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Our pest control specialists, operating primarily under the Rentokil brand and under the Terminix brand in North America, protect people, homes and businesses through pest management solutions across our Commercial, Residential and Termite markets. We are an innovation leader in pest control, developing proprietary, connected, digitally enabled and energy\u2011efficient services and, wherever possible, using non\u2011toxic, sustainable products. By combining preventative and responsive strategies, we provide holistic, integrated and connected pest management programmes that strengthen protection for our customers. Our Hygiene & Wellbeing business, trading under the Initial brand, holds a strong global position in core washroom hygiene services. We provide industry\u2011leading solutions for hand, air and in\u2011cubicle hygiene, and the hygienic collection and disposal of washroom waste, as well as the installation and servicing of washroom products. 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00476": { "value": "-100000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00477": { "value": "-40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00478": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "rto:ParValueOfSharesIssuedToEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00479": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "rto:ParValueOfSharesIssuedToEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00480": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "rto:ParValueOfSharesIssuedToEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00481": { "value": "9800000.0", "decimals": -5, "dimensions": { "concept": "rto:NumberOfSharesHeldByEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00482": { "value": "11400000.0", "decimals": -5, "dimensions": { "concept": "rto:NumberOfSharesHeldByEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00483": { "value": "13000000.0", "decimals": -5, "dimensions": { "concept": "rto:NumberOfSharesHeldByEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "xbrli:shares" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00608": { "value": "59000000.0", "decimals": -6, "dimensions": { "concept": "rto:MarketValueOfSharesHeldByEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00609": { "value": "56000000.0", "decimals": -6, "dimensions": { "concept": "rto:MarketValueOfSharesHeldByEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityParenthetical_Label_00610": { "value": "71000000.0", "decimals": -6, "dimensions": { "concept": "rto:MarketValueOfSharesHeldByEmployeeShareTrust", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Analysis of 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Merger
Cash flow
\u00a0\u00a0\u00a0
\u00a0
reduction
relief
hedge
Translation
Cost of
\u00a0
\u00a0
reserve
reserve
reserve
reserve
hedging
Total
\u00a0
$m
$m
$m
$m
$m
$m
At 1 January 2023 represented
2
(3,146)\u00a0
\u00a03,326\u00a0
\u00a04\u00a0
(1,062)\u00a0
(5)\u00a0
(883)\u00a0
Net exchange adjustments offset in reserves
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(172)\u00a0
\u2013\u00a0
\u00a0
(172)\u00a0
Net gain on net investment hedge
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a0136\u00a0
\u2013\u00a0
\u00a0
\u00a0136\u00a0
Net gain on cash flow hedge
1
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a04\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a04\u00a0
Cost of hedging
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a012\u00a0
\u00a012\u00a0
Total comprehensive income for the year
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a04\u00a0
(36)\u00a0
\u00a012\u00a0
(20)\u00a0
At 31 December 2023 represented
2
(3,146)\u00a0
\u00a03,326\u00a0
\u00a08\u00a0
(1,098)\u00a0
\u00a07\u00a0
(903)\u00a0
Net exchange adjustments offset in reserves
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(35)\u00a0
\u2013\u00a0
\u00a0
(35)\u00a0
Net loss on net investment hedge
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(22)\u00a0
\u2013\u00a0
\u00a0
(22)\u00a0
Net gain on cash flow hedge
1
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a035\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a035\u00a0
Cost of hedging
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(7)\u00a0
(7)\u00a0
Total comprehensive income for the year
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a035\u00a0
(57)\u00a0
(7)\u00a0
(29)\u00a0
At 31 December 2024 represented
2
(3,146)\u00a0
\u00a03,326\u00a0
\u00a043\u00a0
(1,155)\u00a0
\u2013\u00a0
\u00a0
(932)\u00a0
Net exchange adjustments offset in reserves
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(139)\u00a0
\u2013\u00a0
\u00a0
(139)\u00a0
Net gain on net investment hedge
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a0129\u00a0
\u2013\u00a0
\u00a0
\u00a0129\u00a0
Net loss on cash flow hedge
1
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(31)\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(31)\u00a0
Cumulative reserves recycled to income statement on disposal of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
foreign operations
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
\u00a027\u00a0
\u2013\u00a0
\u00a0
\u00a027\u00a0
Total comprehensive income for the year
\u2013\u00a0
\u00a0
\u2013\u00a0
\u00a0
(31)\u00a0
\u00a017\u00a0
\u2013\u00a0
\u00a0
(14)\u00a0
At 31 December 2025
(3,146)\u00a0
\u00a03,326\u00a0
\u00a012\u00a0
(1,138)\u00a0
\u2013\u00a0
\u00a0
(946)\u00a0
\n
1.
$31m net loss (2024: $35m net gain; 2023: $4m net gain) on cash flow hedge includes a $64m gain (2024: $65m loss; 2023: $36m loss) from the effective portion of changes in fair
value, offset by reclassification to the cost of acquisition of $nil (2024: $nil; 2023: $nil) and a $95m loss (2024: $100m gain; 2023: $40m gain) reclassification to the income statement
due to changes in foreign exchange rates.
2. Refer to foreign currency translation in material accounting policies section.
The capital reduction reserve arose in 2005 as a result of the scheme of arrangement of Rentokil Initial 1927 plc, under section 425 of the
Companies Act 1985, to introduce a new holding company, Rentokil Initial plc, and the subsequent reduction in capital approved by the
High\u00a0Court whereby the nominal value of each ordinary share was reduced from 100p to 1p.
The excess of the fair value of shares issued to fund the acquisition of Terminix over their par value gave rise to a new reserve called a Merger
Relief Reserve. Under section 612 of the Companies Act 2006, merger relief is available if certain circumstances are met when a business is
acquired by issuing shares to replace already issued shares. This reserve is unrealised (and therefore not distributable), but it may become
realised at a later date; for example, on disposal of the investment to which it relates or on impairment of that investment (which may occur
after\u00a0payment of a dividend by the investment).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_PeriodStartLabel_00500": { "value": "-3146000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_PeriodStartLabel_00501": { "value": "3326000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_PeriodStartLabel_00499": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_PeriodStartLabel_00504": { "value": "-1062000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_PeriodStartLabel_00503": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "rto:ReserveOfHedgingCostMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_PeriodStartLabel_00502": { "value": "-883000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_Label_00509": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquityAnalysisOfOtherReserves_Label_00508": { "value": "0.0", "decimals": -6, "dimensions": { "concept": 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"ConsolidatedCashFlowStatement_PeriodStartLabel_00332": { "value": "467000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00331": { "value": "1062000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodStartLabel_00330": { "value": "1064000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_Label_00335": { "value": "97000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_Label_00334": { "value": "-35000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_Label_00333": { "value": "47000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00338": { "value": "1589000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00336": { "value": "467000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatement_PeriodEndLabel_00337": { "value": "1062000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatementParenthetical_Label_00423": { "value": "31000000.0", "decimals": -6, "dimensions": { "concept": "rto:InterestPaidOnLeasePayments", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatementParenthetical_Label_00422": { "value": "31000000.0", "decimals": -6, "dimensions": { "concept": "rto:InterestPaidOnLeasePayments", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedCashFlowStatementParenthetical_Label_00421": { "value": "30000000.0", "decimals": -6, "dimensions": { "concept": "rto:InterestPaidOnLeasePayments", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Material accounting policies
Basis of preparation
The Consolidated Financial Statements have been prepared in
accordance with UK-adopted International Accounting Standards (IAS)
and with the requirements of the Companies Act 2006 as applicable
to companies reporting under those standards. The Consolidated
Financial Statements also comply fully with International Financial
Reporting Standards (IFRSs) as issued by the International Accounting
Standards Board (IASB). The Consolidated Financial Statements have
been prepared under the historical cost convention, as modified by
the revaluation of certain financial assets and liabilities (including
derivative instruments). Certain financial and equity instruments have
been measured at fair value.
Climate change
The Group has engaged in a detailed review of expected climate
change impacts on the business and its assets and liabilities, to
establish any adjustments required and what disclosure is necessary
in the Consolidated Financial Statements for 2025 under a 1.5\u20132.0\u00b0C
pathway.
This process has been completed to ensure material accuracy of the
financial reporting, and that disclosure of relevant information
complies with the requirements of IAS 1.
The process has involved a detailed review of material revenue
segments, all balance sheet line items, and each element of the Group
target to reach net zero by 2040, to identify if any of these items are
expected to be materially impacted in a negative or positive way
by\u00a0weather, legislative, or societal changes. The conclusions of this
process were reviewed and agreed by the\u00a0Audit Committee and Board
on 12 December 2025.
Overall, the conclusion of the review was that, while there will
undoubtedly be impacts on the Group, the highly disaggregated nature
of the operations significantly reduces the risk profile of the Group to
impacts from weather-related changes. The changes necessary to
achieve net zero will not have a materially adverse impact on the cash
flows of the Group and indeed, warmer climates may present some
opportunities. Societal and legislative impacts are\u00a0not felt to have a
material impact on any one segment such that\u00a0we\u00a0need to break out
reporting in a different way from previous years. Judgements are not felt
to be significant, although clearly, understanding of climate change is
developing with time. The area with the most judgement is goodwill
impairment testing and a description is given in Note B2 of the
processes undertaken to give comfort on the valuations. Management
review has concluded that this is the only area that has judgement
and\u00a0potential for material impact, although we conclude that none
are\u00a0necessary and that no further disclosures are needed beyond
this\u00a0note.
Going concern
The Directors have prepared Board-approved cash flow forecasts for
a\u00a0period of 18 months to 30 June 2027 to demonstrate that the Group
has sufficient liquidity to meet its obligations as they fall due for the
period of at least 12 months from the date of approval of these
Consolidated Financial Statements, with\u00a0a longer assessment period
to 30 June 2027 being considered as\u00a0appropriate.
Additionally, the Directors have assessed severe but plausible downside
scenarios. The downside scenarios include: (i) a revenue decline of 20%
against base budget for six months; and (ii) a 20% revenue decline for
12\u00a0months. Both of these scenarios are considerably worse than the
actual impact of the COVID-19 pandemic in 2020. These assessments
were prepared on the conservative assumption that the Group has no
access to the debt capital markets. As part of their analysis, the Board
considered mitigating actions at their discretion to improve the position
identified by the analysis if the\u00a0debt capital markets are not accessible,
such as cost savings, and adjusting the level of M&A activity and/or
dividends paid. In addition to the above, the Directors also considered
that the Group has the ability to extend existing or raise new financing,
although this was not included in the modelling undertaken for going
concern assessment.
The Going Concern analysis demonstrates that under the base case,
the Group has c.$0.8bn of headroom at 30 June 2027 and c.$0.5bn
under the severe but plausible downside scenario. This is before
potential mitigations available, estimated to be c.$1.2bn.
Based on the above, the Directors have concluded that the Group is
well placed to manage its financing and other business risks and have
a reasonable expectation that the Group will have adequate resources
to continue in operation for at least 12 months from the signing date
of\u00a0these Consolidated Financial Statements. They therefore consider
it\u00a0appropriate to adopt the going concern basis in preparing these
Consolidated Financial Statements.
Consolidation
(a) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls
an entity when it: (i) has power over the entity; (ii) is exposed or has
rights to\u00a0variable returns from its involvement with the entity; and (iii)
has the ability to affect those returns through its power over the entity.
The Group reassesses whether or not it controls a subsidiary if facts
and circumstances indicate that there are changes to one or more of
these three elements of control.
The financial statements of subsidiaries are included in the
Consolidated Financial Statements from the date that control
commences until the date that control ceases. Inter-company
transactions, balances, and gains and losses on transactions between
Group companies are eliminated on consolidation. When less than
100% of the issued share capital of a subsidiary is acquired, and the
acquisition includes an option to purchase the remaining share capital
of the subsidiary, the anticipated acquisition method is applied where
judged appropriate to do so. The judgement is based on the risks
and\u00a0rewards associated with the option to purchase, meaning that
no\u00a0non-controlling interest is recognised. A liability is carried on
the\u00a0balance sheet equal to the fair value of the option to purchase.
This is revised to the fair value at each reporting date, with differences
being recorded in equity.
Where the Group ceases to have control of a subsidiary, the assets
and liabilities are derecognised along with any related non-controlling
interest and other components of equity. Any resulting gain or loss
is\u00a0recognised in the income statement. Any interest retained in the
former subsidiary is measured at fair value when control ceases.
Changes in the Group\u2019s interest in a subsidiary that do not result
in\u00a0a\u00a0loss of control are accounted for\u00a0as equity transactions.
The results and cash flows of significant assets or businesses sold
during the year are presented as discontinued operations in the
Consolidated Statement of Profit or Loss and the Consolidated Cash
Flow Statement. Assets and businesses are classified as held for sale
when their carrying amounts are expected to be recovered through
sale rather than through continuing use. They only meet the held for
sale condition when the assets are ready for immediate sale in their
present condition, management is committed to the sale, and it is
highly probable that the sale will complete within one year.
Depreciation ceases on assets and businesses when they are
classified as held for sale and the assets and businesses are impaired
if the proceeds less sale costs fall short of the carrying value.
Losses applicable to the non-controlling interests in a subsidiary
are\u00a0allocated to the non-controlling interests, which may cause the
non-controlling interests to have a deficit balance. Consideration in
excess of net identifiable assets acquired in respect of non-controlling
interests in existing subsidiary undertakings is taken directly to equity.
(b) Associates
Associates are those entities in which the Group has significant
influence over the financial and operating policies, but not control.
Significant influence is usually presumed to exist when the Group
holds between 20% and 50% of the voting power of another entity.
Associates are accounted for using the equity method and are
initially\u00a0recognised at cost. The Group\u2019s investment includes goodwill
identified on\u00a0acquisition, net of any accumulated impairment losses.
The Consolidated Financial Statements include the Group\u2019s share
of\u00a0the total comprehensive income and equity movements of
equity\u00a0accounted investees, from the date that significant influence
commences until the date that significant influence ceases. When the
Group\u2019s share of losses exceeds its interest in an equity accounted
investee, the carrying amount is reduced to nil and recognition of
further losses is discontinued, except to the extent that the Group
has\u00a0incurred legal or constructive obligations or made payments
on\u00a0behalf of an investee.
Gains and losses on transactions between the Group and its
associates are eliminated to the extent of the Group\u2019s interest
in\u00a0the\u00a0associates.
Foreign currency translation
(a) Functional and presentation currency
Items included in the Financial Statements of each of the Group\u2019s
entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency).
The\u00a0Consolidated Financial Statements are presented in US dollars,
which differs from the functional currency of Rentokil Initial plc which
remains in sterling.
On 25 July 2024, the Group announced that with effect from 1 January
2025 it would be changing its presentation currency from sterling to
US dollar. Within the Group\u2019s current portfolio of businesses, sterling
denominated earnings, while sizeable, are a relatively small proportion
of overall earnings. To reduce the potential for foreign exchange
volatility in our future reported earnings, the Board determined that,
with effect from 1 January 2025, the Group will present its results in
US\u00a0dollar.
Accordingly, to satisfy the requirements of IAS 21 The Effects of
Changes in Foreign Exchange Rates, the reported results for the years
ended 31 December 2024 and 31 December 2023 have been
translated from sterling to US dollar using the following procedures:
(i)
assets and liabilities denominated in non-US dollar currencies were
translated into US dollar at the relevant closing rates of exchange;
(ii) the trading results of subsidiaries whose functional currency was
other than US dollar were translated into US dollar at the average
rates of exchange for the relevant period, with material items
translated at the rate on the dates of transaction;
(iii) share capital, share premium, capital reduction reserve, and
merger relief reserve were translated at the historic rates prevailing
on the date of each transaction; and
(iv) the cumulative translation reserve balance was set to nil on
1\u00a0January 2004, the date of transition to IFRS, and has been
represented on the basis that the Group has reported in US dollar
since that date.
A change in presentation currency represents a change in accounting
policy under IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors which is accounted for retrospectively. The \u00a3/$
rates used for this exercise are: average 2024 1.2773, 2023 1.2441;
and\u00a0closing 2024 1.2519, 2023 1.2737.
(b) Group companies
The results and financial position of all the Group entities that have
a\u00a0functional currency different from the presentation currency are
translated into the presentation currency as follows:
(i)
assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of the balance sheet;
(ii) income and expenses for each income statement are translated
at\u00a0average exchange rates; and
(iii) all resulting exchange differences are recognised as a separate
component of equity.
On consolidation, exchange differences arising from the translation
of\u00a0the net investment in foreign entities, and of borrowings and other
currency instruments designated as hedges of such investments or
deemed to be quasi-equity, are taken to other comprehensive income.
When\u00a0a foreign operation is sold, such exchange differences are
recognised in the income statement as part of the gain or loss on sale.
(c) Transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such
transactions, or from the translation of monetary assets and liabilities
denominated in foreign currencies at reporting period end exchange
rates, are recognised under the appropriate heading in the income
statement; except when deferred in equity as\u00a0qualifying net investment
hedges or where certain intra-group loans are determined to be
quasi-equity (normally not expected to be\u00a0repaid).
(d) Financial reporting in hyperin\ufb02ationary economies
The Group has operations in\u00a0Argentina, Ghana, Lebanon, and Turkey,
which remained hyperinflationary in 2025.
The IAS 29 rules are applied as follows:
(i)
adjustment of the income statement at the end of the reporting
period using the change in general price index;
(ii) adjustment of historical cost non-monetary assets and liabilities for
the change in purchasing power caused by inflation from the date
of initial recognition to the balance sheet date; and
(iii) adjustment of the income statement to reflect the impact of
inflation and exchange rate movement on holding monetary assets
and liabilities in the local currency.
Consumer Price Indices have been used for the relevant
hyperinflationary adjustments. The indices used for these adjustments
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
Country
Index at 1 January 2025
Index at 31 December 2025
Argentina
7,693.70
10,121.37
Ghana
248.30
261.70
Lebanon
7,061.07
7,924.35
Turkey
2,684.55
3,513.87
\n
Financial instruments
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the relevant
instrument, and derecognised when it ceases to be a party to such
provisions.
Financial assets
The Group classifies its financial assets depending on the purpose
for\u00a0which the financial assets were acquired. At initial recognition,
the\u00a0Group carries out a solely payments of principal and interest (SPPI)
test and a business model test to establish the classification and
measurement of its financial assets. Financial assets are classified
in\u00a0the following categories:
(a) Amortised cost
Financial assets under this classification are non-derivative financial
assets held to collect the contractual cash flows until maturity and the
cash\u00a0flows are SPPI. Assets measured at amortised cost include trade
and other receivables, cash and cash equivalents (excluding money
market funds which are classified as fair value through profit and loss),
and other investments.
(b) Fair value through other comprehensive income
These are non-derivative financial assets which can be for sale with
cash flows that are SPPI. These assets are measured at fair value and
changes to market values are recognised in other comprehensive
income. The Group has no assets classified under this category.
(c) Fair value through pro\ufb01t or loss
Financial assets under this classification are assets that cannot be
classified in any of the other categories. These assets are measured
at\u00a0fair value and changes to market values are recognised in profit
and\u00a0loss.
Financial liabilities
All financial liabilities are stated at amortised cost using the effective
interest rate method except for derivatives, which are classified as
held for\u00a0trading (except where they qualify for hedge accounting) and
are held at fair value.
Financial liabilities held at amortised cost include trade payables,
deferred consideration, and borrowings.
Sources of estimation uncertainty and signi\ufb01cant accounting
judgements
The use of estimates, assumptions, and judgements in the application
of the Group\u2019s accounting policies is explained below, with major
sources of estimation uncertainty and significant judgements
separately identified.
Assumptions and estimation uncertainties
The Group makes estimates and assumptions concerning the future.
Estimates and assumptions are continually evaluated and are based
on historical experience and other factors, including expectations
of\u00a0future events that are believed to be reasonable under the
circumstances. Actual results may differ from these estimates and
revisions to estimates are recognised prospectively. Sensitivities to
the estimates and assumptions are provided, where relevant, in the
Notes to the Consolidated Financial Statements.
The estimates and assumptions that have a significant risk of causing
a\u00a0material adjustment to the carrying amounts of assets and liabilities
within the next financial year are listed below (please refer to the
relevant notes for further detail):
(a) Termite damage claim provisions
With the acquisition of Terminix in 2022, the Group assumed a liability
for termite damage claims, based on termite customers existing at the
acquisition date, for which a provision has been estimated. The liability
arises when a termite infestation occurs, resulting in damage to a
property which is under a termite contract, that requires subsequent
remediation by the Group. The assumptions used to estimate the
historical termite damage claim provisions are based on an
assessment of the volume and value of future claims (based on
historical information), customer churn rate,
discount rates and
inflation Starting from the acquisition date, an additional provision is
recognised for all new termite customers upon commencement of
their contract, based on the estimated average claim cost per
customer over the lifetime of the contract. The trend of volume and
value of claims will be monitored and reviewed over time and as such
the value of the provisions is also likely to change. Sensitivity analysis
is provided in Note A6.
Signi\ufb01cant accounting judgements
Judgements made in applying accounting policies that have the most
significant effects on the amounts recognised in the Consolidated
Financial Statements are discussed below:
(a) Useful economic life of brands
The Terminix US brand, acquired in 2022, has been assessed as
having an indefinite useful life. Prior to this acquisition, all brands were
considered by management to have finite useful lives. Indefinite-lived
assets do not get amortised and, therefore, if management had judged
that the Terminix brand had a finite life then there would be a
significant amortisation expense recognised annually in the income
statement. At acquisition, the Terminix brand was valued at $1,435m,
which based on a typical 15-year life would result in an annual
amortisation charge of $96m.
Other accounting estimates
The Consolidated Financial Statements include other areas of
accounting estimates that do not meet the definition of\u00a0significant
accounting estimates or accounting judgements under IAS 1.
The\u00a0recognition and measurement of certain material assets and
liabilities are based on assumptions and/or are subject to longer-term
uncertainties, as follows:
(a) Impairment of goodwill and other assets
The annual review for potential impairment of goodwill and other
indefinite-lived intangible assets is primarily based on a value-in-use
model. This model uses discounted cash flows to assess whether the
goodwill carrying value can be supported or whether impairment is
required. The model uses the following assumptions about the future:
\u2022 revenue growth rate;
\u2022 operating profit margin;
\u2022 discount rate; and
\u2022 long-term growth rate (inflation).
Management anticipates that the likelihood of a reasonably possible
change in assumptions resulting in a material misstatement is remote.
