the Group\u2019s
borrowings are at \ufb01xed rates of interest.
Interest rate sensitivity analysis
A change of 100 basis points (\u201cbps\u201d) (1%) in interest rates would have impacted pro\ufb01t or loss by
the amounts shown below. This analysis assumes that all other variables, in particular foreign
currency rates, remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
100bps
100bps
100bps
100bps
\u00a0
increase
decrease
increase
decrease
\u00a0
$m
$m
$m
$m
Variable rate instruments \u2013 gain/(loss)
1.1
(1.1)
0.2
(0.2)
\n
Market risk \u2013 commodity price risk
The Group is exposed to movements in the prices of aluminium commodities it purchases. The
volatility in the prices of these commodities has led to the decision to enter into commodity swap
contracts. The swap contracts do not result in physical delivery, but are designated as cash flow
hedges to offset the effect of price changes.
Commodity price sensitivity analysis
In 2025 and 2024 the Group\u2019s aluminium purchases were fully hedged and all aluminium swap
derivatives achieved hedge accounting; there was no impact on pro\ufb01t or loss and no sensitivity is
presented.
Other market price risk
Equity price risk arises from equity securities held within the Group\u2019s de\ufb01ned bene\ufb01t pension
obligations. In respect of the US schemes, management monitors the mix of debt and equity
securities in its investment portfolio based on market expectations. The primary goal of the
Group\u2019s investment strategy is to maximise investment returns, without excessive risk-taking,
in order to meet partially the Group\u2019s unfunded bene\ufb01t obligations; management is assisted by
external advisers in this regard. In respect of the UK scheme, the investment strategy is set by the
trustees and the Board is kept informed.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "Currency risk sensitivity analysis
The following table illustrates the effect on the income statement and items that are recognised
directly in equity that would result from a 10% strengthening of the US dollar against the following
currencies, before the effect of tax. The analysis covers only \ufb01nancial assets and liabilities
held at the balance sheet date and assumes that all other variables, in particular interest rates,
remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Income
\u00a0
Income
\u00a0
\u00a0
statement
Equity
statement
Equity
\u00a0
$m
$m
$m
$m
Gain from US dollar strengthening
\u00a0 \u00a0 \u00a0 \u00a0
10% against euro
0.1
0.1
0.4
0.4
Gain/(loss) from US dollar
\u00a0 \u00a0 \u00a0 \u00a0
strengthening 10% against sterling
0.3
(26.4)
0.1
(8.2)
\nInterest rate sensitivity analysis
A change of 100 basis points (\u201cbps\u201d) (1%) in interest rates would have impacted pro\ufb01t or loss by
the amounts shown below. This analysis assumes that all other variables, in particular foreign
currency rates, remain constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
100bps
100bps
100bps
100bps
\u00a0
increase
decrease
increase
decrease
\u00a0
$m
$m
$m
$m
Variable rate instruments \u2013 gain/(loss)
1.1
(1.1)
0.2
(0.2)
\nCommodity price sensitivity analysis
In 2025 and 2024 the Group\u2019s aluminium purchases were fully hedged and all aluminium swap
derivatives achieved hedge accounting; there was no impact on pro\ufb01t or loss and no sensitivity is
presented.", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "Capital management
The Board\u2019s policy is to maintain a strong capital base so as to maintain investor, creditor and
market con\ufb01dence, sustain future development of the business and maximise shareholder value.
The capital structure of the Group consists of debt (see Note 19), cash and cash equivalents
(see Note 20) and equity attributable to equity holders of the parent comprising capital, reserves
and retained earnings (see Statement of changes in equity).
The Group utilises a mix of debt funding sources including term loans and RCFs from the Group\u2019s
syndicated borrowing facility with differing maturities to ensure continuity and provide flexibility.
The Group is subject to two \ufb01nancial covenants which apply to the Group\u2019s syndicated borrowing
facilities. Following the re\ufb01nancing on 29 May 2024, the Group is required to maintain a ratio of
net debt/EBITDA (post IFRS 16) of less than 3.50x and a minimum net interest cover of 3.0x (in
relation to earnings before net interest expense and tax). The post-IFRS 16 net debt/EBITDA ratio
stood at 1.4x at 31 December 2025 (2024: 1.3x) and the Directors anticipate the strong cash
generation of the Group will continue to drive a deleveraging pro\ufb01le going forward. Net interest
cover at 31 December 2025 was 8.6x (2024: 6.7x).
The Board monitors the adjusted ROCE, both including and excluding goodwill, as de\ufb01ned on
page 209.
The dividend policy is set out in the Chair\u2019s statement on page 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "24. Leases
Group as lessee
The Group has lease contracts for various items of property, plant, machinery, vehicles and other
equipment used in its operations. Disclosures in relation to right-of-use assets are included within
Note 11 \u2013 Property, plant and equipment.
The Group also has certain leases with lease terms of 12 months or less and leases of low-value
assets to which the Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019
recognition exemptions.
The weighted average incremental borrowing rate applied to lease liabilities is 5.9% (2024: 5.8%).