Note B2 explains the impairment review process undertaken in the
year.
(b) Self-insurance provisions
The Group self-insurance provision increased significantly through the
acquisition of Terminix in 2022. Self-insurance provisions are valued
annually with the support of external actuaries. Although the carrying
value of the provision is significant, it is not expected that there would
be any change to assumptions that would cause a significant
adjustment to the carrying value in the next financial year and any
impact would be expected to crystallise over the long term.
Self-insurance provisions are disclosed in Note A6.
(c) Provisions for uncertain tax positions
The Group holds significant provisions for uncertain tax positions
on\u00a0the basis of amounts expected to be paid to the tax authorities.
The\u00a0Group\u2019s current tax liabilities reflect management\u2019s best
estimate\u00a0of the future amounts of corporation tax that will be settled.
However, the actual outcome could be significantly different to the
estimate made, as the ultimate tax liability cannot be known until a
resolution has been reached with the relevant tax authority, or the
issue becomes time-barred. Note A13 discusses in detail why the
provisions are taken and explains the estimation uncertainty.
Standards, amendments, and interpretations to published standards
that are mandatorily e\ufb00ective for the current year
Except as described below, the accounting policies applied in these
Consolidated Financial Statements are the same as those applied in
the Group\u2019s Consolidated Financial Statements for the year ended
31\u00a0December 2024.
The Group has adopted the following new standards and amendments
to standards, including any consequential amendments to other
standards, with effect from 1 January 2025:
\u2022 amendments to IAS 21 \u2013 Lack of exchangeability
The application of this amendment had no material impact on\u00a0the
disclosures of the amounts recognised in the Group\u2019s Consolidated
Financial Statements.
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been
published that are not mandatory for 31 December 2025 reporting
periods, and have not been adopted early by the Group:
\u2022 IFRS 18 \u2013 Presentation and disclosure in financial statements
\u2022 IFRS 7 & IFRS 9 \u2013 Classification and Measurement of Financial
Instruments and Power Purchase Agreements (PPAs)
IFRS 18 is effective for annual periods beginning on or after 1 January
2027 and will replace IAS 1 \u2013 Presentation of financial statements.
It\u00a0will introduce new requirements that are intended to help to achieve
comparability of the financial performance of similar entities, and
provide more relevant information and transparency to users. Even
though IFRS 18 will not impact the recognition or measurement of
items in the financial statements, its impacts on presentation and
disclosure are expected to be pervasive; in particular, those related
to\u00a0the statement of comprehensive income or loss, and providing
management-defined performance measures within the financial
statements.
IFRS 7 & IFRS 9 is effective for annual periods beginning on or after
1\u00a0January 2026. Restatement is required under IAS 8 otherwise the
cumulative effect is recognised in the opening balance of retained
earnings and other equity components at the date of application. The
amendments clarify IFRS 9 rules for derecognition, SPPI assessment
(including ESG-linked features), and the treatment of renewable PPAs,
while IFRS 7 introduces stronger disclosure requirements for
contingent and ESG-linked terms to improve transparency.
Management is currently assessing the detailed implications of
applying the new standard on the Group\u2019s consolidated financial
statements. Revenue recognition
Revenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
expects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
of\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
obligations. In the majority of cases, the Group considers that the contracts it enters into are contracts for bundled services which are accounted
for as a single performance obligation. Accordingly, the majority of revenue across the Group is recognised on an output basis evenly over the
course of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
performs. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
obligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
completion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
The transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
financing component, or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
information about remaining performance obligations because the Group has a right to consideration from customers in an amount that
corresponds directly with the value to the customer of the performance obligations completed to date.
Disaggregation of revenue into region, category, and major type of revenue stream is shown below under segment reporting.
Performance obligations
Contract service revenue
These are mainly full-service contracts, inclusive of equipment, maintenance, and consumables as required. The inclusive service is treated
as\u00a0a\u00a0single performance obligation.
\u2022
Pest Control:
the Group offers a range of services, with the most common being general pest maintenance contracts. Under this type of\u00a0contract,
the Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
as\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year. The Group considers that this type of
contract is a bundled service as the goods and services are not distinct in the context of the contract; equipment is not supplied without the
service. Some countries offer an assurance warranty-type service where any additional call-outs are included in the contract price; in other
countries, additional call-outs are chargeable. Where an assurance warranty is offered as part of the contract, revenue is recognised over the
duration of the contract. Where no such warranty is offered, revenue is recognised at a point in time when the customer is visited.
In addition, the Group offers certain termite contracts across a limited number of countries (including North America) where there is a single
performance obligation. In these contracts, revenue is recognised as the performance obligation is satisfied, which is generally over a short time
period of a\u00a0few days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty
is not considered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
service revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread
of\u00a0revenues over the contractual year.
\u2022
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables, and a technician
to\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
considers that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
supplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
included are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
plants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
situated by our technicians and the customer is not permitted to relocate them. At the end of the contract, any assets on the customer\u2019s site
are recovered.
\u2022
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
offered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a bundle
and a single performance obligation. Any equipment remains under ownership and control of the Group.
Job work
These services are short-term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
performance obligation, with revenue recognised at the point of completion of the work.
\u2022
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing, which is a one-off installation that, depending on\u00a0the
size of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
the customer is billed, and revenue recognised, at the end of the job.
\u2022
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team, which performs specialist cleaning services
such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
services. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
completion of the job.
Sale of goods
Sale of products and consumables relates mainly to the pest distribution businesses, which sell pest control products to retailers and the pest
control industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised
at\u00a0the point in time that ownership transfers to the customer.
The Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
recognised. Those contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat
many times per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact
would be immaterial.
The Group makes a charge against revenue for credit notes not yet issued at the balance sheet date.
Contract costs
Contract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to
a\u00a0lesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place
to\u00a0fulfil contracts).
It is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
contract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
and the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
The contract costs recognised in the balance sheet at the period end amounted to $337m (2024: $298m; 2023: $285m). The amount of
amortisation recognised in the period was $123m (2024: $117m; 2023: $150m).
Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
Contract assets and accrued income
Contract assets relate to the Group\u2019s right to consideration for performance obligations satisfied, but where further performance obligations need
to be satisfied before the customer can be invoiced. Accrued income is recognised where all performance obligations have been satisfied but the
customer has yet to be invoiced. A receivable is recognised when all rights to consideration become unconditional, which usually occurs when
the Group issues an invoice to the customer. All opening balances have been invoiced during the year.
Contract liabilities
Contract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
All\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
customers are invoiced in advance or simultaneously with performance obligations being satisfied.
Segment reporting
Segmental information in accordance with IFRS 8 Operating Segments has been presented on the next page. The Group\u2019s operating segments
are regions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision
maker (the Chief Executive). The businesses within each operating segment operate in\u00a0a number of different countries and sell services across
two business segments, with the workwear segment disposed of in the year.
Following the acquisition of Terminix, the majority of the Group\u2019s activity is in North America. With effect from 1 January 2025, the Group\u2019s
reporting structure has been changed to combine Europe including LATAM, UK & SSA, Pacific, and Asia & MENAT regions into a single operating
and reporting segment, International. The Chief Executive remains as chief operating decision maker (CODM) and reviews the results on a
monthly basis for the North America and International segments. All reporting to the Board is also done on this basis. Comparative segmental
financial information for 2024 and 2023 has been represented.
Disaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs, one-off and adjusting items, amortisation
and impairment of intangible assets (excluding computer software), and central and regional costs are presented at a Group level as they are not
targeted or managed at reportable segment level. The basis of presentation is consistent with the information reviewed by internal management.
The segment profit or loss measure that is regularly provided to the CODM is Adjusted Operating Profit. Basic earnings per share is calculated by dividing the profit after tax attributable to equity holders of the Company by the weighted average
number of shares in issue during the year, excluding those held in the Rentokil Initial Employee Share Trust (see note at the bottom of the
Consolidated Statement of Changes in Equity) which are treated as cancelled, and including share options for which all conditions have been met.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all potential dilutive ordinary
shares. The Group\u2019s potentially dilutive ordinary shares relate to the contingent issuable shares under the Group\u2019s LTIPs to the extent that the
performance conditions have been met at the end of the period. These share options are issued for nil consideration to\u00a0employees if performance
conditions are met.The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
30 days and are all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and movements on
provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are generally charged
to\u00a0the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
Expected credit loss (ECL) calculations are performed and are used to calculate the provision for impairment of trade receivables.
ECL\u00a0calculations are a probability-weighted estimate of credit losses and are performed at country level. The Group applies the simplified method
of applying lifetime ECLs to trade receivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which
comprise customer portfolios across several countries. Credit risk factors that are considered as part of ECL calculations may include, but are not
limited to: payment history, customer size, customer type (national/residential/commercial/government), age of debt, industry strength, economy,
environmental factors such as climate change, and product or service provided.
Loss allowances are also calculated on other financial assets, although the amounts are generally not significant and the asset is recognised net
of the allowance.
There is limited concentration of credit risk with respect to trade receivables due to the Group\u2019s customer base being large and diverse.
The\u00a0amount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit
facilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and
reports from credit rating agencies where they are available. Where this is not feasible, the Group may request payment in advance of work being
carried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired
whose terms have been renegotiated.Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of
finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs, and related production overheads
(based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price less applicable variable
selling expenses.The Group has provisions for termite damage claims, self-insurance, environmental, and other. Provisions are recognised when the Group has
a\u00a0present 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
is\u00a0capable of being reliably estimated. If such an obligation is not capable of being reliably estimated it is classified as a contingent liability (Note\u00a0D3).Pro\ufb01t-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing, based on calculations of achievements of financial performance
targets and the best estimate of the obligation to employees related to personal performance criteria being achieved. A liability is recognised
where a contractual obligation exists or where past practice indicates that there is a constructive obligation to make such payments in\u00a0the future.
Holiday pay
Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. An accrual
is\u00a0made at the balance sheet date to reflect the fair value of holidays earned but not yet taken.
Termination bene\ufb01ts
Termination benefits are payable when an employment is terminated before the normal retirement date, or whenever an employee accepts
voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either:
terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination
benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
are discounted to present value where the effect of discounting is material.Apart from contributions to legally required social security state schemes, the Group operates a number of pension schemes around the world
covering many of its employees.
De\ufb01ned contribution pension plans
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
The Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual, or voluntary basis. The Group has
no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
De\ufb01ned bene\ufb01t pension plans
A defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as years of service, compensation, and age.
The asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets, less the present
value of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
benefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and have terms
to\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
unconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
any minimum funding requirements.
Current and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
the income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
from experience adjustments, return on plan assets, and changes in actuarial assumptions are charged or credited to the Consolidated Statement
of Comprehensive Income.Share-based compensation
The Group operates two equity-settled share-based long-term incentive plans (LTIPs): the Performance Share Plan and the Restricted Share
Plan. The economic cost of awarding shares and share options\u00a0to employees is recognised as an expense in the income statement, equivalent
to the fair value of the benefit awarded. The fair value of the Performance Share Plan is\u00a0determined by reference to option pricing models,
principally stochastic and adjusted Black-Scholes models. The fair value of the Restricted Share Plan is determined by reference to an adjusted
Black-Scholes model. The charge for both plans is recognised in the\u00a0income statement over the vesting period of the award. At each balance
sheet date, the Group revises its estimate of the number of shares that vest or options that are expected to become exercisable. Any revision to
the original estimates (other than those which are a result of movements in total shareholder return (TSR)) is reflected in the income statement
with a\u00a0corresponding adjustment to equity immediately to the extent it relates to past service, and the remainder over the rest of the vesting
period.The income tax charge for the period comprises both current and deferred tax. Current tax charge represents the amount payable on this year\u2019s
taxable profits and any adjustment relating to prior years. Taxable profits differ from accounting profits as some items of income or expenditure
are not taxable or deductible, or may be taxable or deductible in a different accounting period. The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries and associates
operate and generate taxable income.
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences between accounting and tax
bases. Deferred tax is determined using tax rates that are expected to apply when the timing difference reverses based on tax rates which are
enacted or substantively enacted at the balance sheet date. Tax is recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or equity. In this case, the tax is also recognised in other comprehensive income or equity as appropriate. Tax liabilities are classified as current liabilities unless there is a right to defer the payment of the liability for at least one year after the balance
sheet date. As at 31 December 2025, all the Group\u2019s tax liabilities have been classified as current as there is no legally enforceable right to defer
payment for more than 12 months.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the asset and liability, and there is an intention
to either settle on a net basis or to realise the asset and settle the liability simultaneously.
Where required by accounting standards, management establishes provisions for uncertain tax positions on the basis of amounts expected to be
paid to the tax authorities. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that will
be settled.
The Group is subject to income taxes in numerous jurisdictions. There are various uncertainties relating to the determination of its tax liabilities
where the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes
time-barred. Issues can take many years to resolve and therefore assumptions on the likely outcome have to be made by management.
Each country and tax risk is considered separately when deciding whether it is appropriate to set up an uncertain tax provision. If risks are
considered to be linked, the Group will consider the tax treatment in aggregate where appropriate.
This assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice
obtained, the statute of limitations and the status of the negotiations, and past experience with tax authorities. In evaluating whether a provision
is needed, it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue.
Tax provisions can be built up over a number of years, but in the year of resolution there could be adjustments to these provisions which could
have a material positive or negative impact on the tax charge for a particular year. The settlement of a significant issue could also have a material
impact on the amount of cash tax payable in any one year. Judgement is required in determining the worldwide provision for income taxes,
particularly in relation to the pricing of intra-group goods and services as well as debt financing.
The majority of the tax provisions relate to transfer pricing exposures where the Group faces a number of risks in jurisdictions around the world,
and is subject to audits by tax authorities in the territories in which it operates. These tax audits have an uncertain outcome and can take several
years to resolve, which in some cases may be dependent on litigation. The actual outcome could vary from management\u2019s estimates, but these
are updated at each reporting period in the light of the latest available information.Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
the\u00a0Consolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affects neither the
accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
at the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
settled. Deferred tax balances are not discounted.
Deferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
authority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
management\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
quantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties.All business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business
Combinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred
or\u00a0assumed, and equity instruments issued by the Group. The cost of a business combination is allocated at the acquisition date by recognising
the acquiree\u2019s identifiable assets, liabilities, and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the
purchase price over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which
the\u00a0acquirer effectively obtains control of the acquiree.
An intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
goodwill, customer lists, and brands. Goodwill represents the synergies, workforce, and other benefits expected as a result of combining the
respective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
which involves the use of assumptions including customer termination rates, profit margins, contributory asset charges, and discount rates.
At the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
period being recognised in the income statement. Costs directly attributable to business combinations are charged to\u00a0the\u00a0income statement
as\u00a0incurred and presented as one-off and adjusting items.
Disclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
material, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the
impact\u00a0on the Group\u2019s revenue and Adjusted Operating Profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill
is\u00a0greater than 10% of the closing balance for the period. There were no individually material acquisitions in the year (2024: none). Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.The main categories of intangible assets are as follows:
Intangible assets \u2013 \ufb01nite useful lives
Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
through a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
weighted average cost of capital for the Group. The residual values of intangible assets are assumed to be $nil.
The estimated useful economic lives of intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer lists:
3 to 15 years
Other intangibles:
2 to 15 years
Product development:
2 to 5 years
Computer software:
3 to 5 years
\n
The following are the main categories of intangible assets with finite useful lives:
(a) Customer lists
Customer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
(b) Other intangibles
Other intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations.
No\u00a0value is attributed to internally generated brands as expenditure incurred to develop, maintain, and renew brands internally is
recognised\u00a0as\u00a0an expense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences.
These are recognised only if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year,
in\u00a0excess\u00a0of their cost.
(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.
(d) Computer software
Costs that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
employee costs and external software development costs) are recognised as intangible assets, if they are expected to generate economic
benefits beyond one year in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
and\u00a0bring it into use.
Costs associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
Intangible assets \u2013 inde\ufb01nite useful lives
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
business at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
investments in associates.
(b) Brands with inde\ufb01nite useful lives
Brands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
expenditure incurred to develop, maintain, and renew brands internally is recognised as an expense in the period incurred.
The Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
in 1927) and having a strong brand equity in the US for much of their history and now internationally. The Group plans to continue to support and
invest in the Terminix brand; it controls all the associated assets that support the underlying business, and therefore it is considered that there
is\u00a0no foreseeable limit on the period over which these brands will continue to generate net cash inflows.
Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.Property, plant and equipment is stated at historic cost less depreciation, with the exception of freehold land and assets under construction which are not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.Depreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings:
50 to 100 years
Leasehold improvements:
Shorter of the lease term or estimated useful life
Vehicles:
4 to 10 years
Plant and equipment (including service contract equipment):
3 to 10 years
Office equipment, furniture, and fittings:
3 to 10 years
\n
Residual values and useful lives of assets are reviewed annually and amended as necessary. Fixed assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount. There were no
impairments in the year (2024: $nil).
When assets are sold, the gain or loss between sale proceeds and net book value is recognised in the income statement.The Group leases land and buildings, vehicles, and other equipment. The lease durations vary from lease to lease according to the asset leased
and local practices. Some of the Group\u2019s leases have extension and termination options attached to them. Lease extension options and lease
termination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised.
Judgement\u00a0is required to determine the level of certainty. Cash and cash equivalents include cash in hand, short-term bank deposits, and other short-term, highly liquid investments with original maturities
of three months or less (and subject to insignificant changes in value). In the cash flow statement, cash and cash equivalents are shown net
of\u00a0bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.Accounting for derivative \ufb01nancial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
are\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
Certain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
instruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
Changes in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
instruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge, or cash flow hedge.
When designating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value
related\u00a0to the cost of hedging is deferred in equity and amortised over the life of the hedged item.
(a) Fair value hedge
These instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
of\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in
the\u00a0fair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were two fair value hedges as at the year end date
(2024: nil).
The following fair value hedges were designated in June 2025 and remain in place as at 31 December 2025:
\u20ac600m bond (maturity June 2030) and \u00a3400m bond (maturity June 2032); the notional value of the hedging instruments designated equals the
notional of the hedged items, therefore the hedge ratio is considered to be 1:1. The carrying amount of the hedged items is included within
borrowings in the Consolidated Balance Sheet.
The fair value loss on the derivative recognised in the income statement during the year amounted to $5m; this is offset by the gain on the fair
value of the hedged items of $7m, resulting in a net fair value hedge gain of $2m.
(b) Net investment hedge
These instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
instrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
portion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated
in\u00a0other comprehensive income are recycled through the income statement. All currencies are directly hedged, therefore the hedge ratio
is\u00a0considered to be 1:1.
The Group expects that the values of the hedged item and hedging instrument will move in opposite directions in response to movements in the
same hedged risk. Where there are sufficient levels of denominated net assets, the critical terms are deemed to match.These instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability.
The\u00a0portion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive
income. Any ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in other comprehensive
income are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event
that\u00a0the hedged item occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately
recognised in the income statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge
accounting, accumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the
forecast transaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all
currencies were directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019) in the table on page 188 in accordance with IFRS 9.
Where no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
The hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
same dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match
(i.e.\u00a0matching currencies, payment dates, and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative,
excluding any basis risk, will be considered to completely offset the changes in the hedged cash flow.Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Consolidated Financial Statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid.The Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation.
At\u00a0the year end, the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
The Company does not have a limited amount of authorised capital and does not hold any shares in treasury.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00607": { "value": "Basis of preparation
The Consolidated Financial Statements have been prepared in
accordance with UK-adopted International Accounting Standards (IAS)
and with the requirements of the Companies Act 2006 as applicable
to companies reporting under those standards. The Consolidated
Financial Statements also comply fully with International Financial
Reporting Standards (IFRSs) as issued by the International Accounting
Standards Board (IASB). The Consolidated Financial Statements have
been prepared under the historical cost convention, as modified by
the revaluation of certain financial assets and liabilities (including
derivative instruments). Certain financial and equity instruments have
been measured at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "The Consolidated Financial Statements have been prepared in
accordance with UK-adopted International Accounting Standards (IAS)
and with the requirements of the Companies Act 2006 as applicable
to companies reporting under those standards. The Consolidated
Financial Statements also comply fully with International Financial
Reporting Standards (IFRSs) as issued by the International Accounting
Standards Board (IASB).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00611": { "value": "Climate change
The Group has engaged in a detailed review of expected climate
change impacts on the business and its assets and liabilities, to
establish any adjustments required and what disclosure is necessary
in the Consolidated Financial Statements for 2025 under a 1.5\u20132.0\u00b0C
pathway.
This process has been completed to ensure material accuracy of the
financial reporting, and that disclosure of relevant information
complies with the requirements of IAS 1.
The process has involved a detailed review of material revenue
segments, all balance sheet line items, and each element of the Group
target to reach net zero by 2040, to identify if any of these items are
expected to be materially impacted in a negative or positive way
by\u00a0weather, legislative, or societal changes. The conclusions of this
process were reviewed and agreed by the\u00a0Audit Committee and Board
on 12 December 2025.
Overall, the conclusion of the review was that, while there will
undoubtedly be impacts on the Group, the highly disaggregated nature
of the operations significantly reduces the risk profile of the Group to
impacts from weather-related changes. The changes necessary to
achieve net zero will not have a materially adverse impact on the cash
flows of the Group and indeed, warmer climates may present some
opportunities. Societal and legislative impacts are\u00a0not felt to have a
material impact on any one segment such that\u00a0we\u00a0need to break out
reporting in a different way from previous years. Judgements are not felt
to be significant, although clearly, understanding of climate change is
developing with time. The area with the most judgement is goodwill
impairment testing and a description is given in Note B2 of the
processes undertaken to give comfort on the valuations. Management
review has concluded that this is the only area that has judgement
and\u00a0potential for material impact, although we conclude that none
are\u00a0necessary and that no further disclosures are needed beyond
this\u00a0note.", "dimensions": { "concept": "rto:DescriptionOfAccountingPolicyForClimateChangePolicyTextBlock", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00612": { "value": "Going concern
The Directors have prepared Board-approved cash flow forecasts for
a\u00a0period of 18 months to 30 June 2027 to demonstrate that the Group
has sufficient liquidity to meet its obligations as they fall due for the
period of at least 12 months from the date of approval of these
Consolidated Financial Statements, with\u00a0a longer assessment period
to 30 June 2027 being considered as\u00a0appropriate.