The following are the amounts recognised in pro\ufb01t or loss:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Depreciation expense on right-of-use assets
3.0
5.3
Interest expense on lease liabilities
0.9
1.4
Expense related to short-term leases and low-value assets
0.3
0.3
Expense relating to variable lease payments not included in
\u00a0 \u00a0
lease liabilities
1.0
1.0
\n
Set out below are the carrying amounts of lease liabilities and the movements during the period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
At 1 January
34.7
36.2
Remeasurement of lease liabilities
(5.2)
\u00a0
Additions
1.4
4.8
Disposals
(7.2)
\u2013
Interest expense
0.9
1.4
Payments
(5.5)
(6.7)
Foreign exchange movements
1.3
(1.0)
At 31 December
20.4
34.7
\n
The maturity analysis of lease liabilities is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Within one year
4.5
5.9
In the second to \ufb01fth years inclusive
10.8
16.7
After \ufb01ve years
5.1
12.1
At 31 December
20.4
34.7
\n
At 31 December 2025 there were no leases that had not yet commenced to which the Group
had committed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Net de\ufb01ned bene\ufb01t liability
The net liability was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0 \u00a0
\u00a0
pension
pension
PRMB
\u00a0 \u00a0
\u00a0
scheme
schemes
scheme
Other
Total
\u00a0
$m
$m
$m
$m
$m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total market value of assets
419.0
88.6
\u2013
\u2013
507.6
Present value of scheme liabilities
(397.9)
(83.2)
(3.3)
(5.4)
(489.8)
Net asset/(liability) recognised in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
balance sheet
21.1
5.4
(3.3)
(5.4)
17.8
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total market value of assets
414.0
88.5
\u2013
\u2013
502.5
Present value of scheme liabilities
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Net asset/(liability) recognised in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
balance sheet
23.0
4.6
(3.4)
(5.2)
19.0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "Net de\ufb01ned bene\ufb01t liability
The net liability was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0 \u00a0
\u00a0
pension
pension
PRMB
\u00a0 \u00a0
\u00a0
scheme
schemes
scheme
Other
Total
\u00a0
$m
$m
$m
$m
$m
2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total market value of assets
419.0
88.6
\u2013
\u2013
507.6
Present value of scheme liabilities
(397.9)
(83.2)
(3.3)
(5.4)
(489.8)
Net asset/(liability) recognised in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
balance sheet
21.1
5.4
(3.3)
(5.4)
17.8
2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total market value of assets
414.0
88.5
\u2013
\u2013
502.5
Present value of scheme liabilities
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Net asset/(liability) recognised in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
balance sheet
23.0
4.6
(3.4)
(5.2)
19.0
\n
Plan assets
Plan assets for the schemes comprise:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0\u00a0
\u00a0
pension
pension
PRMB
Other
\u00a0
\u00a0
scheme
schemes
scheme
schemes
Total
\u00a0
$m
$m
$m
$m
$m
Equities
\u2013
5.2
\u2013
\u2013
5.2
Bonds
1
402.1
67.4
\u2013
\u2013
469.5
Cash/liquidity funds
16.9
16.0
\u2013
\u2013
32.9
At 31 December 2025
419.0
88.6
\u2013
\u2013
507.6
Equities
60.0
4.8
\u2013
\u2013
64.8
Bonds
1
297.9
72.1
\u2013
\u2013
370.0
Cash/liquidity funds
56.1
11.6
\u2013
\u2013
67.7
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
\n
1
Including LDI repurchase agreement liabilities.
To reduce volatility risk, a liability-driven investment (\u201cLDI\u201d) strategy forms part of the Trustees\u2019
management of the UK de\ufb01ned bene\ufb01t scheme\u2019s assets, including government bonds, corporate
bonds and derivatives. The bond assets category in the table above includes gross assets of
$432.7m (2024: $298.3m) and associated repurchase agreement liabilities of $30.6m (2024: $nil).
Repurchase agreements are entered into with counterparties to better offset the scheme\u2019s
exposure to interest and inflation rates, while remaining invested in assets of a similar risk pro\ufb01le.
Interest rate and inflation rate derivatives are also employed to complement the use of \ufb01xed and
index-linked bonds in matching the pro\ufb01le of the scheme\u2019s liabilities.
All equities, bonds and liquidity funds have quoted prices in active markets. Other assets include
insured annuities, an insurance fund and various swap products.
Within the UK pension scheme, the current asset allocation is approximately 71% in a liability
matching fund consisting of gilts (\ufb01xed interest and index linked), bonds, cash and swaps, 23% in
a buy and maintain fund, and 6% in an investment fund that includes various equity and equity-
like funds. The aim of the trustees is to manage the risk relative to the liabilities associated with
the scheme\u2019s investments through a combination of diversi\ufb01cation, inflation protection and
hedging of risk (currency, interest rate and inflation risk). The US scheme currently has
approximately 6% of its asset value invested in a range of equity funds designed to target higher
returns and thus reduce the pension de\ufb01cit, with the balance invested in \ufb01xed-income bonds and
cash. The strategy is that as the de\ufb01cit reduces, a greater proportion of investments will be made
into liability matching funds.
Fair value of plan assets
Changes in the fair value of plan assets for the schemes are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0 \u00a0
\u00a0
pension
pension
PRMB
Other
\u00a0
\u00a0
scheme
schemes
scheme
schemes
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
483.6
93.8
\u2013
\u2013
577.4
Expected return
20.7
4.3
\u2013
\u2013
25.0
Running costs
(1.4)
(0.4)
\u2013
\u2013
(1.8)
Actuarial gains
(46.2)
(2.2)
\u2013
\u2013
(48.4)
Contributions by employer
\u2013
0.4
\u2013
\u2013
0.4
Bene\ufb01ts paid
(34.9)
(7.4)
\u2013
\u2013
(42.3)
Exchange differences
(7.8)
\u2013
\u2013
\u2013
(7.8)
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
Expected return
22.7
4.5
\u2013
\u2013
27.2
Running costs
(2.1)
(0.5)
\u2013
\u2013
(2.6)
Actuarial losses
(10.3)
1.8
\u2013
\u2013
(8.5)
Contributions by employer
\u2013
1.2
\u2013
\u2013
1.2
Bene\ufb01ts paid
(35.7)
(6.9)
\u2013
\u2013
(42.6)
Exchange differences
30.4
\u2013
\u2013
\u2013
30.4
At 31 December 2025
419.0
88.6
\u2013
\u2013
507.6
\n
De\ufb01ned bene\ufb01t obligation
Changes in the present value of the de\ufb01ned bene\ufb01t obligation for the schemes are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0\u00a0
\u00a0
pension
pension
PRMB
Other
\u00a0
\u00a0
scheme
schemes
scheme
schemes
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
(444.9)
(90.4)
(3.4)
(5.6)
(544.3)
Service cost
(0.1)
(0.3)
\u2013
(0.1)
(0.5)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(19.0)
(4.2)
(0.2)
(0.2)
(23.6)
Actuarial gains/(losses)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 demographic assumptions
8.5
\u2013
\u2013
\u2013
8.5
\u2013 \ufb01nancial assumptions
26.8
4.1
(0.4)
\u2013
30.5
\u2013 experience adjustments
(4.4)
(0.5)
\u2013
\u2013
(4.9)
Bene\ufb01ts paid
34.9
7.4
0.6
0.3
43.2
Exchange differences
7.2
\u2013
\u2013
0.4
7.6
At 31 December 2024
(391.0)
(83.9)
(3.4)
(5.2)
(483.5)
Service cost
(0.1)
(0.4)
\u2013
(0.1)
(0.6)
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
Interest cost
(21.4)
(4.3)
(0.2)
(0.2)
(26.1)
Actuarial gains/(losses)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013 demographic assumptions
(0.5)
\u2013
\u2013
\u2013
(0.5)
\u2013 \ufb01nancial assumptions
11.4
(1.2)
(0.4)
0.1
9.9
\u2013 experience adjustments
(3.7)
(0.3)
\u2013
\u2013
(4.0)
Bene\ufb01ts paid
35.7
6.9
0.7
0.5
43.8
Exchange differences
(28.3)
\u2013
\u2013
(0.5)
(28.8)
At 31 December 2025
(397.9)
(83.2)
(3.3)
(5.4)
(489.8)
\n
Recognised in pro\ufb01t and loss
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Current service cost
(0.6)
(0.5)
Running costs
(2.6)
(1.8)
Net interest income
1.1
1.4
Total
(2.1)
(0.9)
Recognised in statement of other comprehensive income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Return on plan assets excluding interest income
(8.5)
(48.4)
Actuarial (losses)/gains arising from demographic assumptions
(0.5)
8.5
Actuarial gains from \ufb01nancial assumptions
9.9
30.5
Actuarial losses arising from experience adjustment
(4.0)
(4.9)
Exchange differences
1.6
(0.2)
Total
(1.5)
(14.5)
\n
Actuarial assumptions
A full actuarial valuation was carried out as at 30 September 2025 for the UK scheme and as at
31 December 2025 for the US schemes.
The principal assumptions used by the actuaries for the major schemes have been updated by
the actuaries at the balance sheet date and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
\u00a0
2025
2024
2025
2024
\u00a0
%
%
%
%
Rate of increase in salaries
3.9
4.3
3.0
3.0
Rate of increase in pensions payment
2.8
3.1
n/a
n/a
Discount rate
5.4
5.4
5.2
5.4
Inflation
2.9
3.3
2.4
2.4
\n
The assumed life expectancies on retirement are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
\u00a0
2025
2024
2025
2024
\u00a0
years
years
years
years
Retiring at 31 December
\u00a0 \u00a0 \u00a0 \u00a0
Males
21
21
21
21
Females
23
23
23
23
Retiring in 20 years
\u00a0 \u00a0 \u00a0 \u00a0
Males
22
22
21
21
Females
25
25
23
23
\n
The main assumptions for the PRMB scheme are a discount rate of 5.2% (2024: 5.4%) per annum
and a healthcare cost trend of 6.2% (2024: 6.8%) per annum for claims pre age 65, reducing to
4.1% per annum by 2034 (2024: 4.0%). Actuarial valuations of retirement bene\ufb01t plans in other
jurisdictions have either not been updated for IAS 19 purposes or have been disclosed separately
because of the costs involved and the considerably smaller scheme sizes and numbers of
employees involved.
At 31 December 2025, the weighted average duration of the de\ufb01ned bene\ufb01t obligations for the
major schemes was as follows:
UK: 9 years
US: 8 years
Sensitivity analysis
The sensitivities regarding the principal assumptions used to measure the scheme liabilities are
set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Assumption
Change in assumption
Impact on UK scheme
Impact on US scheme
Discount rate
Increased/
Decreased/
Decreased/
\u00a0
decreased by 0.5%
increased by 4%
increased by 4%
Rate of inflation
Increased/
Increased/
Increased/
\u00a0
decreased by 0.5%
decreased by 3%
decreased by 0%
Rate of salary growth
Increased/
Increased/
Increased/
\u00a0
decreased by 0.5%
decreased by 0%
decreased by 0%
Rate of mortality
Increased
Increased by 5%
Increased by 3%
\u00a0
by 1 year
\u00a0 \u00a0
\n
The sensitivity analyses above have been determined based on a method that extrapolates the
impact on the de\ufb01ned bene\ufb01t obligation as a result of reasonable changes in key assumptions
occurring at the end of the reporting period. These sensitivities have been calculated to show the
movement of the de\ufb01ned obligation following a change in a particular assumption in isolation,
assuming no other changes in market conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "Fair value of plan assets
Changes in the fair value of plan assets for the schemes are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
US
\u00a0 \u00a0
\u00a0
pension
pension
PRMB
Other
\u00a0
\u00a0
scheme
schemes
scheme
schemes
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
483.6
93.8
\u2013
\u2013
577.4
Expected return
20.7
4.3
\u2013
\u2013
25.0
Running costs
(1.4)
(0.4)
\u2013
\u2013
(1.8)
Actuarial gains
(46.2)
(2.2)
\u2013
\u2013
(48.4)
Contributions by employer
\u2013
0.4
\u2013
\u2013
0.4
Bene\ufb01ts paid
(34.9)
(7.4)
\u2013
\u2013
(42.3)
Exchange differences
(7.8)
\u2013
\u2013
\u2013
(7.8)
At 31 December 2024
414.0
88.5
\u2013
\u2013
502.5
Expected return
22.7
4.5
\u2013
\u2013
27.2
Running costs
(2.1)
(0.5)
\u2013
\u2013
(2.6)
Actuarial losses
(10.3)
1.8
\u2013
\u2013
(8.5)
Contributions by employer
\u2013
1.2
\u2013
\u2013
1.2
Bene\ufb01ts paid
(35.7)
(6.9)
\u2013
\u2013
(42.6)
Exchange differences
30.4
\u2013
\u2013
\u2013
30.4
At 31 December 2025
419.0
88.6
\u2013
\u2013
507.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Actuarial assumptions
A full actuarial valuation was carried out as at 30 September 2025 for the UK scheme and as at
31 December 2025 for the US schemes.
The principal assumptions used by the actuaries for the major schemes have been updated by
the actuaries at the balance sheet date and were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
\u00a0
2025
2024
2025
2024
\u00a0
%
%
%
%
Rate of increase in salaries
3.9
4.3
3.0
3.0
Rate of increase in pensions payment
2.8
3.1
n/a
n/a
Discount rate
5.4
5.4
5.2
5.4
Inflation
2.9
3.3
2.4
2.4
\n
The assumed life expectancies on retirement are:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
UK
US
\u00a0
2025
2024
2025
2024
\u00a0
years
years
years
years
Retiring at 31 December
\u00a0 \u00a0 \u00a0 \u00a0
Males
21
21
21
21
Females
23
23
23
23
Retiring in 20 years
\u00a0 \u00a0 \u00a0 \u00a0
Males
22
22
21
21
Females
25
25
23
23
\n
The main assumptions for the PRMB scheme are a discount rate of 5.2% (2024: 5.4%) per annum
and a healthcare cost trend of 6.2% (2024: 6.8%) per annum for claims pre age 65, reducing to
4.1% per annum by 2034 (2024: 4.0%). Actuarial valuations of retirement bene\ufb01t plans in other
jurisdictions have either not been updated for IAS 19 purposes or have been disclosed separately
because of the costs involved and the considerably smaller scheme sizes and numbers of
employees involved.