Additionally, the Directors have assessed severe but plausible downside
scenarios. The downside scenarios include: (i) a revenue decline of 20%
against base budget for six months; and (ii) a 20% revenue decline for
12\u00a0months. Both of these scenarios are considerably worse than the
actual impact of the COVID-19 pandemic in 2020. These assessments
were prepared on the conservative assumption that the Group has no
access to the debt capital markets. As part of their analysis, the Board
considered mitigating actions at their discretion to improve the position
identified by the analysis if the\u00a0debt capital markets are not accessible,
such as cost savings, and adjusting the level of M&A activity and/or
dividends paid. In addition to the above, the Directors also considered
that the Group has the ability to extend existing or raise new financing,
although this was not included in the modelling undertaken for going
concern assessment.
The Going Concern analysis demonstrates that under the base case,
the Group has c.$0.8bn of headroom at 30 June 2027 and c.$0.5bn
under the severe but plausible downside scenario. This is before
potential mitigations available, estimated to be c.$1.2bn.
Based on the above, the Directors have concluded that the Group is
well placed to manage its financing and other business risks and have
a reasonable expectation that the Group will have adequate resources
to continue in operation for at least 12 months from the signing date
of\u00a0these Consolidated Financial Statements. They therefore consider
it\u00a0appropriate to adopt the going concern basis in preparing these
Consolidated Financial Statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00613": { "value": "Consolidation
(a) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls
an entity when it: (i) has power over the entity; (ii) is exposed or has
rights to\u00a0variable returns from its involvement with the entity; and (iii)
has the ability to affect those returns through its power over the entity.
The Group reassesses whether or not it controls a subsidiary if facts
and circumstances indicate that there are changes to one or more of
these three elements of control.
The financial statements of subsidiaries are included in the
Consolidated Financial Statements from the date that control
commences until the date that control ceases. Inter-company
transactions, balances, and gains and losses on transactions between
Group companies are eliminated on consolidation. When less than
100% of the issued share capital of a subsidiary is acquired, and the
acquisition includes an option to purchase the remaining share capital
of the subsidiary, the anticipated acquisition method is applied where
judged appropriate to do so. The judgement is based on the risks
and\u00a0rewards associated with the option to purchase, meaning that
no\u00a0non-controlling interest is recognised. A liability is carried on
the\u00a0balance sheet equal to the fair value of the option to purchase.
This is revised to the fair value at each reporting date, with differences
being recorded in equity.
Where the Group ceases to have control of a subsidiary, the assets
and liabilities are derecognised along with any related non-controlling
interest and other components of equity. Any resulting gain or loss
is\u00a0recognised in the income statement. Any interest retained in the
former subsidiary is measured at fair value when control ceases.
Changes in the Group\u2019s interest in a subsidiary that do not result
in\u00a0a\u00a0loss of control are accounted for\u00a0as equity transactions.
The results and cash flows of significant assets or businesses sold
during the year are presented as discontinued operations in the
Consolidated Statement of Profit or Loss and the Consolidated Cash
Flow Statement. Assets and businesses are classified as held for sale
when their carrying amounts are expected to be recovered through
sale rather than through continuing use. They only meet the held for
sale condition when the assets are ready for immediate sale in their
present condition, management is committed to the sale, and it is
highly probable that the sale will complete within one year.
Depreciation ceases on assets and businesses when they are
classified as held for sale and the assets and businesses are impaired
if the proceeds less sale costs fall short of the carrying value.
Losses applicable to the non-controlling interests in a subsidiary
are\u00a0allocated to the non-controlling interests, which may cause the
non-controlling interests to have a deficit balance. Consideration in
excess of net identifiable assets acquired in respect of non-controlling
interests in existing subsidiary undertakings is taken directly to equity.
(b) Associates
Associates are those entities in which the Group has significant
influence over the financial and operating policies, but not control.
Significant influence is usually presumed to exist when the Group
holds between 20% and 50% of the voting power of another entity.
Associates are accounted for using the equity method and are
initially\u00a0recognised at cost. The Group\u2019s investment includes goodwill
identified on\u00a0acquisition, net of any accumulated impairment losses.
The Consolidated Financial Statements include the Group\u2019s share
of\u00a0the total comprehensive income and equity movements of
equity\u00a0accounted investees, from the date that significant influence
commences until the date that significant influence ceases. When the
Group\u2019s share of losses exceeds its interest in an equity accounted
investee, the carrying amount is reduced to nil and recognition of
further losses is discontinued, except to the extent that the Group
has\u00a0incurred legal or constructive obligations or made payments
on\u00a0behalf of an investee.
Gains and losses on transactions between the Group and its
associates are eliminated to the extent of the Group\u2019s interest
in\u00a0the\u00a0associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00614": { "value": "(a) Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls
an entity when it: (i) has power over the entity; (ii) is exposed or has
rights to\u00a0variable returns from its involvement with the entity; and (iii)
has the ability to affect those returns through its power over the entity.
The Group reassesses whether or not it controls a subsidiary if facts
and circumstances indicate that there are changes to one or more of
these three elements of control.
The financial statements of subsidiaries are included in the
Consolidated Financial Statements from the date that control
commences until the date that control ceases. Inter-company
transactions, balances, and gains and losses on transactions between
Group companies are eliminated on consolidation. When less than
100% of the issued share capital of a subsidiary is acquired, and the
acquisition includes an option to purchase the remaining share capital
of the subsidiary, the anticipated acquisition method is applied where
judged appropriate to do so. The judgement is based on the risks
and\u00a0rewards associated with the option to purchase, meaning that
no\u00a0non-controlling interest is recognised. A liability is carried on
the\u00a0balance sheet equal to the fair value of the option to purchase.
This is revised to the fair value at each reporting date, with differences
being recorded in equity.
Where the Group ceases to have control of a subsidiary, the assets
and liabilities are derecognised along with any related non-controlling
interest and other components of equity. Any resulting gain or loss
is\u00a0recognised in the income statement. Any interest retained in the
former subsidiary is measured at fair value when control ceases.
Changes in the Group\u2019s interest in a subsidiary that do not result
in\u00a0a\u00a0loss of control are accounted for\u00a0as equity transactions.
The results and cash flows of significant assets or businesses sold
during the year are presented as discontinued operations in the
Consolidated Statement of Profit or Loss and the Consolidated Cash
Flow Statement. Assets and businesses are classified as held for sale
when their carrying amounts are expected to be recovered through
sale rather than through continuing use. They only meet the held for
sale condition when the assets are ready for immediate sale in their
present condition, management is committed to the sale, and it is
highly probable that the sale will complete within one year.
Depreciation ceases on assets and businesses when they are
classified as held for sale and the assets and businesses are impaired
if the proceeds less sale costs fall short of the carrying value.
Losses applicable to the non-controlling interests in a subsidiary
are\u00a0allocated to the non-controlling interests, which may cause the
non-controlling interests to have a deficit balance. Consideration in
excess of net identifiable assets acquired in respect of non-controlling
interests in existing subsidiary undertakings is taken directly to equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00616": { "value": "(b) Associates
Associates are those entities in which the Group has significant
influence over the financial and operating policies, but not control.
Significant influence is usually presumed to exist when the Group
holds between 20% and 50% of the voting power of another entity.
Associates are accounted for using the equity method and are
initially\u00a0recognised at cost. The Group\u2019s investment includes goodwill
identified on\u00a0acquisition, net of any accumulated impairment losses.
The Consolidated Financial Statements include the Group\u2019s share
of\u00a0the total comprehensive income and equity movements of
equity\u00a0accounted investees, from the date that significant influence
commences until the date that significant influence ceases. When the
Group\u2019s share of losses exceeds its interest in an equity accounted
investee, the carrying amount is reduced to nil and recognition of
further losses is discontinued, except to the extent that the Group
has\u00a0incurred legal or constructive obligations or made payments
on\u00a0behalf of an investee.
Gains and losses on transactions between the Group and its
associates are eliminated to the extent of the Group\u2019s interest
in\u00a0the\u00a0associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00615": { "value": "(b) Associates
Associates are those entities in which the Group has significant
influence over the financial and operating policies, but not control.
Significant influence is usually presumed to exist when the Group
holds between 20% and 50% of the voting power of another entity.
Associates are accounted for using the equity method and are
initially\u00a0recognised at cost. The Group\u2019s investment includes goodwill
identified on\u00a0acquisition, net of any accumulated impairment losses.
The Consolidated Financial Statements include the Group\u2019s share
of\u00a0the total comprehensive income and equity movements of
equity\u00a0accounted investees, from the date that significant influence
commences until the date that significant influence ceases. When the
Group\u2019s share of losses exceeds its interest in an equity accounted
investee, the carrying amount is reduced to nil and recognition of
further losses is discontinued, except to the extent that the Group
has\u00a0incurred legal or constructive obligations or made payments
on\u00a0behalf of an investee.
Gains and losses on transactions between the Group and its
associates are eliminated to the extent of the Group\u2019s interest
in\u00a0the\u00a0associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00617": { "value": "Foreign currency translation
(a) Functional and presentation currency
Items included in the Financial Statements of each of the Group\u2019s
entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency).
The\u00a0Consolidated Financial Statements are presented in US dollars,
which differs from the functional currency of Rentokil Initial plc which
remains in sterling.
On 25 July 2024, the Group announced that with effect from 1 January
2025 it would be changing its presentation currency from sterling to
US dollar. Within the Group\u2019s current portfolio of businesses, sterling
denominated earnings, while sizeable, are a relatively small proportion
of overall earnings. To reduce the potential for foreign exchange
volatility in our future reported earnings, the Board determined that,
with effect from 1 January 2025, the Group will present its results in
US\u00a0dollar.
Accordingly, to satisfy the requirements of IAS 21 The Effects of
Changes in Foreign Exchange Rates, the reported results for the years
ended 31 December 2024 and 31 December 2023 have been
translated from sterling to US dollar using the following procedures:
(i)
assets and liabilities denominated in non-US dollar currencies were
translated into US dollar at the relevant closing rates of exchange;
(ii) the trading results of subsidiaries whose functional currency was
other than US dollar were translated into US dollar at the average
rates of exchange for the relevant period, with material items
translated at the rate on the dates of transaction;
(iii) share capital, share premium, capital reduction reserve, and
merger relief reserve were translated at the historic rates prevailing
on the date of each transaction; and
(iv) the cumulative translation reserve balance was set to nil on
1\u00a0January 2004, the date of transition to IFRS, and has been
represented on the basis that the Group has reported in US dollar
since that date.
A change in presentation currency represents a change in accounting
policy under IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors which is accounted for retrospectively. The \u00a3/$
rates used for this exercise are: average 2024 1.2773, 2023 1.2441;
and\u00a0closing 2024 1.2519, 2023 1.2737.
(b) Group companies
The results and financial position of all the Group entities that have
a\u00a0functional currency different from the presentation currency are
translated into the presentation currency as follows:
(i)
assets and liabilities for each balance sheet presented are
translated at the closing rate at the date of the balance sheet;
(ii) income and expenses for each income statement are translated
at\u00a0average exchange rates; and
(iii) all resulting exchange differences are recognised as a separate
component of equity.
On consolidation, exchange differences arising from the translation
of\u00a0the net investment in foreign entities, and of borrowings and other
currency instruments designated as hedges of such investments or
deemed to be quasi-equity, are taken to other comprehensive income.
When\u00a0a foreign operation is sold, such exchange differences are
recognised in the income statement as part of the gain or loss on sale.
(c) Transactions and balances
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such
transactions, or from the translation of monetary assets and liabilities
denominated in foreign currencies at reporting period end exchange
rates, are recognised under the appropriate heading in the income
statement; except when deferred in equity as\u00a0qualifying net investment
hedges or where certain intra-group loans are determined to be
quasi-equity (normally not expected to be\u00a0repaid).
(d) Financial reporting in hyperin\ufb02ationary economies
The Group has operations in\u00a0Argentina, Ghana, Lebanon, and Turkey,
which remained hyperinflationary in 2025.
The IAS 29 rules are applied as follows:
(i)
adjustment of the income statement at the end of the reporting
period using the change in general price index;
(ii) adjustment of historical cost non-monetary assets and liabilities for
the change in purchasing power caused by inflation from the date
of initial recognition to the balance sheet date; and
(iii) adjustment of the income statement to reflect the impact of
inflation and exchange rate movement on holding monetary assets
and liabilities in the local currency.
Consumer Price Indices have been used for the relevant
hyperinflationary adjustments. The indices used for these adjustments
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
Country
Index at 1 January 2025
Index at 31 December 2025
Argentina
7,693.70
10,121.37
Ghana
248.30
261.70
Lebanon
7,061.07
7,924.35
Turkey
2,684.55
3,513.87
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00618": { "value": "(a) Functional and presentation currency
Items included in the Financial Statements of each of the Group\u2019s
entities are measured using the currency of the primary economic
environment in which the entity operates (the functional currency).
The\u00a0Consolidated Financial Statements are presented in US dollars,
which differs from the functional currency of Rentokil Initial plc which
remains in sterling.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00619": { "value": "(d) Financial reporting in hyperin\ufb02ationary economies
The Group has operations in\u00a0Argentina, Ghana, Lebanon, and Turkey,
which remained hyperinflationary in 2025.
The IAS 29 rules are applied as follows:
(i)
adjustment of the income statement at the end of the reporting
period using the change in general price index;
(ii) adjustment of historical cost non-monetary assets and liabilities for
the change in purchasing power caused by inflation from the date
of initial recognition to the balance sheet date; and
(iii) adjustment of the income statement to reflect the impact of
inflation and exchange rate movement on holding monetary assets
and liabilities in the local currency.
Consumer Price Indices have been used for the relevant
hyperinflationary adjustments. The indices used for these adjustments
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
Country
Index at 1 January 2025
Index at 31 December 2025
Argentina
7,693.70
10,121.37
Ghana
248.30
261.70
Lebanon
7,061.07
7,924.35
Turkey
2,684.55
3,513.87
", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00620": { "value": "Financial instruments
Financial assets and financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the relevant
instrument, and derecognised when it ceases to be a party to such
provisions.
Financial assets
The Group classifies its financial assets depending on the purpose
for\u00a0which the financial assets were acquired. At initial recognition,
the\u00a0Group carries out a solely payments of principal and interest (SPPI)
test and a business model test to establish the classification and
measurement of its financial assets. Financial assets are classified
in\u00a0the following categories:
(a) Amortised cost
Financial assets under this classification are non-derivative financial
assets held to collect the contractual cash flows until maturity and the
cash\u00a0flows are SPPI. Assets measured at amortised cost include trade
and other receivables, cash and cash equivalents (excluding money
market funds which are classified as fair value through profit and loss),
and other investments.
(b) Fair value through other comprehensive income
These are non-derivative financial assets which can be for sale with
cash flows that are SPPI. These assets are measured at fair value and
changes to market values are recognised in other comprehensive
income. The Group has no assets classified under this category.
(c) Fair value through pro\ufb01t or loss
Financial assets under this classification are assets that cannot be
classified in any of the other categories. These assets are measured
at\u00a0fair value and changes to market values are recognised in profit
and\u00a0loss.
Financial liabilities
All financial liabilities are stated at amortised cost using the effective
interest rate method except for derivatives, which are classified as
held for\u00a0trading (except where they qualify for hedge accounting) and
are held at fair value.
Financial liabilities held at amortised cost include trade payables,
deferred consideration, and borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00621": { "value": "Financial assets
The Group classifies its financial assets depending on the purpose
for\u00a0which the financial assets were acquired. At initial recognition,
the\u00a0Group carries out a solely payments of principal and interest (SPPI)
test and a business model test to establish the classification and
measurement of its financial assets. Financial assets are classified
in\u00a0the following categories:
(a) Amortised cost
Financial assets under this classification are non-derivative financial
assets held to collect the contractual cash flows until maturity and the
cash\u00a0flows are SPPI. Assets measured at amortised cost include trade
and other receivables, cash and cash equivalents (excluding money
market funds which are classified as fair value through profit and loss),
and other investments.
(b) Fair value through other comprehensive income
These are non-derivative financial assets which can be for sale with
cash flows that are SPPI. These assets are measured at fair value and
changes to market values are recognised in other comprehensive
income. The Group has no assets classified under this category.
(c) Fair value through pro\ufb01t or loss
Financial assets under this classification are assets that cannot be
classified in any of the other categories. These assets are measured
at\u00a0fair value and changes to market values are recognised in profit
and\u00a0loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00622": { "value": "(c) Fair value through pro\ufb01t or loss
Financial assets under this classification are assets that cannot be
classified in any of the other categories. These assets are measured
at\u00a0fair value and changes to market values are recognised in profit
and\u00a0loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00623": { "value": "Financial liabilities
All financial liabilities are stated at amortised cost using the effective
interest rate method except for derivatives, which are classified as
held for\u00a0trading (except where they qualify for hedge accounting) and
are held at fair value.
Financial liabilities held at amortised cost include trade payables,
deferred consideration, and borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00624": { "value": "Sources of estimation uncertainty and signi\ufb01cant accounting
judgements
The use of estimates, assumptions, and judgements in the application
of the Group\u2019s accounting policies is explained below, with major
sources of estimation uncertainty and significant judgements
separately identified.
Assumptions and estimation uncertainties
The Group makes estimates and assumptions concerning the future.
Estimates and assumptions are continually evaluated and are based
on historical experience and other factors, including expectations
of\u00a0future events that are believed to be reasonable under the
circumstances. Actual results may differ from these estimates and
revisions to estimates are recognised prospectively. Sensitivities to
the estimates and assumptions are provided, where relevant, in the
Notes to the Consolidated Financial Statements.
The estimates and assumptions that have a significant risk of causing
a\u00a0material adjustment to the carrying amounts of assets and liabilities
within the next financial year are listed below (please refer to the
relevant notes for further detail):
(a) Termite damage claim provisions
With the acquisition of Terminix in 2022, the Group assumed a liability
for termite damage claims, based on termite customers existing at the
acquisition date, for which a provision has been estimated. The liability
arises when a termite infestation occurs, resulting in damage to a
property which is under a termite contract, that requires subsequent
remediation by the Group. The assumptions used to estimate the
historical termite damage claim provisions are based on an
assessment of the volume and value of future claims (based on
historical information), customer churn rate,
discount rates and
inflation Starting from the acquisition date, an additional provision is
recognised for all new termite customers upon commencement of
their contract, based on the estimated average claim cost per
customer over the lifetime of the contract. The trend of volume and
value of claims will be monitored and reviewed over time and as such
the value of the provisions is also likely to change. Sensitivity analysis
is provided in Note A6.
Signi\ufb01cant accounting judgements
Judgements made in applying accounting policies that have the most
significant effects on the amounts recognised in the Consolidated
Financial Statements are discussed below:
(a) Useful economic life of brands
The Terminix US brand, acquired in 2022, has been assessed as
having an indefinite useful life. Prior to this acquisition, all brands were
considered by management to have finite useful lives. Indefinite-lived
assets do not get amortised and, therefore, if management had judged
that the Terminix brand had a finite life then there would be a
significant amortisation expense recognised annually in the income
statement. At acquisition, the Terminix brand was valued at $1,435m,
which based on a typical 15-year life would result in an annual
amortisation charge of $96m.
Other accounting estimates
The Consolidated Financial Statements include other areas of
accounting estimates that do not meet the definition of\u00a0significant
accounting estimates or accounting judgements under IAS 1.
The\u00a0recognition and measurement of certain material assets and
liabilities are based on assumptions and/or are subject to longer-term
uncertainties, as follows:
(a) Impairment of goodwill and other assets
The annual review for potential impairment of goodwill and other
indefinite-lived intangible assets is primarily based on a value-in-use
model. This model uses discounted cash flows to assess whether the
goodwill carrying value can be supported or whether impairment is
required. The model uses the following assumptions about the future:
\u2022 revenue growth rate;
\u2022 operating profit margin;
\u2022 discount rate; and
\u2022 long-term growth rate (inflation).
Management anticipates that the likelihood of a reasonably possible
change in assumptions resulting in a material misstatement is remote.
Note B2 explains the impairment review process undertaken in the
year.
(b) Self-insurance provisions
The Group self-insurance provision increased significantly through the
acquisition of Terminix in 2022. Self-insurance provisions are valued
annually with the support of external actuaries. Although the carrying
value of the provision is significant, it is not expected that there would
be any change to assumptions that would cause a significant
adjustment to the carrying value in the next financial year and any
impact would be expected to crystallise over the long term.
Self-insurance provisions are disclosed in Note A6.
(c) Provisions for uncertain tax positions
The Group holds significant provisions for uncertain tax positions
on\u00a0the basis of amounts expected to be paid to the tax authorities.
The\u00a0Group\u2019s current tax liabilities reflect management\u2019s best
estimate\u00a0of the future amounts of corporation tax that will be settled.