At 31 December 2025, the weighted average duration of the de\ufb01ned bene\ufb01t obligations for the
major schemes was as follows:
UK: 9 years
US: 8 years
Sensitivity analysis
The sensitivities regarding the principal assumptions used to measure the scheme liabilities are
set out below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Assumption
Change in assumption
Impact on UK scheme
Impact on US scheme
Discount rate
Increased/
Decreased/
Decreased/
\u00a0
decreased by 0.5%
increased by 4%
increased by 4%
Rate of inflation
Increased/
Increased/
Increased/
\u00a0
decreased by 0.5%
decreased by 3%
decreased by 0%
Rate of salary growth
Increased/
Increased/
Increased/
\u00a0
decreased by 0.5%
decreased by 0%
decreased by 0%
Rate of mortality
Increased
Increased by 5%
Increased by 3%
\u00a0
by 1 year
\u00a0 \u00a0
\n
The sensitivity analyses above have been determined based on a method that extrapolates the
impact on the de\ufb01ned bene\ufb01t obligation as a result of reasonable changes in key assumptions
occurring at the end of the reporting period. These sensitivities have been calculated to show the
movement of the de\ufb01ned obligation following a change in a particular assumption in isolation,
assuming no other changes in market conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "26. Share-based payments
The Group maintains a number of active share option and award plans and schemes for its
employees. These are as follows:
Savings-related options
Options are granted under the tax-advantaged Save As You Earn (\u201cSAYE\u201d) share option scheme
in the UK. The SAYE allows UK-based eligible employees to acquire options over the Company\u2019s
shares at a discount of up to 20% of their market value at the date of grant. Options are normally
exercisable during the six-month period following either the third or \ufb01fth anniversary of the start
of the relevant savings contract. Savings contracts are subject to the statutory savings limit of
\u00a3500 per month.
US-based employees can enter into a similar share-save scheme. Employees can enter into
two-year savings contracts saving up to a maximum of $2,000 per month, allowing eligible
employees to acquire options over the Company\u2019s shares at a discount of up to 15% of their
market value at the date of grant.
Long-term incentive plan awards
The LTIP is a discretionary employee share scheme for Executive Directors and senior managers
within the Company. The vesting of the awards are subject to performance conditions over a
three-year period at the discretion of the Remuneration Committee. The performance conditions
of the LTIP are detailed in the Remuneration Report on pages 121 and 122. As approved at the
2018 AGM, restricted shares (i.e. shares that vest based on time only) are awarded to participants
below Board level. Shadow LTIPs are in place for senior managers based in China and Malaysia.
Deferred share bonus plan (\u201cDSBP\u201d) awards
The DSBP operates exclusively for the Executive Directors. Under this scheme, 50% of any cash
bonus payable is awarded in shares and deferred for two years. There are no other performance
conditions other than continued employment.
Legacy schemes
Prior to the introduction of the LTIP for senior managers, certain employees participated in the
Executive Share Option Scheme (\u201cESOS\u201d). The ESOS, except for outstanding awards which will
run their course, has been discontinued. The Company operated a shadow ESOS for a number
of senior managers, who were employed or based in China or Malaysia.
Share-based payment awards were valued (as shown in the table below) using the binomial
option pricing model. The weighted fair value per award granted and the weighted average
assumptions used in the calculations are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Fair value per option (pence)
130.7
133.5
Expected volatility (%)
28.0
31.0
Risk-free rate (%)
3.9
3.9
Expected dividend yield (%)
2.4
2.1
\n
Expected volatility was determined by calculating the historical volatility of the Company\u2019s share
price over the previous \ufb01ve years. The expected life used in the model has been adjusted, based
on management\u2019s best estimate, for the effects of non-transferability, exercise restrictions and
behavioural considerations.
The Group recognised total expenses of $6.9m (2024: $6.1m) related to share-based payment
transactions during the year.
At 31 December 2025, the following options/awards to subscribe for ordinary shares were
outstanding:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
Exercisable
At 1
\u00a0\u00a0\u00a0
At 31
\u00a0
Exercise
\u00a0\u00a0
January
\u00a0\u00a0\u00a0
December
\u00a0
price
\u00a0\u00a0
2025
Granted
Exercised
Expired
2025
Year of grant
(p)
1
From
To
\u2019000
\u2019000
\u2019000
\u2019000
\u2019000
UK savings-related share option scheme
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2021
117.00
01/11/24
01/05/25
9
\u2013
(9)
\u2013
\u2013
2022
88.00
01/11/25
01/05/26
108
\u2013
(72)
(5)
31
2023
91.00
01/11/26
01/05/27
292
\u2013
\u2013
(10)
282
2023
91.00
01/11/28
01/05/29
49
\u2013
\u2013
\u00a0
49
2024
126.00
01/11/27
01/05/28
131
\u2013
\u2013
(36)
95
2025
134.00
16/09/28
01/05/29
\u2013
117
\u2013
(3)
114
\u00a0\u00a0\u00a0\u00a0
589
117
(81)
(54)
571
US savings-related share option scheme
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2022
92.31 15/09/24
\u00a0
15/12/24
118
\u2013
(6)
(112)
\u2013
2023
94.86 15/09/25
\u00a0
15/12/26
195
\u2013
(125)
(30)
40
2024
140.25 15/09/26
\u00a0
15/12/27
233
\u2013
\u2013
(19)
214
2025
137.53 22/09/27
\u00a0
15/12/28
\u2013
109
\u2013
\u2013
109
\u00a0\u00a0\u00a0\u00a0
546
109
(131)
(161)
363
\n \n
Exercisable
At 1
At 31
Exercise
January
December
price
2025
Granted
Exercised
Expired
2025
Year of grant
(p)
1
From
To
\u2019000
\u2019000
\u2019000
\u2019000
\u2019000
Executive share option schemes/awards
granted under the LTIP
7
2015
290.20
27/04/18
27/04/25
7
\u2013
\u2013
(7)
\u2013
2016
218.17
04/04/19 04/04/26
21
\u2013
\u2013
\u2013
21
2017
3
Nil
07/03/17
07/03/27
92
\u2013
\u2013
\u2013
92
2017
5
Nil
07/03/19
07/03/27
7
\u2013
\u2013
\u2013
7
2017
6
Nil
07/03/20
07/03/27
17
\u2013
\u2013
\u2013
17
2017
2
264.66
03/04/20
03/04/27
31
\u2013
\u2013
\u2013
31
2018
5
Nil
05/03/20
05/03/28
73
\u2013
\u2013
\u2013
73
2019
5
Nil
06/03/21
06/03/29
49
\u2013
\u2013
\u2013
49
2020
5
Nil
05/03/23
05/03/30
76
\u2013
\u2013
\u2013
76
2020
4,7
Nil
07/04/23
07/04/30
7
\u2013
(7)
\u2013
\u2013
2020
4,7
Nil
07/04/23
07/04/30
31
\u2013
(31)
\u2013
\u2013
2020
4,7
Nil
07/04/23
07/04/30
24
\u2013
(12)
\u2013
12
2020
4,7
Nil
07/04/23
07/04/30
9
\u2013
\u2013
\u2013
9
2021
7
Nil
06/04/24
06/04/31
22
\u2013
(22)
\u2013
\u2013
2021
7
Nil
06/04/24
06/04/31
57
\u2013
(48)
\u2013
9
2021
7
Nil
06/04/24
01/10/31
26
\u2013
(10)
\u2013
16
2022
7
Nil
05/03/25
05/03/32
213
\u2013
\u2013
\u2013
213
2022
4,7
Nil
01/04/25
01/04/32
4,309
\u2013
(2,539)
(1,701)
69
2022
7
Nil
29/06/25
29/06/32
81
\u2013
(69)
\u2013
12
2022
Nil
19/10/24
19/10/32
12
\u2013
(12)
\u2013
\u2013
2022
Nil
01/12/25
01/12/32
18
\u2013
(18)
\u2013
\u2013
2023
5
Nil
31/07/25
08/03/33
374
\u2013
(374)
\u2013
\u2013
2023
8
Nil
31/03/26
08/03/33
148
\u2013
\u2013
\u2013
148
2023
4,7
Nil
03/04/26
03/04/33
4,521
\u2013
(95)
(644)
3,782
2023
Nil
21/06/25
21/06/33
20
\u2013
(20)
\u2013
\u2013
2023
Nil
24/07/25
24/07/33
14
\u2013
\u2013
(14)
\u2013
2023
8
Nil
03/04/25
03/04/33
288
\u2013
(95)
(7)
186
2024
8
Nil
31/03/26
08/03/34
138
\u2013
\u2013
\u2013
138
2024
5
Nil
31/07/25
08/03/34
324
\u2013
(324)
\u2013
\u2013
\n \n
Exercisable
At 1
At 31
Exercise
January
December
price
2025
Granted
Exercised
Expired
2025
Year of grant
(p)
1
From
To
\u2019000
\u2019000
\u2019000
\u2019000
\u2019000
2024
4,7
Nil
08/04/27
08/04/34
3,660
\u2013
\u2013
(1,018)
2,642
2024
Nil
08/04/26
08/04/26
27
\u2013
\u2013
\u2013
27
2024
7
Nil
07/10/27
07/10/27
155
\u2013
\u2013
(3)
152
2025
6
Nil
31/03/26
30/05/35
\u2013
146
\u2013
\u2013
146
2025
6
Nil
31/07/25
30/05/35
\u2013
324
(324)
\u2013
\u2013
2025
4,7
Nil
30/05/28
30/05/35
\u2013
2,977
\u2013
(130)
2,847
2025
8
Nil
30/05/27
30/05/35
\u2013
72
\u2013
\u2013
72
2025
Nil
03/04/26
26/05/35
\u2013
106
\u2013
\u2013
106
2025
Nil
08/04/27
26/05/35
\u2013
45
\u2013
\u2013
45
2025
Nil
26/08/28
26/08/35
\u2013
68
\u2013
\u2013
68
2025
Nil
03/11/28
03/11/35
\u2013
426
\u2013
\u2013
426
2025
Nil
26/11/27
26/11/35
\u2013
64
\u2013
\u2013
64
14,562
4,228
(3,905)
(3,517)
11,368
1
Where necessary option prices were adjusted by a factor of 1.092715 to reflect the dilutive effects of the
2018 Rights Issue.
2
These options include cash-settled shadow executive options granted to a number of executives on the same
basis as the executive options (with the same performance conditions and exercise provisions). These shadow
options are included in the calculation of the total expenses recognised by the Group related to share-based
payments. The closing balance of the options shown above include no shadow options.
3
Awards made as one-off agreements that borrow from the terms of the LTIP.
4
These options include cash-settled shadow LTIPs granted to a number of executives on the same basis as the
LTIP (with the same performance conditions and exercise provisions). These shadow LTIPs are included in the
calculation of the total expenses recognised by the Group related to share-based payments.
5
Conditional share award under the DSBP.
6
Awards made as one-off agreements under the DSBP (nil cost options).
7
The closing balance of 2020, 2021, 2022, 2023, 2024 and 2025 LTIPs shown above include approximately
21,068, 24,836, 80,117, 44,651, 107,073 and 85,866 shadow LTIPs respectively.
8
Conditional share award under the DSBP (nil cost award, structured as restricted share units).
The weighted average remaining contractual life of the above shares outstanding at 31 December
2025 was 6.2 years (2024: 5.6 years).
The weighted average exercise prices of options disclosed in the previous table were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Average
Average
\u00a0
exercise price
exercise price
\u00a0
(p)
(p)
At 1 January
8.6
8.6
Granted
6.9
10.5
Exercised
6.6
10.4
Expired
6.4
12.3
At 31 December
9.9
8.6
Exercisable at 31 December
20.1
38.3
\n
The weighted average share price at the date of exercise of share options exercised during the
year was 6.7 pence (2024: 10.6 pence).
The number of exercisable options outstanding as at 31 December 2025 was 963,789
(2024: 667,924).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "The weighted average remaining contractual life of the above shares outstanding at 31 December
2025 was 6.2 years (2024: 5.6 years).