However, the actual outcome could be significantly different to the
estimate made, as the ultimate tax liability cannot be known until a
resolution has been reached with the relevant tax authority, or the
issue becomes time-barred. Note A13 discusses in detail why the
provisions are taken and explains the estimation uncertainty.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00697": { "value": "Sources of estimation uncertainty and signi\ufb01cant accounting judgements The use of estimates, assumptions, and judgements in the application of the Group\u2019s accounting policies is explained below, with major sources of estimation uncertainty and significant judgements separately identified. Assumptions and estimation uncertainties The Group makes estimates and assumptions concerning the future. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of\u00a0future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates and revisions to estimates are recognised prospectively. Sensitivities to the estimates and assumptions are provided, where relevant, in the Notes to the Consolidated Financial Statements. The estimates and assumptions that have a significant risk of causing a\u00a0material adjustment to the carrying amounts of assets and liabilities within the next financial year are listed below (please refer to the relevant notes for further detail): (a) Termite damage claim provisions With the acquisition of Terminix in 2022, the Group assumed a liability for termite damage claims, based on termite customers existing at the acquisition date, for which a provision has been estimated. The liability arises when a termite infestation occurs, resulting in damage to a property which is under a termite contract, that requires subsequent remediation by the Group. The assumptions used to estimate the historical termite damage claim provisions are based on an assessment of the volume and value of future claims (based on historical information), customer churn rate, discount rates and inflation Starting from the acquisition date, an additional provision is recognised for all new termite customers upon commencement of their contract, based on the estimated average claim cost per customer over the lifetime of the contract. The trend of volume and value of claims will be monitored and reviewed over time and as such the value of the provisions is also likely to change. Sensitivity analysis is provided in Note A6. Signi\ufb01cant accounting judgements Judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the Consolidated Financial Statements are discussed below: (a) Useful economic life of brands The Terminix US brand, acquired in 2022, has been assessed as having an indefinite useful life. Prior to this acquisition, all brands were considered by management to have finite useful lives. Indefinite-lived assets do not get amortised and, therefore, if management had judged that the Terminix brand had a finite life then there would be a significant amortisation expense recognised annually in the income statement. At acquisition, the Terminix brand was valued at $1,435m, which based on a typical 15-year life would result in an annual amortisation charge of $96m. Other accounting estimates The Consolidated Financial Statements include other areas of accounting estimates that do not meet the definition of\u00a0significant accounting estimates or accounting judgements under IAS 1. The\u00a0recognition and measurement of certain material assets and liabilities are based on assumptions and/or are subject to longer-term uncertainties, as follows: (a) Impairment of goodwill and other assets The annual review for potential impairment of goodwill and other indefinite-lived intangible assets is primarily based on a value-in-use model. This model uses discounted cash flows to assess whether the goodwill carrying value can be supported or whether impairment is required. The model uses the following assumptions about the future: \u2022 revenue growth rate; \u2022 operating profit margin; \u2022 discount rate; and \u2022 long-term growth rate (inflation). Management anticipates that the likelihood of a reasonably possible change in assumptions resulting in a material misstatement is remote. Note B2 explains the impairment review process undertaken in the year. (b) Self-insurance provisions The Group self-insurance provision increased significantly through the acquisition of Terminix in 2022. Self-insurance provisions are valued annually with the support of external actuaries. Although the carrying value of the provision is significant, it is not expected that there would be any change to assumptions that would cause a significant adjustment to the carrying value in the next financial year and any impact would be expected to crystallise over the long term. Self-insurance provisions are disclosed in Note A6. (c) Provisions for uncertain tax positions The Group holds significant provisions for uncertain tax positions on\u00a0the basis of amounts expected to be paid to the tax authorities. The\u00a0Group\u2019s current tax liabilities reflect management\u2019s best estimate\u00a0of the future amounts of corporation tax that will be settled. However, the actual outcome could be significantly different to the estimate made, as the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes time-barred. Note A13 discusses in detail why the provisions are taken and explains the estimation uncertainty.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00698": { "value": "Standards, amendments, and interpretations to published standards
that are mandatorily e\ufb00ective for the current year
Except as described below, the accounting policies applied in these
Consolidated Financial Statements are the same as those applied in
the Group\u2019s Consolidated Financial Statements for the year ended
31\u00a0December 2024.
The Group has adopted the following new standards and amendments
to standards, including any consequential amendments to other
standards, with effect from 1 January 2025:
\u2022 amendments to IAS 21 \u2013 Lack of exchangeability
The application of this amendment had no material impact on\u00a0the
disclosures of the amounts recognised in the Group\u2019s Consolidated
Financial Statements.
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been
published that are not mandatory for 31 December 2025 reporting
periods, and have not been adopted early by the Group:
\u2022 IFRS 18 \u2013 Presentation and disclosure in financial statements
\u2022 IFRS 7 & IFRS 9 \u2013 Classification and Measurement of Financial
Instruments and Power Purchase Agreements (PPAs)
IFRS 18 is effective for annual periods beginning on or after 1 January
2027 and will replace IAS 1 \u2013 Presentation of financial statements.
It\u00a0will introduce new requirements that are intended to help to achieve
comparability of the financial performance of similar entities, and
provide more relevant information and transparency to users. Even
though IFRS 18 will not impact the recognition or measurement of
items in the financial statements, its impacts on presentation and
disclosure are expected to be pervasive; in particular, those related
to\u00a0the statement of comprehensive income or loss, and providing
management-defined performance measures within the financial
statements.
IFRS 7 & IFRS 9 is effective for annual periods beginning on or after
1\u00a0January 2026. Restatement is required under IAS 8 otherwise the
cumulative effect is recognised in the opening balance of retained
earnings and other equity components at the date of application. The
amendments clarify IFRS 9 rules for derecognition, SPPI assessment
(including ESG-linked features), and the treatment of renewable PPAs,
while IFRS 7 introduces stronger disclosure requirements for
contingent and ESG-linked terms to improve transparency.
Management is currently assessing the detailed implications of
applying the new standard on the Group\u2019s consolidated financial
statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "A. Operating
A1. Revenue recognition and operating segments
Revenue recognition
Revenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
expects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
of\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
obligations. In the majority of cases, the Group considers that the contracts it enters into are contracts for bundled services which are accounted
for as a single performance obligation. Accordingly, the majority of revenue across the Group is recognised on an output basis evenly over the
course of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
performs. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
obligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
completion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
The transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
financing component, or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
information about remaining performance obligations because the Group has a right to consideration from customers in an amount that
corresponds directly with the value to the customer of the performance obligations completed to date.
Disaggregation of revenue into region, category, and major type of revenue stream is shown below under segment reporting.
Performance obligations
Contract service revenue
These are mainly full-service contracts, inclusive of equipment, maintenance, and consumables as required. The inclusive service is treated
as\u00a0a\u00a0single performance obligation.
\u2022
Pest Control:
the Group offers a range of services, with the most common being general pest maintenance contracts. Under this type of\u00a0contract,
the Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
as\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year. The Group considers that this type of
contract is a bundled service as the goods and services are not distinct in the context of the contract; equipment is not supplied without the
service. Some countries offer an assurance warranty-type service where any additional call-outs are included in the contract price; in other
countries, additional call-outs are chargeable. Where an assurance warranty is offered as part of the contract, revenue is recognised over the
duration of the contract. Where no such warranty is offered, revenue is recognised at a point in time when the customer is visited.
In addition, the Group offers certain termite contracts across a limited number of countries (including North America) where there is a single
performance obligation. In these contracts, revenue is recognised as the performance obligation is satisfied, which is generally over a short time
period of a\u00a0few days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty
is not considered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
service revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread
of\u00a0revenues over the contractual year.
\u2022
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables, and a technician
to\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
considers that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
supplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
included are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
plants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
situated by our technicians and the customer is not permitted to relocate them. At the end of the contract, any assets on the customer\u2019s site
are recovered.
\u2022
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
offered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a bundle
and a single performance obligation. Any equipment remains under ownership and control of the Group.
Job work
These services are short-term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
performance obligation, with revenue recognised at the point of completion of the work.
\u2022
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing, which is a one-off installation that, depending on\u00a0the
size of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
the customer is billed, and revenue recognised, at the end of the job.
\u2022
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team, which performs specialist cleaning services
such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
services. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
completion of the job.
Sale of goods
Sale of products and consumables relates mainly to the pest distribution businesses, which sell pest control products to retailers and the pest
control industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised
at\u00a0the point in time that ownership transfers to the customer.
The Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
recognised. Those contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat
many times per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact
would be immaterial.
The Group makes a charge against revenue for credit notes not yet issued at the balance sheet date.
Contract costs
Contract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to
a\u00a0lesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place
to\u00a0fulfil contracts).
It is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
contract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
and the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
The contract costs recognised in the balance sheet at the period end amounted to $337m (2024: $298m; 2023: $285m). The amount of
amortisation recognised in the period was $123m (2024: $117m; 2023: $150m).
Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
Contract assets and accrued income
Contract assets relate to the Group\u2019s right to consideration for performance obligations satisfied, but where further performance obligations need
to be satisfied before the customer can be invoiced. Accrued income is recognised where all performance obligations have been satisfied but the
customer has yet to be invoiced. A receivable is recognised when all rights to consideration become unconditional, which usually occurs when
the Group issues an invoice to the customer. All opening balances have been invoiced during the year.
Contract liabilities
Contract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
All\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
customers are invoiced in advance or simultaneously with performance obligations being satisfied.
Segment reporting
Segmental information in accordance with IFRS 8 Operating Segments has been presented on the next page. The Group\u2019s operating segments
are regions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision
maker (the Chief Executive). The businesses within each operating segment operate in\u00a0a number of different countries and sell services across
two business segments, with the workwear segment disposed of in the year.
Following the acquisition of Terminix, the majority of the Group\u2019s activity is in North America. With effect from 1 January 2025, the Group\u2019s
reporting structure has been changed to combine Europe including LATAM, UK & SSA, Pacific, and Asia & MENAT regions into a single operating
and reporting segment, International. The Chief Executive remains as chief operating decision maker (CODM) and reviews the results on a
monthly basis for the North America and International segments. All reporting to the Board is also done on this basis. Comparative segmental
financial information for 2024 and 2023 has been represented.
Disaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs, one-off and adjusting items, amortisation
and impairment of intangible assets (excluding computer software), and central and regional costs are presented at a Group level as they are not
targeted or managed at reportable segment level. The basis of presentation is consistent with the information reviewed by internal management.
The segment profit or loss measure that is regularly provided to the CODM is Adjusted Operating Profit.
Revenue and Pro\ufb01t
\n\n \n
Operating
Operating
Operating
Revenue
Revenue
Revenue
profit
profit
profit
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
North America
Pest Control
\u00a04,148\u00a0
\u00a04,026\u00a0
\u00a03,981\u00a0
\u00a0720\u00a0
\u00a0688\u00a0
\u00a0745\u00a0
Hygiene & Wellbeing
\u00a0146\u00a0
\u00a0138\u00a0
\u00a0131\u00a0
\u00a029\u00a0
\u00a025\u00a0
\u00a023\u00a0
Sub-total North America
\u00a04,294\u00a0
\u00a04,164\u00a0
\u00a04,112\u00a0
\u00a0749\u00a0
\u00a0713\u00a0
\u00a0768\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
International
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Pest Control
\u00a01,555\u00a0
\u00a01,455\u00a0
\u00a01,355\u00a0
\u00a0323\u00a0
\u00a0299\u00a0
\u00a0286\u00a0
Hygiene & Wellbeing
\u00a01,059\u00a0
\u00a0998\u00a0
\u00a0918\u00a0
\u00a0195\u00a0
\u00a0180\u00a0
\u00a0169\u00a0
Sub-total International
\u00a02,614\u00a0
\u00a02,453\u00a0
\u00a02,273\u00a0
\u00a0518\u00a0
\u00a0479\u00a0
\u00a0455\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,267\u00a0
\u00a01,192\u00a0
\u00a01,223\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Central and regional overheads
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(191)\u00a0
(175)\u00a0
(150)\u00a0
Restructuring costs
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(6)\u00a0
(9)\u00a0
(9)\u00a0
Revenue and Adjusted Operating Profit
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,070\u00a0
\u00a01,008\u00a0
\u00a01,064\u00a0
One-off and adjusting items
\u00a0
\u00a0
\u00a0
\u00a0
(287)\u00a0
(110)\u00a0
(119)\u00a0
Amortisation and impairment of intangible assets
1
\u00a0
\u00a0
\u00a0
\u00a0
(199)\u00a0
(254)\u00a0
(218)\u00a0
Operating profit
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0584\u00a0
\u00a0644\u00a0
\u00a0727\u00a0
Finance income
\u00a0
\u00a0
\u00a0
\u00a0
\u00a046\u00a0
\u00a059\u00a0
\u00a060\u00a0
Finance cost
\u00a0
\u00a0
\u00a0
\u00a0
(250)\u00a0
(250)\u00a0
(232)\u00a0
Share of profit from associates net of tax
\u00a0
\u00a0
\u00a0
\u00a0
\u00a010\u00a0
\u00a09\u00a0
\u00a011\u00a0
Profit before income tax
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0390\u00a0
\u00a0462\u00a0
\u00a0566\u00a0
\n
1.
Excluding computer software, which is included in our segment operating profit measure.
\n
Revenue and operating profit relate to the main groups of business segment and activity of Pest Control and Hygiene & Wellbeing following the
\n
disposal of France Workwear. Central and regional overheads represent corporate expenses that are not directly attributable to any reportable
\n
segment. Business\u00a0segment revenue and operating profit are shown in the table below:
\n\n \n
Operating
Operating
Operating
Revenue
Revenue
Revenue
profit
profit
profit
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
Pest Control
\u00a05,703\u00a0
\u00a05,481\u00a0
\u00a05,336\u00a0
\u00a01,043\u00a0
\u00a0987\u00a0
\u00a01,031\u00a0
Hygiene & Wellbeing
\u00a01,205\u00a0
\u00a01,136\u00a0
\u00a01,049\u00a0
\u00a0224\u00a0
\u00a0205\u00a0
\u00a0192\u00a0
Total business segments
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,267\u00a0
\u00a01,192\u00a0
\u00a01,223\u00a0
Central and regional overheads
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(191)\u00a0
(175)\u00a0
(150)\u00a0
Restructuring costs
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(6)\u00a0
(9)\u00a0
(9)\u00a0
Revenue and Adjusted Operating Profit
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,070\u00a0
\u00a01,008\u00a0
\u00a01,064\u00a0
One-off and adjusting items
\u00a0
\u00a0
\u00a0
\u00a0
(287)\u00a0
(110)\u00a0
(119)\u00a0
Amortisation and impairment of intangible assets
1
\u00a0
\u00a0
\u00a0
\u00a0
(199)\u00a0
(254)\u00a0
(218)\u00a0
Operating profit
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0584\u00a0
\u00a0644\u00a0
\u00a0727\u00a0
\n
1.
Excluding computer software, which is included in our segment operating profit measure.
\n
Analysis of revenue by type
\n\n \n
Revenue
Revenue
Revenue
2025
2024
2023
$m
$m
$m
Contract service revenue
\u00a04,803\u00a0
\u00a04,643\u00a0
\u00a04,489\u00a0
Job work
\u00a01,549\u00a0
\u00a01,472\u00a0
\u00a01,365\u00a0
Sales of goods
\u00a0556\u00a0
\u00a0502\u00a0
\u00a0531\u00a0
Total
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\n
Revenue from external customers attributed to the UK amounted to $497m (2024: $466m; 2023: $401m), with overseas countries accounting
\n
for\u00a0the balance of $6,411m (2024: $6,151m; 2023: $5,984m). In 2025, the only country accounting for more than 10% of revenue from external
\n
customers was the US, totalling $4,184m (2024: $4,056m; 2023: $4,006m).
\n
The Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from
\n
transactions with any single customer.
Segment assets and liabilities are not provided because they are not reported to, or reviewed by, our CODM.
Revenue and non-current assets for the country of domicile (UK), the US, France, Australia, India, and Spain (being the largest countries outside
the UK), and for all other countries are:
\u00a0 \u00a0
Non-current
\u00a0
Non-current
\u00a0
Non-current
\u00a0
Revenue
assets
1
Revenue
assets
1
Revenue
assets
1
\u00a0
2025
2025
2024
2024
2023
2023
\u00a0
$m
$m
$m
$m
$m
$m
UK
497\u00a0
374\u00a0
466\u00a0
335\u00a0
401\u00a0
307\u00a0
USA
4,184\u00a0
8,499\u00a0
4,056\u00a0
8,554\u00a0
4,006\u00a0
8,578\u00a0
France
186\u00a0
103\u00a0
176\u00a0
358\u00a0
170\u00a0
359\u00a0
Australia
252\u00a0
230\u00a0
247\u00a0
216\u00a0
225\u00a0
211\u00a0
India
93\u00a0
104\u00a0
88\u00a0
110\u00a0
74\u00a0
102\u00a0
Spain
110\u00a0
95\u00a0
98\u00a0
88\u00a0
90\u00a0
98\u00a0
Other countries
1,586\u00a0
922\u00a0
1,486\u00a0
812\u00a0
1,419\u00a0
869\u00a0
Total
6,908\u00a0
10,327\u00a0
6,617\u00a0
10,473\u00a0
6,385\u00a0
10,524\u00a0
\n
1.
Non-current assets include: intangible assets; property, plant and equipment; right-of-use assets; contract cost assets; and non-current other receivables.
Other segment items included in the consolidated income statement are as follows:
\u00a0
Depreciation,
Net impairment
Depreciation,
Net impairment
Depreciation,
Net impairment
\u00a0
amortisation and
losses on
amortisation and
losses on
amortisation and
losses on
\u00a0
impairment
financial assets
impairment
financial assets
impairment
financial assets
\u00a0
2025
2025
2024
2024
2023
2023
\u00a0
$m
$m
$m
$m
$m
$m
North America
\u00a0256\u00a0
\u00a066\u00a0
\u00a0269\u00a0
\u00a062\u00a0
\u00a0270\u00a0
\u00a043\u00a0
International
\u00a0238\u00a0
\u00a08\u00a0
\u00a0263\u00a0
\u00a09\u00a0
\u00a0218\u00a0
\u00a06\u00a0
Central and regional
\u00a034\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a033\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a028\u00a0
\u00a0\u2013\u00a0
\u00a0
Total
\u00a0528\u00a0
\u00a074\u00a0
\u00a0565\u00a0
\u00a071\u00a0
\u00a0516\u00a0
\u00a049\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "A1. Revenue recognition and operating segments
Revenue recognition
Revenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
expects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
of\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
obligations. In the majority of cases, the Group considers that the contracts it enters into are contracts for bundled services which are accounted
for as a single performance obligation. Accordingly, the majority of revenue across the Group is recognised on an output basis evenly over the
course of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
performs. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
obligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
completion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
The transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
financing component, or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
information about remaining performance obligations because the Group has a right to consideration from customers in an amount that
corresponds directly with the value to the customer of the performance obligations completed to date.
Disaggregation of revenue into region, category, and major type of revenue stream is shown below under segment reporting.
Performance obligations
Contract service revenue
These are mainly full-service contracts, inclusive of equipment, maintenance, and consumables as required. The inclusive service is treated
as\u00a0a\u00a0single performance obligation.
\u2022
Pest Control:
the Group offers a range of services, with the most common being general pest maintenance contracts. Under this type of\u00a0contract,
the Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
as\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year. The Group considers that this type of
contract is a bundled service as the goods and services are not distinct in the context of the contract; equipment is not supplied without the
service. Some countries offer an assurance warranty-type service where any additional call-outs are included in the contract price; in other
countries, additional call-outs are chargeable. Where an assurance warranty is offered as part of the contract, revenue is recognised over the
duration of the contract. Where no such warranty is offered, revenue is recognised at a point in time when the customer is visited.
In addition, the Group offers certain termite contracts across a limited number of countries (including North America) where there is a single
performance obligation. In these contracts, revenue is recognised as the performance obligation is satisfied, which is generally over a short time
period of a\u00a0few days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty
is not considered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
service revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread
of\u00a0revenues over the contractual year.
\u2022
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables, and a technician
to\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
considers that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
supplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
included are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
plants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
situated by our technicians and the customer is not permitted to relocate them. At the end of the contract, any assets on the customer\u2019s site
are recovered.
\u2022
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
offered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a bundle
and a single performance obligation. Any equipment remains under ownership and control of the Group.
Job work
These services are short-term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
performance obligation, with revenue recognised at the point of completion of the work.
\u2022
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing, which is a one-off installation that, depending on\u00a0the
size of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
the customer is billed, and revenue recognised, at the end of the job.
\u2022
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team, which performs specialist cleaning services
such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
services. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
completion of the job.
Sale of goods
Sale of products and consumables relates mainly to the pest distribution businesses, which sell pest control products to retailers and the pest
control industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised
at\u00a0the point in time that ownership transfers to the customer.
The Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
recognised. Those contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat
many times per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact
would be immaterial.
The Group makes a charge against revenue for credit notes not yet issued at the balance sheet date.
Contract costs
Contract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to
a\u00a0lesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place
to\u00a0fulfil contracts).
It is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
contract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
and the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
The contract costs recognised in the balance sheet at the period end amounted to $337m (2024: $298m; 2023: $285m). The amount of
amortisation recognised in the period was $123m (2024: $117m; 2023: $150m).
Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
Contract assets and accrued income
Contract assets relate to the Group\u2019s right to consideration for performance obligations satisfied, but where further performance obligations need
to be satisfied before the customer can be invoiced. Accrued income is recognised where all performance obligations have been satisfied but the
customer has yet to be invoiced. A receivable is recognised when all rights to consideration become unconditional, which usually occurs when
the Group issues an invoice to the customer. All opening balances have been invoiced during the year.
Contract liabilities
Contract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
All\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
customers are invoiced in advance or simultaneously with performance obligations being satisfied.
Segment reporting
Segmental information in accordance with IFRS 8 Operating Segments has been presented on the next page. The Group\u2019s operating segments
are regions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision
maker (the Chief Executive). The businesses within each operating segment operate in\u00a0a number of different countries and sell services across
two business segments, with the workwear segment disposed of in the year.
Following the acquisition of Terminix, the majority of the Group\u2019s activity is in North America. With effect from 1 January 2025, the Group\u2019s
reporting structure has been changed to combine Europe including LATAM, UK & SSA, Pacific, and Asia & MENAT regions into a single operating
and reporting segment, International. The Chief Executive remains as chief operating decision maker (CODM) and reviews the results on a
monthly basis for the North America and International segments. All reporting to the Board is also done on this basis. Comparative segmental
financial information for 2024 and 2023 has been represented.
Disaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs, one-off and adjusting items, amortisation
and impairment of intangible assets (excluding computer software), and central and regional costs are presented at a Group level as they are not
targeted or managed at reportable segment level. The basis of presentation is consistent with the information reviewed by internal management.
The segment profit or loss measure that is regularly provided to the CODM is Adjusted Operating Profit.