The weighted average exercise prices of options disclosed in the previous table were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Average
Average
\u00a0
exercise price
exercise price
\u00a0
(p)
(p)
At 1 January
8.6
8.6
Granted
6.9
10.5
Exercised
6.6
10.4
Expired
6.4
12.3
At 31 December
9.9
8.6
Exercisable at 31 December
20.1
38.3
\n
The weighted average share price at the date of exercise of share options exercised during the
year was 6.7 pence (2024: 10.6 pence).
The number of exercisable options outstanding as at 31 December 2025 was 963,789
(2024: 667,924).", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "27. Related-party transactions
The Company is a guarantor to the UK pension scheme under which it guarantees all current and
future obligations of UK subsidiaries currently participating in the pension scheme to make
payments to the scheme, up to a speci\ufb01ed maximum amount. The maximum amount of the
guarantee is that which is needed (at the time the guarantee is called on) to bring the scheme\u2019s
funding level up to 105% of its liabilities, calculated in accordance with section 179 of the
Pensions Act 2004. This is also sometimes known as a Pension Protection Fund (\u201cPPF\u201d)
guarantee, as having such a guarantee in place reduces the annual PPF levy on the scheme.
The Group consists of the parent company, Elementis plc, being the ultimate parent company of
the Group, incorporated in the United Kingdom and its subsidiaries and associates. In
accordance with Section 409 of the Companies Act 2006, a full list of related undertakings, the
country of incorporation and the effective percentage of equity owned as at 31 December 2025 is
disclosed in Note 6 to the parent company \ufb01nancial statements.
The remuneration of key management personnel of the Group, which is de\ufb01ned as the Board of
Directors, is shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Salaries and short-term employee bene\ufb01ts
4.1
4.1
Post-employment bene\ufb01ts
0.3
0.3
Other long-term bene\ufb01ts
0.3
0.3
Share-based payments
3.2
1.8
Total
7.9
6.5
\n
Full details of all elements of the remuneration of Directors is set out in the Directors\u2019
Remuneration report on pages 121-143.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "27. Related-party transactions
The Company is a guarantor to the UK pension scheme under which it guarantees all current and
future obligations of UK subsidiaries currently participating in the pension scheme to make
payments to the scheme, up to a speci\ufb01ed maximum amount. The maximum amount of the
guarantee is that which is needed (at the time the guarantee is called on) to bring the scheme\u2019s
funding level up to 105% of its liabilities, calculated in accordance with section 179 of the
Pensions Act 2004. This is also sometimes known as a Pension Protection Fund (\u201cPPF\u201d)
guarantee, as having such a guarantee in place reduces the annual PPF levy on the scheme.
The Group consists of the parent company, Elementis plc, being the ultimate parent company of
the Group, incorporated in the United Kingdom and its subsidiaries and associates. In
accordance with Section 409 of the Companies Act 2006, a full list of related undertakings, the
country of incorporation and the effective percentage of equity owned as at 31 December 2025 is
disclosed in Note 6 to the parent company \ufb01nancial statements.
The remuneration of key management personnel of the Group, which is de\ufb01ned as the Board of
Directors, is shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Salaries and short-term employee bene\ufb01ts
4.1
4.1
Post-employment bene\ufb01ts
0.3
0.3
Other long-term bene\ufb01ts
0.3
0.3
Share-based payments
3.2
1.8
Total
7.9
6.5
\n
Full details of all elements of the remuneration of Directors is set out in the Directors\u2019
Remuneration report on pages 121-143.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "29. Dividends
An interim dividend of 1.3 cents per share (2024: 1.1 cents per share) was paid on 26 September
2025, and the Group is proposing a \ufb01nal dividend for the year of 3.0 cents per share
(2024: 2.9 cents per share). The total dividend for the year is 4.3 cents per share
(2024: 4.0 cents per share).
The amount payable for the \ufb01nal dividend, based on the anticipated number of qualifying ordinary
shares registered on the record date, is $17.1m. If approved at the AGM, the dividend will be paid
on 29 May 2026 to shareholders included on the share register on 1 May 2026.
The payment of this dividend will not have any tax consequences for the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "0.03", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "0.029", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300LQIH685LI2ML36", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "17100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "30. Contingent liabilities
As is the case with other chemical companies, the Group occasionally receives notice of litigation
relating to regulatory and legal matters. A provision is recognised when the Group believes it has
a present legal or constructive obligation as a result of a past event, and it is probable that an
outflow of economic bene\ufb01ts will be required to settle the obligation. Where it is deemed that an
obligation is merely possible and that the probability of a material outflow is not remote, the
Group would disclose a contingent liability.
During 2021 HM Revenue and Customs (\u201cHMRC\u201d) opened a tax audit into the 2019 tax returns of
certain UK Group entities, focused speci\ufb01cally on the tax-ef\ufb01cient \ufb01nancing structure set up in
2014. The Group has been working constructively with HMRC and will move to settle some
aspects of the audit, reflected in the tax provision booked within the 2025 Annual Report and
Accounts.
On other matters the Group continues to come to a different conclusion to HMRC, based on legal
advice received, and will continue discussions. At this stage management have concluded that
there is a possible obligation with an outcome ranging from $0m to $32.5m.
During Q4 2023, an environmental incident occurred at the Eaglescliffe site, which, following
investigation during H1 2024, is likely to require additional remediation work at the site and could
result in a \ufb01ne from the relevant supervisory body. Under the terms of the sale and purchase
agreement with Flacks Group, signed in March 2025, Flacks Group are responsible for the cost of
any remediation and associated \ufb01ne. As the terms of the sale and purchase agreement state that
Elementis must pay any amount due and then reclaim the amount from Flacks Group via the
indemnity clause we have disclosed the event. Management have concluded at this stage that the
obligation cannot be measured with suf\ufb01cient reliability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "30. Contingent liabilities
As is the case with other chemical companies, the Group occasionally receives notice of litigation
relating to regulatory and legal matters. A provision is recognised when the Group believes it has
a present legal or constructive obligation as a result of a past event, and it is probable that an
outflow of economic bene\ufb01ts will be required to settle the obligation. Where it is deemed that an
obligation is merely possible and that the probability of a material outflow is not remote, the
Group would disclose a contingent liability.