\n\n
Revenue and Pro\ufb01t
\n\n \n
Operating
Operating
Operating
Revenue
Revenue
Revenue
profit
profit
profit
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
North America
Pest Control
\u00a04,148\u00a0
\u00a04,026\u00a0
\u00a03,981\u00a0
\u00a0720\u00a0
\u00a0688\u00a0
\u00a0745\u00a0
Hygiene & Wellbeing
\u00a0146\u00a0
\u00a0138\u00a0
\u00a0131\u00a0
\u00a029\u00a0
\u00a025\u00a0
\u00a023\u00a0
Sub-total North America
\u00a04,294\u00a0
\u00a04,164\u00a0
\u00a04,112\u00a0
\u00a0749\u00a0
\u00a0713\u00a0
\u00a0768\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
International
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Pest Control
\u00a01,555\u00a0
\u00a01,455\u00a0
\u00a01,355\u00a0
\u00a0323\u00a0
\u00a0299\u00a0
\u00a0286\u00a0
Hygiene & Wellbeing
\u00a01,059\u00a0
\u00a0998\u00a0
\u00a0918\u00a0
\u00a0195\u00a0
\u00a0180\u00a0
\u00a0169\u00a0
Sub-total International
\u00a02,614\u00a0
\u00a02,453\u00a0
\u00a02,273\u00a0
\u00a0518\u00a0
\u00a0479\u00a0
\u00a0455\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,267\u00a0
\u00a01,192\u00a0
\u00a01,223\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Central and regional overheads
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(191)\u00a0
(175)\u00a0
(150)\u00a0
Restructuring costs
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(6)\u00a0
(9)\u00a0
(9)\u00a0
Revenue and Adjusted Operating Profit
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,070\u00a0
\u00a01,008\u00a0
\u00a01,064\u00a0
One-off and adjusting items
\u00a0
\u00a0
\u00a0
\u00a0
(287)\u00a0
(110)\u00a0
(119)\u00a0
Amortisation and impairment of intangible assets
1
\u00a0
\u00a0
\u00a0
\u00a0
(199)\u00a0
(254)\u00a0
(218)\u00a0
Operating profit
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0584\u00a0
\u00a0644\u00a0
\u00a0727\u00a0
Finance income
\u00a0
\u00a0
\u00a0
\u00a0
\u00a046\u00a0
\u00a059\u00a0
\u00a060\u00a0
Finance cost
\u00a0
\u00a0
\u00a0
\u00a0
(250)\u00a0
(250)\u00a0
(232)\u00a0
Share of profit from associates net of tax
\u00a0
\u00a0
\u00a0
\u00a0
\u00a010\u00a0
\u00a09\u00a0
\u00a011\u00a0
Profit before income tax
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0390\u00a0
\u00a0462\u00a0
\u00a0566\u00a0
\n
1.
Excluding computer software, which is included in our segment operating profit measure.
\n
Revenue and operating profit relate to the main groups of business segment and activity of Pest Control and Hygiene & Wellbeing following the
\n
disposal of France Workwear. Central and regional overheads represent corporate expenses that are not directly attributable to any reportable
\n
segment. Business\u00a0segment revenue and operating profit are shown in the table below:
\n\n \n
Operating
Operating
Operating
Revenue
Revenue
Revenue
profit
profit
profit
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
Pest Control
\u00a05,703\u00a0
\u00a05,481\u00a0
\u00a05,336\u00a0
\u00a01,043\u00a0
\u00a0987\u00a0
\u00a01,031\u00a0
Hygiene & Wellbeing
\u00a01,205\u00a0
\u00a01,136\u00a0
\u00a01,049\u00a0
\u00a0224\u00a0
\u00a0205\u00a0
\u00a0192\u00a0
Total business segments
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,267\u00a0
\u00a01,192\u00a0
\u00a01,223\u00a0
Central and regional overheads
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(191)\u00a0
(175)\u00a0
(150)\u00a0
Restructuring costs
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(6)\u00a0
(9)\u00a0
(9)\u00a0
Revenue and Adjusted Operating Profit
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,070\u00a0
\u00a01,008\u00a0
\u00a01,064\u00a0
One-off and adjusting items
\u00a0
\u00a0
\u00a0
\u00a0
(287)\u00a0
(110)\u00a0
(119)\u00a0
Amortisation and impairment of intangible assets
1
\u00a0
\u00a0
\u00a0
\u00a0
(199)\u00a0
(254)\u00a0
(218)\u00a0
Operating profit
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0584\u00a0
\u00a0644\u00a0
\u00a0727\u00a0
\n
1.
Excluding computer software, which is included in our segment operating profit measure.
\n
Analysis of revenue by type
\n\n \n
Revenue
Revenue
Revenue
2025
2024
2023
$m
$m
$m
Contract service revenue
\u00a04,803\u00a0
\u00a04,643\u00a0
\u00a04,489\u00a0
Job work
\u00a01,549\u00a0
\u00a01,472\u00a0
\u00a01,365\u00a0
Sales of goods
\u00a0556\u00a0
\u00a0502\u00a0
\u00a0531\u00a0
Total
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\n
Revenue from external customers attributed to the UK amounted to $497m (2024: $466m; 2023: $401m), with overseas countries accounting
\n
for\u00a0the balance of $6,411m (2024: $6,151m; 2023: $5,984m). In 2025, the only country accounting for more than 10% of revenue from external
\n
customers was the US, totalling $4,184m (2024: $4,056m; 2023: $4,006m).
\n
The Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from
\n
transactions with any single customer.
Segment assets and liabilities are not provided because they are not reported to, or reviewed by, our CODM.
Revenue and non-current assets for the country of domicile (UK), the US, France, Australia, India, and Spain (being the largest countries outside
the UK), and for all other countries are:
\u00a0 \u00a0
Non-current
\u00a0
Non-current
\u00a0
Non-current
\u00a0
Revenue
assets
1
Revenue
assets
1
Revenue
assets
1
\u00a0
2025
2025
2024
2024
2023
2023
\u00a0
$m
$m
$m
$m
$m
$m
UK
497\u00a0
374\u00a0
466\u00a0
335\u00a0
401\u00a0
307\u00a0
USA
4,184\u00a0
8,499\u00a0
4,056\u00a0
8,554\u00a0
4,006\u00a0
8,578\u00a0
France
186\u00a0
103\u00a0
176\u00a0
358\u00a0
170\u00a0
359\u00a0
Australia
252\u00a0
230\u00a0
247\u00a0
216\u00a0
225\u00a0
211\u00a0
India
93\u00a0
104\u00a0
88\u00a0
110\u00a0
74\u00a0
102\u00a0
Spain
110\u00a0
95\u00a0
98\u00a0
88\u00a0
90\u00a0
98\u00a0
Other countries
1,586\u00a0
922\u00a0
1,486\u00a0
812\u00a0
1,419\u00a0
869\u00a0
Total
6,908\u00a0
10,327\u00a0
6,617\u00a0
10,473\u00a0
6,385\u00a0
10,524\u00a0
\n
1.
Non-current assets include: intangible assets; property, plant and equipment; right-of-use assets; contract cost assets; and non-current other receivables.
Other segment items included in the consolidated income statement are as follows:
\u00a0
Depreciation,
Net impairment
Depreciation,
Net impairment
Depreciation,
Net impairment
\u00a0
amortisation and
losses on
amortisation and
losses on
amortisation and
losses on
\u00a0
impairment
financial assets
impairment
financial assets
impairment
financial assets
\u00a0
2025
2025
2024
2024
2023
2023
\u00a0
$m
$m
$m
$m
$m
$m
North America
\u00a0256\u00a0
\u00a066\u00a0
\u00a0269\u00a0
\u00a062\u00a0
\u00a0270\u00a0
\u00a043\u00a0
International
\u00a0238\u00a0
\u00a08\u00a0
\u00a0263\u00a0
\u00a09\u00a0
\u00a0218\u00a0
\u00a06\u00a0
Central and regional
\u00a034\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a033\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a028\u00a0
\u00a0\u2013\u00a0
\u00a0
Total
\u00a0528\u00a0
\u00a074\u00a0
\u00a0565\u00a0
\u00a071\u00a0
\u00a0516\u00a0
\u00a049\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "A1. Revenue recognition and operating segments
Revenue recognition
Revenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
expects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
of\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
obligations. In the majority of cases, the Group considers that the contracts it enters into are contracts for bundled services which are accounted
for as a single performance obligation. Accordingly, the majority of revenue across the Group is recognised on an output basis evenly over the
course of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
performs. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
obligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
completion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
The transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
financing component, or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
information about remaining performance obligations because the Group has a right to consideration from customers in an amount that
corresponds directly with the value to the customer of the performance obligations completed to date.
Disaggregation of revenue into region, category, and major type of revenue stream is shown below under segment reporting.
Performance obligations
Contract service revenue
These are mainly full-service contracts, inclusive of equipment, maintenance, and consumables as required. The inclusive service is treated
as\u00a0a\u00a0single performance obligation.
\u2022
Pest Control:
the Group offers a range of services, with the most common being general pest maintenance contracts. Under this type of\u00a0contract,
the Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
as\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year. The Group considers that this type of
contract is a bundled service as the goods and services are not distinct in the context of the contract; equipment is not supplied without the
service. Some countries offer an assurance warranty-type service where any additional call-outs are included in the contract price; in other
countries, additional call-outs are chargeable. Where an assurance warranty is offered as part of the contract, revenue is recognised over the
duration of the contract. Where no such warranty is offered, revenue is recognised at a point in time when the customer is visited.
In addition, the Group offers certain termite contracts across a limited number of countries (including North America) where there is a single
performance obligation. In these contracts, revenue is recognised as the performance obligation is satisfied, which is generally over a short time
period of a\u00a0few days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty
is not considered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
service revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread
of\u00a0revenues over the contractual year.
\u2022
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables, and a technician
to\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
considers that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
supplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
included are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
plants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
situated by our technicians and the customer is not permitted to relocate them. At the end of the contract, any assets on the customer\u2019s site
are recovered.
\u2022
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
offered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a bundle
and a single performance obligation. Any equipment remains under ownership and control of the Group.
Job work
These services are short-term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
performance obligation, with revenue recognised at the point of completion of the work.
\u2022
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing, which is a one-off installation that, depending on\u00a0the
size of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
the customer is billed, and revenue recognised, at the end of the job.
\u2022
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team, which performs specialist cleaning services
such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
services. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
completion of the job.
Sale of goods
Sale of products and consumables relates mainly to the pest distribution businesses, which sell pest control products to retailers and the pest
control industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised
at\u00a0the point in time that ownership transfers to the customer.
The Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
recognised. Those contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat
many times per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact
would be immaterial.
The Group makes a charge against revenue for credit notes not yet issued at the balance sheet date.
Contract costs
Contract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to
a\u00a0lesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place
to\u00a0fulfil contracts).
It is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
contract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
and the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
The contract costs recognised in the balance sheet at the period end amounted to $337m (2024: $298m; 2023: $285m). The amount of
amortisation recognised in the period was $123m (2024: $117m; 2023: $150m).
Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.
Contract assets and accrued income
Contract assets relate to the Group\u2019s right to consideration for performance obligations satisfied, but where further performance obligations need
to be satisfied before the customer can be invoiced. Accrued income is recognised where all performance obligations have been satisfied but the
customer has yet to be invoiced. A receivable is recognised when all rights to consideration become unconditional, which usually occurs when
the Group issues an invoice to the customer. All opening balances have been invoiced during the year.
Contract liabilities
Contract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
All\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
customers are invoiced in advance or simultaneously with performance obligations being satisfied.
Segment reporting
Segmental information in accordance with IFRS 8 Operating Segments has been presented on the next page. The Group\u2019s operating segments
are regions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision
maker (the Chief Executive). The businesses within each operating segment operate in\u00a0a number of different countries and sell services across
two business segments, with the workwear segment disposed of in the year.
Following the acquisition of Terminix, the majority of the Group\u2019s activity is in North America. With effect from 1 January 2025, the Group\u2019s
reporting structure has been changed to combine Europe including LATAM, UK & SSA, Pacific, and Asia & MENAT regions into a single operating
and reporting segment, International. The Chief Executive remains as chief operating decision maker (CODM) and reviews the results on a
monthly basis for the North America and International segments. All reporting to the Board is also done on this basis. Comparative segmental
financial information for 2024 and 2023 has been represented.
Disaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs, one-off and adjusting items, amortisation
and impairment of intangible assets (excluding computer software), and central and regional costs are presented at a Group level as they are not
targeted or managed at reportable segment level. The basis of presentation is consistent with the information reviewed by internal management.
The segment profit or loss measure that is regularly provided to the CODM is Adjusted Operating Profit.
\n\n
Revenue and Pro\ufb01t
\n\n \n
Operating
Operating
Operating
Revenue
Revenue
Revenue
profit
profit
profit
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
North America
Pest Control
\u00a04,148\u00a0
\u00a04,026\u00a0
\u00a03,981\u00a0
\u00a0720\u00a0
\u00a0688\u00a0
\u00a0745\u00a0
Hygiene & Wellbeing
\u00a0146\u00a0
\u00a0138\u00a0
\u00a0131\u00a0
\u00a029\u00a0
\u00a025\u00a0
\u00a023\u00a0
Sub-total North America
\u00a04,294\u00a0
\u00a04,164\u00a0
\u00a04,112\u00a0
\u00a0749\u00a0
\u00a0713\u00a0
\u00a0768\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
International
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Pest Control
\u00a01,555\u00a0
\u00a01,455\u00a0
\u00a01,355\u00a0
\u00a0323\u00a0
\u00a0299\u00a0
\u00a0286\u00a0
Hygiene & Wellbeing
\u00a01,059\u00a0
\u00a0998\u00a0
\u00a0918\u00a0
\u00a0195\u00a0
\u00a0180\u00a0
\u00a0169\u00a0
Sub-total International
\u00a02,614\u00a0
\u00a02,453\u00a0
\u00a02,273\u00a0
\u00a0518\u00a0
\u00a0479\u00a0
\u00a0455\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Total
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,267\u00a0
\u00a01,192\u00a0
\u00a01,223\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Central and regional overheads
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(191)\u00a0
(175)\u00a0
(150)\u00a0
Restructuring costs
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(6)\u00a0
(9)\u00a0
(9)\u00a0
Revenue and Adjusted Operating Profit
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,070\u00a0
\u00a01,008\u00a0
\u00a01,064\u00a0
One-off and adjusting items
\u00a0
\u00a0
\u00a0
\u00a0
(287)\u00a0
(110)\u00a0
(119)\u00a0
Amortisation and impairment of intangible assets
1
\u00a0
\u00a0
\u00a0
\u00a0
(199)\u00a0
(254)\u00a0
(218)\u00a0
Operating profit
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0584\u00a0
\u00a0644\u00a0
\u00a0727\u00a0
Finance income
\u00a0
\u00a0
\u00a0
\u00a0
\u00a046\u00a0
\u00a059\u00a0
\u00a060\u00a0
Finance cost
\u00a0
\u00a0
\u00a0
\u00a0
(250)\u00a0
(250)\u00a0
(232)\u00a0
Share of profit from associates net of tax
\u00a0
\u00a0
\u00a0
\u00a0
\u00a010\u00a0
\u00a09\u00a0
\u00a011\u00a0
Profit before income tax
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0390\u00a0
\u00a0462\u00a0
\u00a0566\u00a0
\n
1.
Excluding computer software, which is included in our segment operating profit measure.
\n
Revenue and operating profit relate to the main groups of business segment and activity of Pest Control and Hygiene & Wellbeing following the
\n
disposal of France Workwear. Central and regional overheads represent corporate expenses that are not directly attributable to any reportable
\n
segment. Business\u00a0segment revenue and operating profit are shown in the table below:
\n\n \n
Operating
Operating
Operating
Revenue
Revenue
Revenue
profit
profit
profit
2025
2024
2023
2025
2024
2023
$m
$m
$m
$m
$m
$m
Pest Control
\u00a05,703\u00a0
\u00a05,481\u00a0
\u00a05,336\u00a0
\u00a01,043\u00a0
\u00a0987\u00a0
\u00a01,031\u00a0
Hygiene & Wellbeing
\u00a01,205\u00a0
\u00a01,136\u00a0
\u00a01,049\u00a0
\u00a0224\u00a0
\u00a0205\u00a0
\u00a0192\u00a0
Total business segments
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,267\u00a0
\u00a01,192\u00a0
\u00a01,223\u00a0
Central and regional overheads
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(191)\u00a0
(175)\u00a0
(150)\u00a0
Restructuring costs
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(6)\u00a0
(9)\u00a0
(9)\u00a0
Revenue and Adjusted Operating Profit
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\u00a01,070\u00a0
\u00a01,008\u00a0
\u00a01,064\u00a0
One-off and adjusting items
\u00a0
\u00a0
\u00a0
\u00a0
(287)\u00a0
(110)\u00a0
(119)\u00a0
Amortisation and impairment of intangible assets
1
\u00a0
\u00a0
\u00a0
\u00a0
(199)\u00a0
(254)\u00a0
(218)\u00a0
Operating profit
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0584\u00a0
\u00a0644\u00a0
\u00a0727\u00a0
\n
1.
Excluding computer software, which is included in our segment operating profit measure.
\n
Analysis of revenue by type
\n\n \n
Revenue
Revenue
Revenue
2025
2024
2023
$m
$m
$m
Contract service revenue
\u00a04,803\u00a0
\u00a04,643\u00a0
\u00a04,489\u00a0
Job work
\u00a01,549\u00a0
\u00a01,472\u00a0
\u00a01,365\u00a0
Sales of goods
\u00a0556\u00a0
\u00a0502\u00a0
\u00a0531\u00a0
Total
\u00a06,908\u00a0
\u00a06,617\u00a0
\u00a06,385\u00a0
\n
Revenue from external customers attributed to the UK amounted to $497m (2024: $466m; 2023: $401m), with overseas countries accounting
\n
for\u00a0the balance of $6,411m (2024: $6,151m; 2023: $5,984m). In 2025, the only country accounting for more than 10% of revenue from external
\n
customers was the US, totalling $4,184m (2024: $4,056m; 2023: $4,006m).
\n
The Group is not reliant on turnover from transactions with any single customer and does not receive 10% or more of its turnover from
\n
transactions with any single customer.
Segment assets and liabilities are not provided because they are not reported to, or reviewed by, our CODM.
Revenue and non-current assets for the country of domicile (UK), the US, France, Australia, India, and Spain (being the largest countries outside
the UK), and for all other countries are:
\u00a0 \u00a0
Non-current
\u00a0
Non-current
\u00a0
Non-current
\u00a0
Revenue
assets
1
Revenue
assets
1
Revenue
assets
1
\u00a0
2025
2025
2024
2024
2023
2023
\u00a0
$m
$m
$m
$m
$m
$m
UK
497\u00a0
374\u00a0
466\u00a0
335\u00a0
401\u00a0
307\u00a0
USA
4,184\u00a0
8,499\u00a0
4,056\u00a0
8,554\u00a0
4,006\u00a0
8,578\u00a0
France
186\u00a0
103\u00a0
176\u00a0
358\u00a0
170\u00a0
359\u00a0
Australia
252\u00a0
230\u00a0
247\u00a0
216\u00a0
225\u00a0
211\u00a0
India
93\u00a0
104\u00a0
88\u00a0
110\u00a0
74\u00a0
102\u00a0
Spain
110\u00a0
95\u00a0
98\u00a0
88\u00a0
90\u00a0
98\u00a0
Other countries
1,586\u00a0
922\u00a0
1,486\u00a0
812\u00a0
1,419\u00a0
869\u00a0
Total
6,908\u00a0
10,327\u00a0
6,617\u00a0
10,473\u00a0
6,385\u00a0
10,524\u00a0
\n
1.
Non-current assets include: intangible assets; property, plant and equipment; right-of-use assets; contract cost assets; and non-current other receivables.
Other segment items included in the consolidated income statement are as follows:
\u00a0
Depreciation,
Net impairment
Depreciation,
Net impairment
Depreciation,
Net impairment
\u00a0
amortisation and
losses on
amortisation and
losses on
amortisation and
losses on
\u00a0
impairment
financial assets
impairment
financial assets
impairment
financial assets
\u00a0
2025
2025
2024
2024
2023
2023
\u00a0
$m
$m
$m
$m
$m
$m
North America
\u00a0256\u00a0
\u00a066\u00a0
\u00a0269\u00a0
\u00a062\u00a0
\u00a0270\u00a0
\u00a043\u00a0
International
\u00a0238\u00a0
\u00a08\u00a0
\u00a0263\u00a0
\u00a09\u00a0
\u00a0218\u00a0
\u00a06\u00a0
Central and regional
\u00a034\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a033\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a028\u00a0
\u00a0\u2013\u00a0
\u00a0
Total
\u00a0528\u00a0
\u00a074\u00a0
\u00a0565\u00a0
\u00a071\u00a0
\u00a0516\u00a0
\u00a049\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00699": { "value": "Revenue recognition
Revenue represents the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group
expects to be entitled. All revenue is considered revenue from contracts with customers as defined by IFRS 15, including job work and sales
of\u00a0goods. Under IFRS 15, revenue is recognised when a customer obtains control of goods or services in line with identifiable performance
obligations. In the majority of cases, the Group considers that the contracts it enters into are contracts for bundled services which are accounted
for as a single performance obligation. Accordingly, the majority of revenue across the Group is recognised on an output basis evenly over the
course of the contract because the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as it
performs. Job work is short-term contract revenue whereby the period of service is typically less than one month in duration. The performance
obligations linked to this revenue type are individual to each job due to their nature, with revenue being recognised at a point in time on
completion. Where consumables are supplied separately from the service contract, revenue is recognised at the point the goods transfer.
The transaction price reported for all contracts is the price agreed in the contract and there are no material elements of variable consideration,
financing component, or non-cash consideration. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose
information about remaining performance obligations because the Group has a right to consideration from customers in an amount that
corresponds directly with the value to the customer of the performance obligations completed to date.
Disaggregation of revenue into region, category, and major type of revenue stream is shown below under segment reporting.
Performance obligations
Contract service revenue
These are mainly full-service contracts, inclusive of equipment, maintenance, and consumables as required. The inclusive service is treated
as\u00a0a\u00a0single performance obligation.
\u2022
Pest Control:
the Group offers a range of services, with the most common being general pest maintenance contracts. Under this type of\u00a0contract,
the Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
as\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year. The Group considers that this type of
contract is a bundled service as the goods and services are not distinct in the context of the contract; equipment is not supplied without the
service. Some countries offer an assurance warranty-type service where any additional call-outs are included in the contract price; in other
countries, additional call-outs are chargeable. Where an assurance warranty is offered as part of the contract, revenue is recognised over the
duration of the contract. Where no such warranty is offered, revenue is recognised at a point in time when the customer is visited.
In addition, the Group offers certain termite contracts across a limited number of countries (including North America) where there is a single
performance obligation. In these contracts, revenue is recognised as the performance obligation is satisfied, which is generally over a short time
period of a\u00a0few days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty
is not considered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
service revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread
of\u00a0revenues over the contractual year.
\u2022
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables, and a technician
to\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
considers that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
supplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
included are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
plants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
situated by our technicians and the customer is not permitted to relocate them. At the end of the contract, any assets on the customer\u2019s site
are recovered.
\u2022
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
offered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a bundle
and a single performance obligation. Any equipment remains under ownership and control of the Group.
Job work
These services are short-term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
performance obligation, with revenue recognised at the point of completion of the work.
\u2022
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing, which is a one-off installation that, depending on\u00a0the
size of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
the customer is billed, and revenue recognised, at the end of the job.
\u2022
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team, which performs specialist cleaning services
such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
services. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
completion of the job.
Sale of goods
Sale of products and consumables relates mainly to the pest distribution businesses, which sell pest control products to retailers and the pest
control industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised
at\u00a0the point in time that ownership transfers to the customer.
The Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
recognised. Those contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat
many times per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact
would be immaterial.
The Group makes a charge against revenue for credit notes not yet issued at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "Performance obligations
Contract service revenue
These are mainly full-service contracts, inclusive of equipment, maintenance, and consumables as required. The inclusive service is treated
as\u00a0a\u00a0single performance obligation.
\u2022
Pest Control:
the Group offers a range of services, with the most common being general pest maintenance contracts. Under this type of\u00a0contract,
the Group promises to provide a pest control service for the duration of the contract. In order to fulfil this promise, equipment is supplied (such
as\u00a0bait boxes) and a technician maintains and monitors the equipment at a set number of visits per year. The Group considers that this type of
contract is a bundled service as the goods and services are not distinct in the context of the contract; equipment is not supplied without the
service. Some countries offer an assurance warranty-type service where any additional call-outs are included in the contract price; in other
countries, additional call-outs are chargeable. Where an assurance warranty is offered as part of the contract, revenue is recognised over the
duration of the contract. Where no such warranty is offered, revenue is recognised at a point in time when the customer is visited.
In addition, the Group offers certain termite contracts across a limited number of countries (including North America) where there is a single
performance obligation. In these contracts, revenue is recognised as the performance obligation is satisfied, which is generally over a short time
period of a\u00a0few days. These contracts include assurance warranties that last for a period of 12 months from the date of service, but the warranty
is not considered to be a performance obligation under IFRS 15. These contracts are annual contracts and are therefore recognised as contract
service revenue. Some smaller acquired businesses have legacy termite contract terms that do offer service warranties, resulting in a spread
of\u00a0revenues over the contractual year.
\u2022
Hygiene & Wellbeing:
the Group offers a similar type of service to Pest Control, providing washroom equipment, consumables, and a technician
to\u00a0service the washroom. This type of contract will include a set number of visits. Dispensers are replenished by the technician. Management
considers that the supply of goods and services are not distinct in the context of the contract. Dispensers and other equipment would not be
supplied without providing the full service; the equipment is controlled by the Group and ownership does not transfer to the customer. Also
included are contracts relating to interior landscaping, specifically the supply and maintenance of interior plants. Maintenance is only offered for
plants that were supplied by the Group and therefore the services are not distinct in the context of the contract. The assets are positioned and
situated by our technicians and the customer is not permitted to relocate them. At the end of the contract, any assets on the customer\u2019s site
are recovered.
\u2022
France Workwear:
the main type of contract is for supply and laundering of garments for commercial organisations. Supply and laundry are not
offered separately, therefore management considers the services not to be distinct in the context of the contract. The service is treated as a bundle
and a single performance obligation. Any equipment remains under ownership and control of the Group.
Job work
These services are short-term in nature and only an immaterial amount would straddle an accounting period end. There is usually only one
performance obligation, with revenue recognised at the point of completion of the work.
\u2022
Pest Control:
an example of this type of revenue in the Pest Control category is bird-proofing, which is a one-off installation that, depending on\u00a0the
size of the site, may take between a few days and several weeks to complete. There is a single performance obligation (to install bird-proofing) and
the customer is billed, and revenue recognised, at the end of the job.
\u2022
Hygiene & Wellbeing:
this type of revenue is generated, for example, by our Specialist Hygiene team, which performs specialist cleaning services
such as graffiti removal, deep cleaning of kitchens and washrooms, trauma cleaning, flood or fire damage cleaning, and specialist deep cleaning
services. These are usually short-term jobs (less than one week) and usually there is a single performance obligation with revenue recognised on
completion of the job.
Sale of goods
Sale of products and consumables relates mainly to the pest distribution businesses, which sell pest control products to retailers and the pest
control industry. In the Hygiene & Wellbeing business there are some sales of consumables to customers. In all cases, revenue is recognised
at\u00a0the point in time that ownership transfers to the customer.
The Group does not consider that any judgements were made that would have a significant impact on the amount or timing of revenue
recognised. Those contracts in the business where revenue is recognised over time are repetitive and are based on short cycles that repeat
many times per year. Therefore, if revenue had been considered to be recognised at a point in time rather than over time, the in-year impact
would be immaterial.
The Group makes a charge against revenue for credit notes not yet issued at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfPerformanceObligationsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00700": { "value": "Contract costs
Contract costs are mainly incremental costs of obtaining contracts (primarily sales commissions directly related to contracts obtained), and to
a\u00a0lesser extent costs to fulfil contracts which are not within the scope of other standards (mainly incremental costs of putting resources in place
to\u00a0fulfil contracts).
It is anticipated that these costs are recoverable over the life of the contract to which they relate. Accordingly, the Group capitalises them as
contract costs and amortises them over the expected life of the contracts. Management takes a portfolio approach to recognising contract costs,
and the expected length of contracts across the Group and associated amortisation periods are between three and seven years.
The contract costs recognised in the balance sheet at the period end amounted to $337m (2024: $298m; 2023: $285m). The amount of
amortisation recognised in the period was $123m (2024: $117m; 2023: $150m).
Applying the practical expedient in paragraph 94 of IFRS 15, the Group recognises the incremental costs of obtaining contracts as an expense
when incurred if the amortisation period of the assets that the Group otherwise would have recognised is one year or less.", "dimensions": { "concept": "rto:DescriptionOfAccountingPolicyForContractCostsPolicyPolicyTextBlock", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00701": { "value": "Contract liabilities
Contract liabilities relate to advance consideration received from customers where the performance obligations have yet to be satisfied.
All\u00a0opening balances have subsequently been satisfied in the year. In most business categories where revenue is recognised over time,
customers are invoiced in advance or simultaneously with performance obligations being satisfied.", "dimensions": { "concept": "rto:DescriptionOfAccountingPolicyForContractLiabilitiesPolicyPolicyTextBlock", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00702": { "value": "Segment reporting
Segmental information in accordance with IFRS 8 Operating Segments has been presented on the next page. The Group\u2019s operating segments
are regions and this reflects the internal management reporting structures and the way information is reviewed by the chief operating decision
maker (the Chief Executive). The businesses within each operating segment operate in\u00a0a number of different countries and sell services across
two business segments, with the workwear segment disposed of in the year.
Following the acquisition of Terminix, the majority of the Group\u2019s activity is in North America. With effect from 1 January 2025, the Group\u2019s
reporting structure has been changed to combine Europe including LATAM, UK & SSA, Pacific, and Asia & MENAT regions into a single operating
and reporting segment, International. The Chief Executive remains as chief operating decision maker (CODM) and reviews the results on a
monthly basis for the North America and International segments. All reporting to the Board is also done on this basis. Comparative segmental
financial information for 2024 and 2023 has been represented.
Disaggregated revenue under IFRS 15 is the same as the segmental analysis below. Restructuring costs, one-off and adjusting items, amortisation
and impairment of intangible assets (excluding computer software), and central and regional costs are presented at a Group level as they are not
targeted or managed at reportable segment level. The basis of presentation is consistent with the information reviewed by internal management.
The segment profit or loss measure that is regularly provided to the CODM is Adjusted Operating Profit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00703": { "value": "A2. Earnings per share
Basic earnings per share is calculated by dividing the profit after tax attributable to equity holders of the Company by the weighted average
number of shares in issue during the year, excluding those held in the Rentokil Initial Employee Share Trust (see note at the bottom of the
Consolidated Statement of Changes in Equity) which are treated as cancelled, and including share options for which all conditions have been met.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all potential dilutive ordinary
shares. The Group\u2019s potentially dilutive ordinary shares relate to the contingent issuable shares under the Group\u2019s LTIPs to the extent that the
performance conditions have been met at the end of the period. These share options are issued for nil consideration to\u00a0employees if performance
conditions are met.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "A2. Earnings per share
Basic earnings per share is calculated by dividing the profit after tax attributable to equity holders of the Company by the weighted average
number of shares in issue during the year, excluding those held in the Rentokil Initial Employee Share Trust (see note at the bottom of the
Consolidated Statement of Changes in Equity) which are treated as cancelled, and including share options for which all conditions have been met.
For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to include all potential dilutive ordinary
shares. The Group\u2019s potentially dilutive ordinary shares relate to the contingent issuable shares under the Group\u2019s LTIPs to the extent that the
performance conditions have been met at the end of the period. These share options are issued for nil consideration to\u00a0employees if performance
conditions are met.
For the calculation of diluted earnings per share, 477,325 share options were anti-dilutive and not included in the calculation of the dilutive effect
as at 31 December 2025 (2024: 435,578; 2023: 18,422).
Details of the calculation of earnings per share are set out below:
\u00a0 \u00a0
2025
2024
2023
\u00a0 \u00a0
$m
$m
$m
Profit attributable to equity holders of the Company from continuing operations
\u00a0
\u00a0290\u00a0
\u00a0346\u00a0
\u00a0437\u00a0
Profit attributable to equity holders of the Company from discontinued operations
B7
\u00a0180\u00a0
\u00a046\u00a0
\u00a037\u00a0
Total profit attributable to equity holders of the Company
\u00a0
\u00a0470\u00a0
\u00a0392\u00a0
\u00a0474\u00a0
\u00a0\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Weighted average number of ordinary shares in issue (million)
\u00a0
\u00a02,524\u00a0
\u00a02,521\u00a0
\u00a02,516\u00a0
Adjustment for potentially dilutive shares (million)
\u00a0
\u00a011\u00a0
\u00a07\u00a0
\u00a011\u00a0
Weighted average number of ordinary shares for diluted earnings per share (million)
\u00a0
\u00a02,535\u00a0
\u00a02,528\u00a0
\u00a02,527\u00a0
Earnings per share for continuing operations
\u00a0 \u00a0 \u00a0 \u00a0
Basic earnings per share (cents)
\u00a0
\u00a011.49\u00a0
\u00a013.72\u00a0
\u00a017.37\u00a0
Diluted earnings per share (cents)
\u00a0
\u00a011.44\u00a0
\u00a013.69\u00a0
\u00a017.29\u00a0
Earnings per share for discontinued operations
\u00a0 \u00a0 \u00a0 \u00a0
Basic earnings per share (cents)
\u00a0
\u00a07.13\u00a0
\u00a01.82\u00a0
\u00a01.47\u00a0
Diluted earnings per share (cents)
\u00a0
\u00a07.10\u00a0
\u00a01.82\u00a0
\u00a01.46\u00a0
Total earnings per share
\u00a0 \u00a0 \u00a0 \u00a0
Basic earnings per share (cents)
\u00a0
\u00a018.62\u00a0
\u00a015.54\u00a0
\u00a018.84\u00a0
Diluted earnings per share (cents)
\u00a0
\u00a018.54\u00a0
\u00a015.51\u00a0
\u00a018.75\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "A3. Trade and other receivables
The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
30 days and are all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and movements on
provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are generally charged
to\u00a0the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
Expected credit loss (ECL) calculations are performed and are used to calculate the provision for impairment of trade receivables.
ECL\u00a0calculations are a probability-weighted estimate of credit losses and are performed at country level. The Group applies the simplified method
of applying lifetime ECLs to trade receivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which
comprise customer portfolios across several countries. Credit risk factors that are considered as part of ECL calculations may include, but are not
limited to: payment history, customer size, customer type (national/residential/commercial/government), age of debt, industry strength, economy,
environmental factors such as climate change, and product or service provided.
Loss allowances are also calculated on other financial assets, although the amounts are generally not significant and the asset is recognised net
of the allowance.
There is limited concentration of credit risk with respect to trade receivables due to the Group\u2019s customer base being large and diverse.
The\u00a0amount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit
facilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and
reports from credit rating agencies where they are available. Where this is not feasible, the Group may request payment in advance of work being
carried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired
whose terms have been renegotiated.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
$m
$m
Trade receivables
\u00a0877\u00a0
\u00a0883\u00a0
Less: provision for impairment of trade receivables
(78)\u00a0
(82)\u00a0
Trade receivables \u2013 net
\u00a0799\u00a0
\u00a0801\u00a0
Other receivables
1
\u00a0172\u00a0
\u00a0160\u00a0
Prepayments
\u00a084\u00a0
\u00a096\u00a0
Accrued income
\u00a0145\u00a0
\u00a0147\u00a0
Contract assets
\u00a03\u00a0
\u00a04\u00a0
Total
\u00a01,203\u00a0
\u00a01,208\u00a0
Analysed as follows:
\u00a0 \u00a0
Non-current
\u00a052\u00a0
\u00a071\u00a0
Current
\u00a01,151\u00a0
\u00a01,137\u00a0
Total
\u00a01,203\u00a0
\u00a01,208\u00a0
\n
1.
Other receivables are stated net of loss allowance of $nil (2024: $nil).
All of the Group\u2019s provision for impairment relates to trade receivables. Analysis of the Group\u2019s provision for impairment of trade receivables
is\u00a0as\u00a0follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
At 1 January
\u00a082\u00a0
\u00a087\u00a0
\u00a087\u00a0
Exchange differences
\u00a03\u00a0
(1)\u00a0
(4)\u00a0
Additional provision
\u00a082\u00a0
\u00a080\u00a0
\u00a059\u00a0
Receivables written off as uncollectable
(79)\u00a0
(80)\u00a0
(48)\u00a0
Unused amounts reversed
(7)\u00a0
(8)\u00a0
(10)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a04\u00a0
\u00a03\u00a0
Disposal of companies and businesses
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
At 31 December
\u00a078\u00a0
\u00a082\u00a0
\u00a087\u00a0
\n
The ageing of trade receivables and provision for impairment 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Trade
Provision for
Trade
Provision for
\u00a0
receivables
impairment
receivables
impairment
\u00a0
2025
2025
2024
2024
\u00a0
$m
$m
$m
$m
Not due
\u00a0387\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0362\u00a0
\u00a0\u2013\u00a0
\u00a0
Overdue by less than 1 month
\u00a0206\u00a0
(1)\u00a0
\u00a0213\u00a0
(1)\u00a0
Overdue by between 1 and 3 months
\u00a0108\u00a0
(6)\u00a0
\u00a0152\u00a0
(4)\u00a0
Overdue by between 3 and 6 months
\u00a079\u00a0
(9)\u00a0
\u00a067\u00a0
(14)\u00a0
Overdue by between 6 and 12 months
\u00a046\u00a0
(17)\u00a0
\u00a049\u00a0
(25)\u00a0
Overdue by more than 12 months
\u00a051\u00a0
(45)\u00a0
\u00a040\u00a0
(38)\u00a0
At 31 December
\u00a0877\u00a0
(78)\u00a0
\u00a0883\u00a0
(82)\u00a0
\n
The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Pound sterling
\u00a079\u00a0
\u00a071\u00a0
Euro
\u00a0167\u00a0
\u00a0200\u00a0
US dollar
\u00a0380\u00a0
\u00a0378\u00a0
Other currencies
\u00a0251\u00a0
\u00a0234\u00a0
Carrying value
\u00a0877\u00a0
\u00a0883\u00a0
\nFair value is considered to be equal to carrying value for all trade and other receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "A3. Trade and other receivables
The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
30 days and are all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and movements on
provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are generally charged
to\u00a0the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
Expected credit loss (ECL) calculations are performed and are used to calculate the provision for impairment of trade receivables.
ECL\u00a0calculations are a probability-weighted estimate of credit losses and are performed at country level. The Group applies the simplified method
of applying lifetime ECLs to trade receivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which
comprise customer portfolios across several countries. Credit risk factors that are considered as part of ECL calculations may include, but are not
limited to: payment history, customer size, customer type (national/residential/commercial/government), age of debt, industry strength, economy,
environmental factors such as climate change, and product or service provided.
Loss allowances are also calculated on other financial assets, although the amounts are generally not significant and the asset is recognised net
of the allowance.
There is limited concentration of credit risk with respect to trade receivables due to the Group\u2019s customer base being large and diverse.
The\u00a0amount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit
facilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and
reports from credit rating agencies where they are available. Where this is not feasible, the Group may request payment in advance of work being
carried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired
whose terms have been renegotiated.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
$m
$m
Trade receivables
\u00a0877\u00a0
\u00a0883\u00a0
Less: provision for impairment of trade receivables
(78)\u00a0
(82)\u00a0
Trade receivables \u2013 net
\u00a0799\u00a0
\u00a0801\u00a0
Other receivables
1
\u00a0172\u00a0
\u00a0160\u00a0
Prepayments
\u00a084\u00a0
\u00a096\u00a0
Accrued income
\u00a0145\u00a0
\u00a0147\u00a0
Contract assets
\u00a03\u00a0
\u00a04\u00a0
Total
\u00a01,203\u00a0
\u00a01,208\u00a0
Analysed as follows:
\u00a0 \u00a0
Non-current
\u00a052\u00a0
\u00a071\u00a0
Current
\u00a01,151\u00a0
\u00a01,137\u00a0
Total
\u00a01,203\u00a0
\u00a01,208\u00a0
\n
1.
Other receivables are stated net of loss allowance of $nil (2024: $nil).
All of the Group\u2019s provision for impairment relates to trade receivables. Analysis of the Group\u2019s provision for impairment of trade receivables
is\u00a0as\u00a0follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
At 1 January
\u00a082\u00a0
\u00a087\u00a0
\u00a087\u00a0
Exchange differences
\u00a03\u00a0
(1)\u00a0
(4)\u00a0
Additional provision
\u00a082\u00a0
\u00a080\u00a0
\u00a059\u00a0
Receivables written off as uncollectable
(79)\u00a0
(80)\u00a0
(48)\u00a0
Unused amounts reversed
(7)\u00a0
(8)\u00a0
(10)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a04\u00a0
\u00a03\u00a0
Disposal of companies and businesses
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
At 31 December
\u00a078\u00a0
\u00a082\u00a0
\u00a087\u00a0
\n
The ageing of trade receivables and provision for impairment 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Trade
Provision for
Trade
Provision for
\u00a0
receivables
impairment
receivables
impairment
\u00a0
2025
2025
2024
2024
\u00a0
$m
$m
$m
$m
Not due
\u00a0387\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0362\u00a0
\u00a0\u2013\u00a0
\u00a0
Overdue by less than 1 month
\u00a0206\u00a0
(1)\u00a0
\u00a0213\u00a0
(1)\u00a0
Overdue by between 1 and 3 months
\u00a0108\u00a0
(6)\u00a0
\u00a0152\u00a0
(4)\u00a0
Overdue by between 3 and 6 months
\u00a079\u00a0
(9)\u00a0
\u00a067\u00a0
(14)\u00a0
Overdue by between 6 and 12 months
\u00a046\u00a0
(17)\u00a0
\u00a049\u00a0
(25)\u00a0
Overdue by more than 12 months
\u00a051\u00a0
(45)\u00a0
\u00a040\u00a0
(38)\u00a0
At 31 December
\u00a0877\u00a0
(78)\u00a0
\u00a0883\u00a0
(82)\u00a0
\n
The carrying amounts of the Group\u2019s trade receivables are denominated in the following currencies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Pound sterling
\u00a079\u00a0
\u00a071\u00a0
Euro
\u00a0167\u00a0
\u00a0200\u00a0
US dollar
\u00a0380\u00a0
\u00a0378\u00a0
Other currencies
\u00a0251\u00a0
\u00a0234\u00a0
Carrying value
\u00a0877\u00a0
\u00a0883\u00a0
\nFair value is considered to be equal to carrying value for all trade and other receivables.A5. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
\u00a0382\u00a0
\u00a0394\u00a0
Social security and other taxes
\u00a0109\u00a0
\u00a0114\u00a0
Other payables
\u00a086\u00a0
\u00a0119\u00a0
Accruals
\u00a0483\u00a0
\u00a0432\u00a0
Contract liabilities
1
\u00a0292\u00a0
\u00a0312\u00a0
Deferred consideration
\u00a016\u00a0
\u00a021\u00a0
Contingent consideration
2
\u00a070\u00a0
\u00a094\u00a0
Total
\u00a01,438\u00a0
\u00a01,486\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Other payables
\u00a025\u00a0
\u00a038\u00a0
Deferred consideration
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Contingent consideration
2
\u00a021\u00a0
\u00a047\u00a0
Total non-current portion
\u00a046\u00a0
\u00a086\u00a0
Current portion
\u00a01,392\u00a0
\u00a01,400\u00a0
Total
\u00a01,438\u00a0
\u00a01,486\u00a0
\n
1.
Contract liabilities represents customer invoices where performance obligations have not yet been satisfied. All opening balances have subsequently been satisfied in the year.
In\u00a0most\u00a0business categories, our customers are invoiced in advance or simultaneously with performance obligations being satisfied.
2. Contingent consideration includes put option liability of $31m (2024: $33m).
Other than the put options, there are no liabilities in the table above that bear interest or are discounted, and therefore the cash flows are equal to
the carrying value of the liabilities. Cash is due to flow between one and five years for all non-current liabilities and not beyond. Fair value is equal
to carrying value for all trade and other payables. There is no material difference between the fair value and carrying value for all trade and other
payables.
Put options are held following the acquisition of PCI in 2017, where the seller may require the Group to purchase the remaining shares of\u00a0the
business in stages over a fixed term between 2023 and 2027. The put options are accounted for as an anticipated acquisition of the remaining
shares and no non-controlling interest is recognised. The Group recognised a put option liability for the anticipated acquisition of these shares
in\u00a0contingent consideration, and any movements in the carrying value are recognised through Profit and Loss. The third put option is yet to be
exercised and the Group\u2019s total shareholding in PCI remains at 73%. Given the volume of acquisitions and the variety of inputs to the valuation
of\u00a0contingent consideration (depending on each transaction), there is not considered to be any change in input that would have a material impact
on the contingent consideration liability.
The currency split of trade and other payables 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\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
Pound sterling
\u00a0196\u00a0
\u00a0207\u00a0
Euro
\u00a0228\u00a0
\u00a0284\u00a0
US dollar
\u00a0667\u00a0
\u00a0666\u00a0
Other currencies
\u00a0347\u00a0
\u00a0329\u00a0
Carrying value
\u00a01,438\u00a0
\u00a01,486\u00a0
\n
The ageing of trade payables 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
Less than one year
\u00a0382\u00a0
\u00a0393\u00a0
Between one and five years
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
More than five years
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
Total
\u00a0382\u00a0
\u00a0394\u00a0
\nMaturity analysis for lease liabilities is included in Note B4, and other financial liabilities in Note C6.C1. Financial risk management
The Group\u2019s central treasury function manages cash, borrows on behalf of the Group, and provides finance to Group companies in their local
currencies. Treasury activity is governed by a Treasury Committee, which is chaired by the Chief Financial Officer.