During 2021 HM Revenue and Customs (\u201cHMRC\u201d) opened a tax audit into the 2019 tax returns of
certain UK Group entities, focused speci\ufb01cally on the tax-ef\ufb01cient \ufb01nancing structure set up in
2014. The Group has been working constructively with HMRC and will move to settle some
aspects of the audit, reflected in the tax provision booked within the 2025 Annual Report and
Accounts.
On other matters the Group continues to come to a different conclusion to HMRC, based on legal
advice received, and will continue discussions. At this stage management have concluded that
there is a possible obligation with an outcome ranging from $0m to $32.5m.
During Q4 2023, an environmental incident occurred at the Eaglescliffe site, which, following
investigation during H1 2024, is likely to require additional remediation work at the site and could
result in a \ufb01ne from the relevant supervisory body. Under the terms of the sale and purchase
agreement with Flacks Group, signed in March 2025, Flacks Group are responsible for the cost of
any remediation and associated \ufb01ne. As the terms of the sale and purchase agreement state that
Elementis must pay any amount due and then reclaim the amount from Flacks Group via the
indemnity clause we have disclosed the event. Management have concluded at this stage that the
obligation cannot be measured with suf\ufb01cient reliability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "31. Events after the balance sheet date
On 3 March 2026, Elementis entered into a share purchase agreement to sell its pharmaceutical
manufacturing business to Associated British Foods for an enterprise value of c.\u20ac34m (equivalent
to c.$40m). Completion of the transaction is subject to customary closing conditions and
regulatory approvals and is expected to occur in Q2 2026.
There were no other signi\ufb01cant events after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "32. Business acquisitions
2025 business acquisitions
On 26 November 2025 the Group acquired 100% of the outstanding shares of Alchemy
Ingredients Limited (\u201cAlchemy\u201d) for consideration of \u00a318.7m ($24.7m), with cash acquired of
\u00a31.9m ($2.5m).
Alchemy is a leading creator of innovative, high-quality, sustainable ingredients for the global
personal care industry, focused on rheology modi\ufb01ers that affect a material\u2019s flow to enhance the
performance and appeal of cosmetics and skin care.
Details of provisional fair value of assets and liabilities acquired at 26 November 2025 were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Intangible assets
11.9
Inventories
1.3
Trade and other receivables
1.1
Total assets
14.3
Trade and other payables
(0.4)
Tax liabilities
(3.0)
Total liabilities
(3.4)
Net assets acquired
10.9
Goodwill arising from acquisition of Alchemy
11.3
\u00a0
22.2
\n
At 31 December 2025, the accounting for the acquisition is provisional and any adjustments
ultimately deemed necessary to these provisional amounts will be recognised within 12 months of
the acquisition date, in accordance with IFRS 3.
The fair value of consideration is \u00a318.7m ($24.7m) which includes \u00a317.1m ($22.6m) of cash
proceeds, \u00a31.5m ($2.0m) of contingent consideration which is payable within 18 months of the
transaction, and \u00a30.1m ($0.1m) which was paid in February 2026.
The fair value determination of contingent consideration is dependent on the outcome of a
compliance review. The outcome of the review may result in a reduction of some or all of the
contingent consideration payable to the seller.
At 31 December 2025, the compliance review remains ongoing and therefore it is not possible to
reliably estimate the fair value of the contingent consideration. The full amount of the contingent
consideration has been included as consideration in the provisional acquisition accounting.
Included in the net assets acquired are intangible assets of \u00a39.0m ($11.9m) relating to customer
relationships, technology and brand, which have been identi\ufb01ed and measured at their acquisition
date fair value. The valuation techniques used for measuring these intangible assets were:
Customer relationships of \u00a32.7m ($3.5m) with a useful life of 15 years, have been valued using
a distributor method, in which the value is equal to the present value of the projected return
that would be required by a distributor over the relationship\u2019s life.
Technology of \u00a35.9m ($7.8m) with a useful life of 14 years, has been valued using a functional
multi-period excess earnings method, in which the value is estimated by discounting the
after-tax operating earnings associated with the asset after fair returns (or costs associated
with the main functions of the business that are unrelated to the asset) have been deducted.
Brand of \u00a30.4m ($0.6m) with a useful life of 10 years, has been valued using a relief from
royalty method.
The fair value of consideration, net of cash acquired, have been allocated against net assets
acquired, with the remaining balance recognised as goodwill arising from the acquisition. The
goodwill arising from the acquisition reflects both the capabilities of the acquired entities\u2019
personnel and the synergistic opportunities going forward; neither of which can be allocated to
an identi\ufb01able intangible asset.
Goodwill arising from the acquisition was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Consideration
24.7
Cash acquired
(2.5)
Consideration net of cash acquired
22.2
Fair value of net assets acquired
10.9
Goodwill arising from the acquisition of Alchemy
11.3
\n
There were a number of one-off costs associated with the acquisition of Alchemy, primarily
advisor and other fees, that have not been capitalised in accordance with IFRS 3. These costs
have been reflected as adjusting items within Note 5 and recognised in administrative expenses
and operating cash.
Alchemy contributed $0.5m to the Group\u2019s revenue, $nil to operating pro\ufb01t and $0.1m to adjusted
operating pro\ufb01t.
The estimated contribution of Alchemy to the results of the Group, had the acquisition been made
on 1 January 2025, and assuming that the fair value adjustments that arose on acquisition would
have been the same at the earlier date, would be $6.7m to the Group\u2019s revenue, $1.1m to
operating pro\ufb01t and $2.0m to adjusted operating pro\ufb01t.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "33. Business exits
2025 business exits
On 27 May 2025, Elementis entered into an agreement to sell its Talc business to IMI Fabi S.p.A.
for gross cash proceeds of \u20ac52.2m ($60.2m), and cash sold of \u20ac6.8m ($7.7m). The sale was
completed on 27 May 2025.