The main financial risks faced by the Group are set out below.
(a) Liquidity risk
The Group is committed to ensuring it has sufficient liquidity to meet its business needs, and appropriate reserves to cover operational
underperformance or dislocation in the financial markets. It is the Group\u2019s policy to have headroom of unrestricted cash and available committed
facilities of at least $750m (2024: $750m), and the Treasury Committee manages financing requirements and associated headroom at least
12\u00a0months forward. Available commitments of $1,000m under the Group\u2019s committed debt facilities, together with unrestricted cash of $1,565m
(2024: $447m), gives the Group combined headroom of $2,565m at 31 December 2025 (2024: $1,499m).
The Group\u2019s debt facilities have no financial covenants and the Group is compliant with other terms, conditions, and undertakings of its debt
facilities.
The Group targets an investment grade credit rating for debt issuance of BBB over the medium term. Both S&P Global (S&P) and Fitch Ratings
(Fitch) rated the Group BBB. In line with ratings criteria, debt maturities are covered at least 12 months in advance using available cash or
committed facilities, or by issuance of new debt. Management maintains an active dialogue with both S&P and Fitch, as well as the Group\u2019s
relationship banks, to ensure that any changes to the Group\u2019s financing and acquisition strategies are understood.
The Group has one debt maturity of \u20ac500m falling due in May 2026. This was redeemed post balance sheet on 2 March 2026. The Group has
sufficient headroom to cover this maturity without issuing new debt.
The \u20ac500m bond due May 2026, and the \u20ac600m bond due October 2028, issued under the Group\u2019s Euro Medium-Term Notes (EMTN)
Programme, contain a coupon step-up which increases the coupon payable by 1.25% in the event that the Group is downgraded to BB+ or below
(sub-investment grade). The Group\u2019s bonds may be called by their investors at par in the event of a change of control of the Group. They may also
be called within 120 days if the Group\u2019s debt is downgraded below investment grade, or if the rating is withdrawn and the rating agency confirms
in writing, either publicly or to the Group or the Trustee, that the rating action occurred either wholly or in part due to a change of control. All other
bonds issued under the EMTN Programme do not contain the coupon step-up.
(b) Credit risk
The Group has no significant concentration of credit risk. Sales are typically low-value, high-volume, spreading the risk across a large number
of\u00a0customers and geographies. Policies are in place to ensure that credit sales are only made to customers with an appropriate credit history.
The\u00a0Group operates in some territories where there is increased exposure to trade credit risks and in those territories the Group puts in place
appropriate measures to manage its credit risk exposure.
In order to protect the liquid assets and funding relationships of the Group, management aims to maintain banking relationships with
counterparties that carry a long-term credit rating of at least A-, or equivalent rating, with one of the major credit rating agencies. In countries
where no banks are rated A- or above, balances are monitored monthly and kept to a minimum. In addition, funds held with all counterparties are
subject to limits. All exposures are monitored and reported to the Treasury Committee each month. The Group also monitors the creditworthiness
of its lenders to ensure that commitments under its facilities are available as needed.
At 31 December 2025 the Group had a total of $19m of cash held on bank accounts with banks rated below A- (2024: $16m). The highest
concentration with any single bank rated below A- was $2m (2024: $1m).
(c) Market risk
Foreign exchange risk
The Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
currency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling-denominated
profits from UK operations are exceeded by sterling-denominated Group central costs. This means that approximately 106% of Group operating
profit is generated in foreign currencies.
The Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
in\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
currency exposures in excess of $15m that are not covered by debt or assets in the same (or another highly correlated) currency, as long as
it\u00a0makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly basis.
Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
transactions are covered by ISDA documentation.
The most significant foreign currency groups are euros and US dollars, which make up 50% and 35% of Group operating profit respectively.
At 31 December 2025 the Group\u2019s net debt was approximately 69% US dollar (2024: 63%), 18% euro (2024: 26%) and 13% debt in other currencies,
including pound sterling (2024: 11%). The translation of the interest element of euro and US dollar debt provides a partial income statement offset
to the translation of earnings.
The Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
foreign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the euro. A 10% movement
in \u20ac/$ would result in a $39m increase/decrease in operating profit and a $58m increase/decrease in other comprehensive income. The other
comprehensive income impact also includes the offsetting impact from financial instruments used to hedge the retranslation of euro net
investment in subsidiaries, which is $51m. Where possible, currency cash flows are used to settle liabilities in the same currency in preference
to\u00a0selling currency in the market.
The results of the sensitivity analysis should not be considered as projections of likely future events, gains or losses as actual results in the future
may differ materially due to developments in the global financial markets which may cause fluctuations in exchange rates to vary from
hypothetical amounts disclosed above.
Comparative figures to foreign exchange risk sensitivity are not disclosed in the Annual Report 2025. Due to the presentational currency change
of the Group that is applied prospectively from 1 January 2025, it would not be practicable to compare the re-presented results of the data prior
to the presentational currency change with the results of the sensitivity analysis for the Annual Report 2025.
Interest rate risk
The Group seeks to manage interest rate risk to ensure reasonable certainty of its interest charge while allowing an element of risk exposure
consistent with the variability of its cash flows. Interest rate risk is managed by the use of fixed interest debt and interest rate derivatives, which
are approved in advance by the Treasury Committee. The Group policy is to fix a minimum of 50% of its estimated future interest rate exposures
(excluding pensions) for a minimum period of 12 months forward. The Treasury Committee reviews this exposure monthly.
A hypothetical 1.0% increase in euro interest rates would reduce the market value of the Group\u2019s bond liabilities by $61m at 31 December 2025
(2024: $76m). The income statement impact is $nil as changes in interest rates do not change the expected cash flows on the bonds.
A hypothetical 1.0% increase in pound sterling interest rates would reduce the market value of the Group\u2019s bond liabilities by $27m at
31\u00a0December 2025 (2024: $28m). The income statement impact is $nil (2024: $nil).
A hypothetical 1.0% increase in US dollar interest rates would reduce the market value of the Group\u2019s bond liabilities by $63m at 31 December
2025 (2024: $nil). The income statement impact is $3m (2024: $3m) as certain leases are denominated in US dollars with floating interest rates.
(Note that the $700m term loan was 37.5% hedged on a weighted average basis in 2024).
The Group had outstanding bond debt issues at 31 December 2025 with a fair market value of $4,814m (2024: $3,105m). This is above the book
value of $4,748m (2024: $3,122m) as a result of decreases in interest rates in the UK, USA, and Europe. There are no circumstances where the
Group would be obliged to pay the fair market value. The Group could however decide to redeem some or all of its bonds early and the fair
market value is indicative of the price that would be required to do so.
(d) Capital risk
The Group is committed to maintaining a debt/equity structure that allows continued access to a broad range of financing sources and sufficient
flexibility to pursue commercial opportunities as they present themselves, without onerous financing terms and conditions. The Group\u2019s policy is
to maintain a strong capital base so as to maintain investor, creditor, and market confidence and to support the Group\u2019s strategy. The Group uses
S&P\u2019s and Fitch\u2019s ratings methodologies for a BBB issuer to manage its capital risk. In the event that a ratings downgrade is likely, net debt can
be\u00a0managed by reducing or suspending dividends, M&A spend, and capital expenditure. The Group would also consider raising additional equity
to protect its BBB rating.
(e) Treasury risk
The Group\u2019s treasury activities are governed by a treasury policy, which is reviewed and approved by the Board on an annual basis. The treasury
policy covers all activities associated with managing the above risks. The policy requires that financial instruments are only utilised to manage
known financial exposures, and speculative derivative contracts are not entered into. The treasury policy requires that treasury must approve
opening and closing of all bank accounts, and that funds transfers and other payments are only made in accordance with bank mandates.
To ensure an appropriate control environment exists in the treasury function, duties are segregated between front and back office teams.
In\u00a0addition, a number of controls are in place to protect against potential cyber security and other risks.
C2. Net debt
Net debt is used to assess the Group\u2019s financial capacity. Net debt is not a measure defined by IFRS. Management defines net debt as the total\u00a0of
bank and other borrowings, lease liabilities, other investments, fair value of debt-related derivatives, and cash and cash equivalents (as\u00a0presented
in the Consolidated Balance Sheet).
Closing net debt comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
\u00a0
Notes
$m
$m
Current
\u00a0\u00a0\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
C3
\u00a02,319\u00a0
\u00a01,158\u00a0
Other investments
1
C4
\u00a02\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a056\u00a0
(3)\u00a0
Bank and other short-term borrowings
2
\u00a0
(1,411)\u00a0
(1,460)\u00a0
Lease liabilities
B4
(171)\u00a0
(163)\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a0103\u00a0
(29)\u00a0
Bank and other long-term borrowings
3
\u00a0
(4,156)\u00a0
(3,127)\u00a0
Lease liabilities
B4
(392)\u00a0
(394)\u00a0
Total net debt
\u00a0
(3,650)\u00a0
(4,017)\u00a0
\n
1.
Net debt excludes other investments which are non-cash, such as the investment in unlisted shares.
2. Bank and other short-term borrowings consists of $586m bond debt (2024: $nil), $730m overdraft (2024: $692m), $30m\u00a0loans (2024:\u00a0$720m), and $65m bond accruals (2024: $48m).
3.
Bank and other long-term borrowings consists of $4,155m bond debt (2024: $3,122m) and $1m loans (2024:\u00a0$5m).
The currency split and cash flows of bank, other borrowings, and debt-related derivatives are as follows:
\n\n \n
2025
2024
$m
$m
Pound sterling
\u00a01,265\u00a0
\u00a01,153\u00a0
Euro
\u00a01,243\u00a0
\u00a01,093\u00a0
US dollar
\u00a02,860\u00a0
\u00a02,362\u00a0
Other currencies
\u00a040\u00a0
\u00a011\u00a0
Carrying value
\u00a05,408\u00a0
\u00a04,619\u00a0
Effect of discounting
\u00a0844\u00a0
\u00a0484\u00a0
Undiscounted value
\u00a06,252\u00a0
\u00a05,103\u00a0
Analysis of undiscounted cash flows of bank and other borrowings:
Less than one year
\u00a01,461\u00a0
\u00a01,565\u00a0
Between one and five years
\u00a03,573\u00a0
\u00a02,314\u00a0
More than five years
\u00a01,218\u00a0
\u00a01,224\u00a0
Future minimum payments
\u00a06,252\u00a0
\u00a05,103\u00a0
\n
Reconciliation of net change in cash and cash equivalents to net debt:
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2025
flows
acquisitions)
and other)
2025
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,460)\u00a0
\u00a0700\u00a0
(65)\u00a0
(586)\u00a0
(1,411)\u00a0
Bank and other long-term borrowings
(3,127)\u00a0
(1,232)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0203\u00a0
(4,156)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0223\u00a0
(176)\u00a0
(53)\u00a0
(563)\u00a0
Other investments
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Fair value of debt-related derivatives
(32)\u00a0
\u00a039\u00a0
(58)\u00a0
\u00a0210\u00a0
\u00a0159\u00a0
Gross debt
(5,175)\u00a0
(269)\u00a0
(299)\u00a0
(226)\u00a0
(5,969)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,158\u00a0
\u00a01,161\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
Net debt
(4,017)\u00a0
\u00a0892\u00a0
(299)\u00a0
(226)\u00a0
(3,650)\u00a0
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2024
flows
acquisitions)
and other)
2024
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,444)\u00a0
\u00a0769\u00a0
(126)\u00a0
(659)\u00a0
(1,460)\u00a0
Bank and other long-term borrowings
(4,016)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0889\u00a0
(3,127)\u00a0
Lease liabilities
B4
(567)\u00a0
\u00a0216\u00a0
(186)\u00a0
(20)\u00a0
(557)\u00a0
Other investments
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(0)\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a029\u00a0
\u00a087\u00a0
(9)\u00a0
(139)\u00a0
(32)\u00a0
Gross debt
(5,997)\u00a0
\u00a01,072\u00a0
(321)\u00a0
\u00a071\u00a0
(5,175)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,989\u00a0
(814)\u00a0
\u00a0\u2013\u00a0
\u00a0
(17)\u00a0
\u00a01,158\u00a0
Net debt
(4,008)\u00a0
\u00a0258\u00a0
(321)\u00a0
\u00a054\u00a0
(4,017)\u00a0
\n
Included within the net decrease in cash and cash equivalents is $9m (2024: $11m) cash paid on debt-related foreign exchange forward contracts
\n
(which is included within financing activities in\u00a0the\u00a0Consolidated Cash Flow Statement).
\n
The total cash inflow in borrowings of $532m (2024: $464m outflow) includes $1,232m proceeds from new debt (included in financing activities)
\n
(2024:$nil) and $700m debt repayment (included in financing activities) (2024: $464m).
\n
The derivatives cash outflow of $39m (2024: $85m outflow) includes $9m (2024: $49m outflow) of cash paid on debt-related foreign exchange
\n
swaps (included in financing activities) and $30m (2024: $36m) interest paid (included in operating activities).
\n
The cash outflow of $223m from lease liabilities (2024: $216m) includes $192m (2024: $185m) capital paid (included within financing activities)
\n
and $31m (2024: $31m) interest paid (included in operating activities).
\n
Fair value is equal to carrying value for all elements of net debt with the exception of bond debt which has a carrying value of $4,748m
\n
(2024:\u00a0$3,122m) and a fair value of $4,814m (2024: $3,105m).
The Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset.
Derivative financial instruments held with the same bank and have a legal right to offset are shown net. The following table shows the effect of
offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2025
2025
2025
2025
2025
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a02,319\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
(730)\u00a0
\u00a01,589\u00a0
Trade and other receivables
1
A3
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
Other financial assets
C4
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Derivative financial instruments
C6
\u00a0182\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0182\u00a0
(21)\u00a0
\u00a0161\u00a0
Total
\u00a0
\u00a03,622\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03,622\u00a0
(751)\u00a0
\u00a02,871\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
Borrowings
C2
(5,567)\u00a0
\u00a0\u2013\u00a0
\u00a0
(5,567)\u00a0
\u00a0730\u00a0
(4,837)\u00a0
Lease liabilities
B4
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
Derivative financial instruments
C6
(23)\u00a0
\u00a0\u2013\u00a0
\u00a0
(23)\u00a0
\u00a021\u00a0
(2)\u00a0
Total
\u00a0
(7,190)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7,190)\u00a0
\u00a0751\u00a0
(6,439)\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2024
2024
2024
2024
2024
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a01,158\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,158\u00a0
(691)\u00a0
\u00a0467\u00a0
Trade and other receivables
1
A3
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
Other financial assets
C4
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Derivative financial instruments
C6
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
(2)\u00a0
\u00a06\u00a0
Total
\u00a0
\u00a02,278\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,278\u00a0
(693)\u00a0
\u00a01,585\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
Borrowings
C2
(4,587)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4,587)\u00a0
\u00a0691\u00a0
(3,896)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
Derivative financial instruments
C6
(40)\u00a0
\u00a0\u2013\u00a0
\u00a0
(40)\u00a0
\u00a02\u00a0
(38)\u00a0
Total
\u00a0
(6,244)\u00a0
\u00a0\u2013\u00a0
\u00a0
(6,244)\u00a0
\u00a0693\u00a0
(5,551)\u00a0
\n
1.
Trade and other receivables exclude prepayments of $84m (2024: $96m).
2. Trade and other payables exclude social security and other taxes of $109m (2024: $114m) and contract liabilities of $292m (2024: $312m).
C3. Cash and cash equivalents
Cash and cash equivalents include cash in hand, short-term bank deposits, and other short-term, highly liquid investments with original maturities
of three months or less (and subject to insignificant changes in value). In the cash flow statement, cash and cash equivalents are shown net
of\u00a0bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
Cash at bank and in hand includes $25m (2024: $20m) of restricted cash. This cash is held in respect of specific contracts and can only be utilised
in line with terms under the contractual arrangements.
Cash at bank and in hand also includes $99m (2024: $89m) of cash held in countries with foreign exchange regulations. This cash is repatriated
to the UK where possible, if not required for operational purposes in country.
Fair value is equal to carrying value for all cash and cash equivalents.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Gross amounts
Gross amounts
\u00a0
2025
2024
\u00a0
$m
$m
Cash at bank and in hand
\u00a01,390\u00a0
\u00a0997\u00a0
Money market funds
\u00a0144\u00a0
\u00a030\u00a0
Short-term bank deposits
\u00a0785\u00a0
\u00a0131\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a02,319\u00a0
\u00a01,158\u00a0
Bank overdraft
(730)\u00a0
(691)\u00a0
Cash and cash equivalents in the Consolidated Cash Flow Statement
\u00a01,589\u00a0
\u00a0467\u00a0
\n
As far as it is practical to do so, cash balances are held centrally and are used first to repay borrowings under the Group\u2019s banking facilities before
being placed on deposit.
C4. Other investments
Other investments held at year end mainly comprised investments in unlisted shares in a joint venture based in the Cayman Islands and term
deposits maturing in more than three months from the date that the deposit was placed. The weighted average effective interest rate earned is
4.2% (2024: 6.3%), with $nil fixed for six months (2024: $1m) and $2m fixed for\u00a0six months to one year (2024: $1m). Fair value is equal to carrying
value for all other investments.
Financial assets are denominated in the following currencies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Pound sterling
\u00a02\u00a0
\u00a01\u00a0
Other
\u00a025\u00a0
\u00a026\u00a0
\u00a0
\u00a027\u00a0
\u00a027\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a02\u00a0
\u00a01\u00a0
Non-current portion
\u00a025\u00a0
\u00a026\u00a0
\u00a0
\u00a027\u00a0
\u00a027\u00a0
\n
None of the financial assets are either past due or impaired in 2025 (2024: none).
C5. Derivative \ufb01nancial instruments
Accounting for derivative \ufb01nancial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
are\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
Certain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
instruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
Changes in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
instruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge, or cash flow hedge.
When designating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value
related\u00a0to the cost of hedging is deferred in equity and amortised over the life of the hedged item.
(a) Fair value hedge
These instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
of\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in
the\u00a0fair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were two fair value hedges as at the year end date
(2024: nil).
The following fair value hedges were designated in June 2025 and remain in place as at 31 December 2025:
\u20ac600m bond (maturity June 2030) and \u00a3400m bond (maturity June 2032); the notional value of the hedging instruments designated equals the
notional of the hedged items, therefore the hedge ratio is considered to be 1:1. The carrying amount of the hedged items is included within
borrowings in the Consolidated Balance Sheet.
The fair value loss on the derivative recognised in the income statement during the year amounted to $5m; this is offset by the gain on the fair
value of the hedged items of $7m, resulting in a net fair value hedge gain of $2m.
(b) Net investment hedge
These instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
instrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
portion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated
in\u00a0other comprehensive income are recycled through the income statement. All currencies are directly hedged, therefore the hedge ratio
is\u00a0considered to be 1:1.
The Group expects that the values of the hedged item and hedging instrument will move in opposite directions in response to movements in the
same hedged risk. Where there are sufficient levels of denominated net assets, the critical terms are deemed to match.
The following net investment hedges were in place at 31 December 2025:
US dollar net investment hedge relationship: $1,627m (2024: $1,627m) cross-currency swaps notional, $nil (2024: $547m) loan notional and
$85m\u00a0(2024: $137m) cross-currency swaps future interest cash flows have been used to hedge $1,712m (2024: $2,310m) of the net assets of the
US operating subsidiaries. The movement in the cross-currency swaps due to changes in $/\u00a3 exchange rates are in the opposite direction of the
changes due to $/\u00a3 in the subsidiaries assets. As the critical terms match, their values will systematically change in the opposite direction of each
other. Thus we consider that this demonstrates the existence of an economic relationship.
Euro net investment hedge relationship: \u20ac434m (2024: \u20ac315m) bonds are used to hedge the net assets of the euro operating subsidiaries
totalling \u20ac434m (2024: \u20ac315m). The movement in the bonds due to changes in \u20ac/\u00a3 exchange rates are in the opposite direction of the changes
due to \u20ac/\u00a3 in the subsidiaries assets. As the critical terms match, their values will systematically change in the opposite direction of each other.
Thus we consider that this demonstrates the existence of an economic relationship.
Japanese yen (JPY) net investment hedge relationship: JPY2,000m (2024: JPY2,000m) cross-currency swap notional and JPY55m (2024:
JPY55m) cross-currency swaps future interest cash outflows have been used to hedge JPY2,055m (2024: JPY2,055m) of the net assets of the
Japanese associate. The movement in the cross-currency swaps due to changes in JPY/GBP exchange rates are in the opposite direction of the
changes due to JPY/GBP in the associate\u2019s assets. As the critical terms match, their values will systematically change in the opposite direction
of\u00a0each other. Thus we consider that this demonstrates the existence of an economic relationship.
During the year there was no gain or loss (2024: $nil) relating to ineffectiveness of net investment in foreign entity hedges. The main source of
ineffectiveness of the net investment hedge is the off-market value of the cross-currency swaps used to hedge US dollar net assets at the hedge
designation date. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and is expected to remain so due
to\u00a0the Group\u2019s policy of only using counterparties with a credit rating of A- and above.
For the year ended 31 December 2025, the amount in other comprehensive income related to net investment hedge accounting was a gain
of\u00a0$129m (2024: $22m loss; 2023: $136m gain).
The effect of the foreign currency-related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0USD\u00a0
\u00a0133\u00a0
(1,627)\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
\u00a0127\u00a0
\u00a0127\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.266\u00a0
October 2028\u00a0
Cross-currency swaps
\u00a0JPY\u00a0
\u00a01\u00a0
(13)\u00a0
\u00a0June 2027\u00a0
\u00a01:1\u00a0
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a0197.620\u00a0
Bonds
\u00a0EUR\u00a0
(518)\u00a0
(509)\u00a0\u00a0June 2027 \u2013 June
\u00a01:1\u00a0
(22)\u00a0
(22)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.162\u00a0
2030\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n\n \u00a0 \u00a0 \u00a0 \n \n
2024
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0USD\u00a0
\u00a06\u00a0
(1,627)\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
(6)\u00a0
(6)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.241\u00a0
October 2028\u00a0
Cross-currency swaps
\u00a0JPY\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
\u00a0June 2027\u00a0
\u00a01:1\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0169.747\u00a0
Bonds
\u00a0EUR\u00a0
(327)\u00a0
(327)\u00a0
\u00a0June 2027 \u2013 June
\u00a01:1\u00a0
\u00a020\u00a0
\u00a020\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.162\u00a0
2030\u00a0
Term loan
\u00a0USD\u00a0
(547)\u00a0
(547)\u00a0
\u00a0October 2025\u00a0
\u00a01:1\u00a0
\u00a08\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.110\u00a0
\n
The change in fair value of the outstanding hedging instrument differs from the amount recognised in other comprehensive income during the
year due to the impact of currency basis (excluded from the hedge relationship) and the foreign exchange impact of realised interest on the
hedging instrument (not reflected in the fair value change).
(c) Cash \ufb02ow hedge
These instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability.
The\u00a0portion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive
income. Any ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in other comprehensive
income are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event
that\u00a0the hedged item occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately
recognised in the income statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge
accounting, accumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the
forecast transaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all
currencies were directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019) in the table on page 188 in accordance with IFRS 9.
Where no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
The hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
same dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match
(i.e.\u00a0matching currencies, payment dates, and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative,
excluding any basis risk, will be considered to completely offset the changes in the hedged cash flow.
Any ineffectiveness on the cash flow hedge is taken directly to finance costs. During the year there was nil ineffectiveness (2024: $2m gain) from
those derivatives in a cash flow hedge relationship. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and
is expected to remain the same because the Group\u2019s counterparties credit rating is A- and above.
Cash flow hedge accounting has been applied to \u20ac500m (2024: \u20ac500m) of the \u20ac500m 2026 bond, \u20ac421m (2024: \u20ac421m) of the \u20ac850m 2027
bond and \u20ac600m (2024: \u20ac600m) of the \u20ac600m 2028 bond. The cross-currency interest rate swaps are used as hedging instruments to hedge
the volatility in the \u00a3/\u20ac exchange rate of the bonds. Partial cash flow hedge accounting (to June 2028) has also been applied to \u20ac600m (2024: nil)
of the \u20ac600m 2030 bond and \u00a3400m (2024: nil) of the \u00a3400m 2032 bond. The interest rate swaps are used as hedging instruments to hedge the
volatility in floating rate interest rates associated to swaps directly hedging the bond coupon payments. For the year ended 31 December 2025,
the amount in other comprehensive income related to cash flow hedge accounting was a loss of $31m (2024: $35m gain; 2023: $4m gain).
The effect of the foreign currency related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0EUR\u00a0
\u00a025\u00a0
\u00a01,785\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
\u00a061\u00a0
\u00a061\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.150\u00a0
October 2028\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n\n \u00a0 \u00a0 \u00a0 \n \n
2024
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
\u00a0Cross-currency swaps\u00a0
\u00a0EUR\u00a0
(34)\u00a0
\u00a01,574\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
(50)\u00a0
(47)\u00a0
(3)\u00a0
\u00a01.133\u00a0
October 2028\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n
Amount in cash flow hedge reserves related to continuing hedges is a gain of $12m (2024: $44m gain; 2023: $8m gain), and the amount related
to\u00a0discontinued hedges is $nil (2024: $nil; 2023: $nil).
The change in fair value of the outstanding hedging instrument differs from the amount recognised in other comprehensive income during the
year due to the impact of currency basis (excluded from the hedge relationship) and the spot retranslation element of the fair value movement
(which offsets the hedged item in the income statement).
C6. Fair value estimation
All financial instruments held at fair value are classified by reference to the source of inputs used to derive the fair value. The following hierarchy
is used:
Level 1
\u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2
\u2013
inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly through modelling
based on prices; and
Level 3
\u2013
inputs for the asset or liability that are not based on observable market data.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Hierarchy
\u00a0
Financial instrument
level
Valuation method
Financial assets traded in active markets
1
Current bid price
Financial liabilities traded in active markets
1
Current ask price
Listed bonds
1
Quoted market prices
Money market funds
1
Quoted market prices
Interest rate/currency swaps
2
Discounted cash flow based on market swap rates
Forward foreign exchange contracts
2
Forward exchange market rates
Borrowings not traded in active markets (term loans and
\u00a0 \u00a0
uncommitted facilities)
2
Nominal value
Money market deposits
2
Nominal value
Trade payables and receivables
2
Nominal value less estimated credit adjustments
Contingent consideration (including put option liability)
3
Discounted cash flow using weighted average cost of capital
\n \n
Fair value
Fair value
Fair value
Fair value
assets
liabilities
assets
liabilities
2025
2025
2024
2024
$m
$m
$m
$m
Cross currency interest rate swaps and interest rate swaps (level 2):
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 net investment hedge
\u00a0144\u00a0
(10)\u00a0
\u00a029\u00a0
(23)\u00a0
\u2013 cash flow hedge
\u00a029\u00a0
(7)\u00a0
\u00a01\u00a0
(35)\u00a0
\u2013 fair value hedge
\u00a04\u00a0
(6)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Foreign exchange swaps (level 2):
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 non-hedge
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
\u00a0182\u00a0
(23)\u00a0
\u00a030\u00a0
(62)\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a061\u00a0
(5)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
Non-current portion
\u00a0121\u00a0
(18)\u00a0
\u00a030\u00a0
(58)\u00a0
Derivative financial instruments
\u00a0182\u00a0
(23)\u00a0
\u00a030\u00a0
(62)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contingent consideration (including put option liability) (level 3)
\u00a0\u2013\u00a0
\u00a0
(70)\u00a0
\u00a0\u2013\u00a0
\u00a0
(94)\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a0\u2013\u00a0
\u00a0
(49)\u00a0
\u00a0\u2013\u00a0
\u00a0
(47)\u00a0
Non-current portion
\u00a0\u2013\u00a0
\u00a0
(21)\u00a0
\u00a0\u2013\u00a0
\u00a0
(47)\u00a0
Other payables\u00a0
\u00a0\u2013\u00a0
\u00a0
(70)\u00a0
\u00a0\u2013\u00a0
\u00a0
(94)\u00a0
\n
Certain interest rate swaps have been bifurcated to manage different foreign exchange risks. The interest rate swaps are shown on the balance
\n
sheet as net derivative assets of $182m (2024: $8m) and net derivative liabilities of $22m (2024: $40m).
\n
Given the volume of acquisitions and the variety of inputs to the valuation of contingent consideration (depending on each transaction), there are
\n
not considered to be any changes in input that would have a material impact on the contingent consideration liability.
\n\n \n
Contingent
Contingent
consideration
consideration
2025
2024
$m
$m
At 1 January
\u00a094\u00a0
\u00a097\u00a0
Exchange differences
\u00a07\u00a0
(3)\u00a0
Acquisitions
\u00a013\u00a0
\u00a039\u00a0
Payments
(17)\u00a0
(32)\u00a0
Unused amount reversed
(25)\u00a0
(9)\u00a0
Revaluation of put option
(2)\u00a0
\u00a02\u00a0
At 31 December\u00a0
\u00a070\u00a0
\u00a094\u00a0
\n
Fair value is equal to carrying value for all other trade and other payables.
The table below analyses the Group\u2019s undiscounted cash flows on borrowings and derivative financial instruments that will be settled on a gross
basis, into relevant maturity groupings based on the remaining period to the contractual maturity date at the balance sheet date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Less than
Between
More than
\u00a0
\u00a0
1 year
1 and 5 years
5 years
Total
\u00a0
$m
$m
$m
$m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0
Non-derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,518)\u00a0
(3,676)\u00a0
(1,217)\u00a0
(6,411)\u00a0
\u00a0
(1,518)\u00a0
(3,676)\u00a0
(1,217)\u00a0
(6,411)\u00a0
Derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Cross-currency interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(802)\u00a0
(1,349)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2,151)\u00a0
\u2013 inflow
\u00a0836\u00a0
\u00a01,444\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,280\u00a0
Interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(3)\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(10)\u00a0
\u2013 inflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a08\u00a0
Foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(284)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(284)\u00a0
\u2013 inflow
\u00a0289\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0289\u00a0
Foreign exchange forwards:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(48)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(48)\u00a0
\u2013 inflow
\u00a048\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a048\u00a0
\u00a0
\u00a035\u00a0
\u00a088\u00a0
\u00a08\u00a0
\u00a0131\u00a0
Net outflow
(1,483)\u00a0
(3,588)\u00a0
(1,209)\u00a0
(6,280)\u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Non-derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,534)\u00a0
(2,314)\u00a0
(1,224)\u00a0
(5,072)\u00a0
\u00a0
(1,534)\u00a0
(2,314)\u00a0
(1,224)\u00a0
(5,072)\u00a0
Derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Cross-currency interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(59)\u00a0
(2,122)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2,181)\u00a0
\u2013 inflow
\u00a031\u00a0
\u00a02,032\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,063\u00a0
Interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u2013 inflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
Foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(455)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(455)\u00a0
\u2013 inflow
\u00a0451\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0451\u00a0
Foreign exchange forwards:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(13)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
\u2013 inflow
\u00a013\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
\u00a0
(32)\u00a0
(90)\u00a0
\u00a0\u2013\u00a0
\u00a0
(122)\u00a0
Net outflow
(1,566)\u00a0
(2,404)\u00a0
(1,224)\u00a0
(5,194)\u00a0
\n
C7. Analysis of bank and bond debt
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group
has a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.
The Group\u2019s bank debt facilities 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Facility
Drawn at
\u00a0
Interest rate
Facility
Drawn at
\u00a0
Interest rate
\u00a0
amount
year end
Headroom
at year end
amount
year end
Headroom
at year end
\u00a0
2025
2025
2025
2025
2024
2024
2024
2024
\u00a0
$m
$m
$m
%
$m
$m
$m
%
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
$700m term Loan due October\u00a02025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(repaid April 2025)
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0700\u00a0
\u00a0700\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a05.18\u00a0
$50m term loan due May 2025
(ended
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
April 2025)
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a050\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a050\u00a0
\u00a00.21\u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
$1.0bn RCF due October 2029
\u00a01,000\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,000\u00a0
\u00a00.14\u00a0
\u00a01,000\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,000\u00a0
\u00a00.14\u00a0
\n
During April 2025, the Group fully repaid the $700m term loan with proceeds from new bonds (totalling $1.25bn) issued and terminated the $50m
term loan.
The Revolving Credit Facility (RCF) remained undrawn throughout 2024 and 2025. There are no financial covenants associated with the RCF
or\u00a0any other debt facility.
Medium-term notes and bond debt comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Bond interest
Effective hedged
Bond interest
Effective hedged
\u00a0
coupon
interest rate
coupon
interest rate
\u00a0
2025
2025
2024
2024
Current
\u00a0\u00a0\u00a0\u00a0
\u20ac500m bond due May 2026
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 2.73%\u00a0
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 2.72%\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20ac850m bond due June 2027
\u00a0Fixed 3.875%\u00a0
\u00a0Fixed 4.81%\u00a0
\u00a0Fixed 3.875%\u00a0
\u00a0Fixed 5.05%\u00a0
\u20ac600m bond due October 2028
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 2.17%\u00a0
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 2.17%\u00a0
\u20ac600m bond due June 2030
1
\u00a0Fixed 4.375%\u00a0
\u00a0Fixed 4.55%\u00a0
\u00a0Fixed 4.375%\u00a0
\u00a0Fixed 4.67%\u00a0
\u00a3400m bond due June 2032
1
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.35%\u00a0
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.30%\u00a0
$750m bond due April 2030\u00b2
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.20%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
$500m
bond due April 2035\u00b2
\u00a0Fixed 5.625%\u00a0
\u00a0Fixed 5.73%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Average cost of bond debt at year-end rates
\u00a0
\u00a0
4.38%
\u00a0
4.16%
\n
1.
Bonds not in hedging relationship in 2024.
2. Bonds not in hedging relationship in 2025.
During April 2025, the Group issued two new bonds totalling $1.25bn, consisting of $750m due 2030 and $500m due 2035. Part of the proceeds
was used to settle the $700m term loan.
On 2 March 2026, Rentokil Initial plc redeemed in full the \u20ac500m 0.8750% Senior Unsecured Notes due 30 May 2026, at their principal amount
together with accrued interest. The redemption was carried out in accordance with the terms and conditions of the notes.
The effective hedged interest rate reflects the interest rate payable after the impact of interest due from cross-currency swaps. The Group\u2019s
hedging strategy is to hold foreign currency debt in proportion to foreign currency profit and cash flows, which are mainly in euro and US dollar.
As a result, the Group has swapped a portion of the bonds it has issued into US dollars, thus increasing the effective hedged interest rate.
The Group considers the fair value of other current liabilities to be equal to the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00704": { "value": "The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
30 days and are all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and movements on
provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are generally charged
to\u00a0the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
Expected credit loss (ECL) calculations are performed and are used to calculate the provision for impairment of trade receivables.
ECL\u00a0calculations are a probability-weighted estimate of credit losses and are performed at country level. The Group applies the simplified method
of applying lifetime ECLs to trade receivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which
comprise customer portfolios across several countries. Credit risk factors that are considered as part of ECL calculations may include, but are not
limited to: payment history, customer size, customer type (national/residential/commercial/government), age of debt, industry strength, economy,
environmental factors such as climate change, and product or service provided.
Loss allowances are also calculated on other financial assets, although the amounts are generally not significant and the asset is recognised net
of the allowance.
There is limited concentration of credit risk with respect to trade receivables due to the Group\u2019s customer base being large and diverse.
The\u00a0amount of credit risk with respect to customers is represented by the carrying amount on the balance sheet. The Group policy is that credit
facilities for new customers are approved by designated managers at regional level. Credit limits are set with reference to trading history and
reports from credit rating agencies where they are available. Where this is not feasible, the Group may request payment in advance of work being
carried out, or settlement by credit card on completion of the work. There are no trade receivables that would otherwise be past due or impaired
whose terms have been renegotiated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00705": { "value": "The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
30 days and are all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and movements on
provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are generally charged
to\u00a0the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
Expected credit loss (ECL) calculations are performed and are used to calculate the provision for impairment of trade receivables.
ECL\u00a0calculations are a probability-weighted estimate of credit losses and are performed at country level. The Group applies the simplified method
of applying lifetime ECLs to trade receivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which
comprise customer portfolios across several countries. Credit risk factors that are considered as part of ECL calculations may include, but are not
limited to: payment history, customer size, customer type (national/residential/commercial/government), age of debt, industry strength, economy,
environmental factors such as climate change, and product or service provided.
Loss allowances are also calculated on other financial assets, although the amounts are generally not significant and the asset is recognised net
of the allowance.Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount.Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00706": { "value": "The Group\u2019s trade receivables are recognised at the transaction price less provision for impairment. They are generally due for settlement within
30 days and are all classified as current. The amount of the provision for impairment is recognised in\u00a0the income statement and movements on
provisions for impaired trade receivables are recognised within operating expenses in the income statement. Amounts are generally charged
to\u00a0the provision for impairment of trade receivables when there is no expectation of recovering additional cash.
Expected credit loss (ECL) calculations are performed and are used to calculate the provision for impairment of trade receivables.
ECL\u00a0calculations are a probability-weighted estimate of credit losses and are performed at country level. The Group applies the simplified method
of applying lifetime ECLs to trade receivables using an allowance matrix to measure the ECLs of trade receivables from its customers, which
comprise customer portfolios across several countries. Credit risk factors that are considered as part of ECL calculations may include, but are not
limited to: payment history, customer size, customer type (national/residential/commercial/government), age of debt, industry strength, economy,
environmental factors such as climate change, and product or service provided.
Loss allowances are also calculated on other financial assets, although the amounts are generally not significant and the asset is recognised net
of the allowance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
\u00a0877\u00a0
\u00a0883\u00a0
Less: provision for impairment of trade receivables
(78)\u00a0
(82)\u00a0
Trade receivables \u2013 net
\u00a0799\u00a0
\u00a0801\u00a0
Other receivables
1
\u00a0172\u00a0
\u00a0160\u00a0
Prepayments
\u00a084\u00a0
\u00a096\u00a0
Accrued income
\u00a0145\u00a0
\u00a0147\u00a0
Contract assets
\u00a03\u00a0
\u00a04\u00a0
Total
\u00a01,203\u00a0
\u00a01,208\u00a0
Analysed as follows:
\u00a0 \u00a0
Non-current
\u00a052\u00a0
\u00a071\u00a0
Current
\u00a01,151\u00a0
\u00a01,137\u00a0
Total
\u00a01,203\u00a0
\u00a01,208\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "All of the Group\u2019s provision for impairment relates to trade receivables. Analysis of the Group\u2019s provision for impairment of trade receivables
is\u00a0as\u00a0follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
At 1 January
\u00a082\u00a0
\u00a087\u00a0
\u00a087\u00a0
Exchange differences
\u00a03\u00a0
(1)\u00a0
(4)\u00a0
Additional provision
\u00a082\u00a0
\u00a080\u00a0
\u00a059\u00a0
Receivables written off as uncollectable
(79)\u00a0
(80)\u00a0
(48)\u00a0
Unused amounts reversed
(7)\u00a0
(8)\u00a0
(10)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a04\u00a0
\u00a03\u00a0
Disposal of companies and businesses
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
At 31 December
\u00a078\u00a0
\u00a082\u00a0
\u00a087\u00a0
\n
The ageing of trade receivables and provision for impairment 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Trade
Provision for
Trade
Provision for
\u00a0
receivables
impairment
receivables
impairment
\u00a0
2025
2025
2024
2024
\u00a0
$m
$m
$m
$m
Not due
\u00a0387\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0362\u00a0
\u00a0\u2013\u00a0
\u00a0
Overdue by less than 1 month
\u00a0206\u00a0
(1)\u00a0
\u00a0213\u00a0
(1)\u00a0
Overdue by between 1 and 3 months
\u00a0108\u00a0
(6)\u00a0
\u00a0152\u00a0
(4)\u00a0
Overdue by between 3 and 6 months
\u00a079\u00a0
(9)\u00a0
\u00a067\u00a0
(14)\u00a0
Overdue by between 6 and 12 months
\u00a046\u00a0
(17)\u00a0
\u00a049\u00a0
(25)\u00a0
Overdue by more than 12 months
\u00a051\u00a0
(45)\u00a0
\u00a040\u00a0
(38)\u00a0
At 31 December
\u00a0877\u00a0
(78)\u00a0
\u00a0883\u00a0
(82)\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "A4. Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of
finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs, and related production overheads
(based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price less applicable variable
selling expenses.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
\u00a018\u00a0
\u00a019\u00a0
Work in progress
\u00a01\u00a0
\u00a04\u00a0
Finished goods
\u00a0289\u00a0
\u00a0264\u00a0
\u00a0
\u00a0308\u00a0
\u00a0287\u00a0
\n
An inventory impairment charge of $1m was recognised in 2025 (2024: $2m; 2023: $4m). Inventory recognised as an expense during the period
was $417m (2024: $464m; 2023: $479m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00708": { "value": "Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of
finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs, and related production overheads
(based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price less applicable variable
selling expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "A5. Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
\u00a0382\u00a0
\u00a0394\u00a0
Social security and other taxes
\u00a0109\u00a0
\u00a0114\u00a0
Other payables
\u00a086\u00a0
\u00a0119\u00a0
Accruals
\u00a0483\u00a0
\u00a0432\u00a0
Contract liabilities
1
\u00a0292\u00a0
\u00a0312\u00a0
Deferred consideration
\u00a016\u00a0
\u00a021\u00a0
Contingent consideration
2
\u00a070\u00a0
\u00a094\u00a0
Total
\u00a01,438\u00a0
\u00a01,486\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Other payables
\u00a025\u00a0
\u00a038\u00a0
Deferred consideration
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Contingent consideration
2
\u00a021\u00a0
\u00a047\u00a0
Total non-current portion
\u00a046\u00a0
\u00a086\u00a0
Current portion
\u00a01,392\u00a0
\u00a01,400\u00a0
Total
\u00a01,438\u00a0
\u00a01,486\u00a0
\n
1.
Contract liabilities represents customer invoices where performance obligations have not yet been satisfied. All opening balances have subsequently been satisfied in the year.
In\u00a0most\u00a0business categories, our customers are invoiced in advance or simultaneously with performance obligations being satisfied.
2. Contingent consideration includes put option liability of $31m (2024: $33m).
Other than the put options, there are no liabilities in the table above that bear interest or are discounted, and therefore the cash flows are equal to
the carrying value of the liabilities. Cash is due to flow between one and five years for all non-current liabilities and not beyond. Fair value is equal
to carrying value for all trade and other payables. There is no material difference between the fair value and carrying value for all trade and other
payables.
Put options are held following the acquisition of PCI in 2017, where the seller may require the Group to purchase the remaining shares of\u00a0the
business in stages over a fixed term between 2023 and 2027. The put options are accounted for as an anticipated acquisition of the remaining
shares and no non-controlling interest is recognised. The Group recognised a put option liability for the anticipated acquisition of these shares
in\u00a0contingent consideration, and any movements in the carrying value are recognised through Profit and Loss. The third put option is yet to be
exercised and the Group\u2019s total shareholding in PCI remains at 73%. Given the volume of acquisitions and the variety of inputs to the valuation
of\u00a0contingent consideration (depending on each transaction), there is not considered to be any change in input that would have a material impact
on the contingent consideration liability.
The currency split of trade and other payables 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\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
Pound sterling
\u00a0196\u00a0
\u00a0207\u00a0
Euro
\u00a0228\u00a0
\u00a0284\u00a0
US dollar
\u00a0667\u00a0
\u00a0666\u00a0
Other currencies
\u00a0347\u00a0
\u00a0329\u00a0
Carrying value
\u00a01,438\u00a0
\u00a01,486\u00a0
\n
The ageing of trade payables 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
Less than one year
\u00a0382\u00a0
\u00a0393\u00a0
Between one and five years
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
More than five years
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
Total
\u00a0382\u00a0
\u00a0394\u00a0
\nMaturity analysis for lease liabilities is included in Note B4, and other financial liabilities in Note C6.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
\u00a0382\u00a0
\u00a0394\u00a0
Social security and other taxes
\u00a0109\u00a0
\u00a0114\u00a0
Other payables
\u00a086\u00a0
\u00a0119\u00a0
Accruals
\u00a0483\u00a0
\u00a0432\u00a0
Contract liabilities
1
\u00a0292\u00a0
\u00a0312\u00a0
Deferred consideration
\u00a016\u00a0
\u00a021\u00a0
Contingent consideration
2
\u00a070\u00a0
\u00