Details of the carrying value of assets and liabilities sold at 27 May 2025 were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Intangible assets
1.4
Property, plant and equipment
182.3
Inventories
24.8
Trade and other receivables
23.6
Total assets
232.1
Trade and other payables
(17.6)
Provisions
(43.3)
Retirement bene\ufb01t obligations
(0.1)
Tax liabilities
(0.8)
Lease liabilities
(7.3)
Total liabilities
(69.1)
Net assets sold
163.0
\n
Included within the loss from discontinued operations were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Revenue
66.8
134.5
Expenses
(65.4)
(257.1)
Loss on sale of the Talc business
(110.5)
\u2013
Recycling of deferred foreign exchange gains
2.0
\u2013
Operating loss
(107.1)
(122.6)
Finance expenses
(0.6)
(1.4)
Loss before income tax
(107.7)
(124.0)
Income tax credit
(0.1)
27.4
Loss from discontinued operations
(107.8)
(96.6)
\n
The loss on sale of the Talc business was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Consideration
60.2
Cash sold
(7.7)
Gross cash proceeds net of cash sold
52.5
Carrying value of net assets sold
163.0
Loss on sale of the Talc business
(110.5)
\n
The Talc business incurred total employee costs of $8.8m (2024: $22.8m)
2024 business exits
On 6 March 2024, Elementis entered into an agreement to sell its former Chromium
manufacturing site at Eaglescliffe to Flacks Group for gross cash proceeds of \u00a3nil ($nil),
with cash sold of \u00a38.3m ($11.1m). The sale was completed on 14 October 2025. Details of the
carrying value of assets and liabilities sold at 14 October 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Trade and other receivables
0.6
Total assets
0.6
Trade and other payables
(0.1)
Provisions
(18.5)
Total liabilities
(18.6)
Net liabilities sold
(18.0)
\n
The gain on sale of Eaglescliffe site was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Consideration
\u2013
Cash sold
(11.1)
Gross cash proceeds net of cash sold
(11.1)
Carrying value of net liabilities sold
(18.0)
Gain on sale of Eaglescliffe site
6.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "33. Business exits
2025 business exits
On 27 May 2025, Elementis entered into an agreement to sell its Talc business to IMI Fabi S.p.A.
for gross cash proceeds of \u20ac52.2m ($60.2m), and cash sold of \u20ac6.8m ($7.7m). The sale was
completed on 27 May 2025.
Details of the carrying value of assets and liabilities sold at 27 May 2025 were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Intangible assets
1.4
Property, plant and equipment
182.3
Inventories
24.8
Trade and other receivables
23.6
Total assets
232.1
Trade and other payables
(17.6)
Provisions
(43.3)
Retirement bene\ufb01t obligations
(0.1)
Tax liabilities
(0.8)
Lease liabilities
(7.3)
Total liabilities
(69.1)
Net assets sold
163.0
\n
Included within the loss from discontinued operations were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Revenue
66.8
134.5
Expenses
(65.4)
(257.1)
Loss on sale of the Talc business
(110.5)
\u2013
Recycling of deferred foreign exchange gains
2.0
\u2013
Operating loss
(107.1)
(122.6)
Finance expenses
(0.6)
(1.4)
Loss before income tax
(107.7)
(124.0)
Income tax credit
(0.1)
27.4
Loss from discontinued operations
(107.8)
(96.6)
\n
The loss on sale of the Talc business was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Consideration
60.2
Cash sold
(7.7)
Gross cash proceeds net of cash sold
52.5
Carrying value of net assets sold
163.0
Loss on sale of the Talc business
(110.5)
\n
The Talc business incurred total employee costs of $8.8m (2024: $22.8m)
2024 business exits
On 6 March 2024, Elementis entered into an agreement to sell its former Chromium
manufacturing site at Eaglescliffe to Flacks Group for gross cash proceeds of \u00a3nil ($nil),
with cash sold of \u00a38.3m ($11.1m). The sale was completed on 14 October 2025. Details of the
carrying value of assets and liabilities sold at 14 October 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Trade and other receivables
0.6
Total assets
0.6
Trade and other payables
(0.1)
Provisions
(18.5)
Total liabilities
(18.6)
Net liabilities sold
(18.0)
\n
The gain on sale of Eaglescliffe site was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Consideration
\u2013
Cash sold
(11.1)
Gross cash proceeds net of cash sold
(11.1)
Carrying value of net liabilities sold
(18.0)
Gain on sale of Eaglescliffe site
6.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "33. Business exits
2025 business exits
On 27 May 2025, Elementis entered into an agreement to sell its Talc business to IMI Fabi S.p.A.
for gross cash proceeds of \u20ac52.2m ($60.2m), and cash sold of \u20ac6.8m ($7.7m). The sale was
completed on 27 May 2025.
Details of the carrying value of assets and liabilities sold at 27 May 2025 were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Intangible assets
1.4
Property, plant and equipment
182.3
Inventories
24.8
Trade and other receivables
23.6
Total assets
232.1
Trade and other payables
(17.6)
Provisions
(43.3)
Retirement bene\ufb01t obligations
(0.1)
Tax liabilities
(0.8)
Lease liabilities
(7.3)
Total liabilities
(69.1)
Net assets sold
163.0
\n
Included within the loss from discontinued operations were:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Revenue
66.8
134.5
Expenses
(65.4)
(257.1)
Loss on sale of the Talc business
(110.5)
\u2013
Recycling of deferred foreign exchange gains
2.0
\u2013
Operating loss
(107.1)
(122.6)
Finance expenses
(0.6)
(1.4)
Loss before income tax
(107.7)
(124.0)
Income tax credit
(0.1)
27.4
Loss from discontinued operations
(107.8)
(96.6)
\n
The loss on sale of the Talc business was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Consideration
60.2
Cash sold
(7.7)
Gross cash proceeds net of cash sold
52.5
Carrying value of net assets sold
163.0
Loss on sale of the Talc business
(110.5)
\n
The Talc business incurred total employee costs of $8.8m (2024: $22.8m)
2024 business exits
On 6 March 2024, Elementis entered into an agreement to sell its former Chromium
manufacturing site at Eaglescliffe to Flacks Group for gross cash proceeds of \u00a3nil ($nil),
with cash sold of \u00a38.3m ($11.1m). The sale was completed on 14 October 2025. Details of the
carrying value of assets and liabilities sold at 14 October 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Trade and other receivables
0.6
Total assets
0.6
Trade and other payables
(0.1)
Provisions
(18.5)
Total liabilities
(18.6)
Net liabilities sold
(18.0)
\n
The gain on sale of Eaglescliffe site was determined as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
\u00a0
$m
Consideration
\u2013
Cash sold
(11.1)
Gross cash proceeds net of cash sold
(11.1)
Carrying value of net liabilities sold
(18.0)
Gain on sale of Eaglescliffe site
6.9
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300LQIH685LI2ML36", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }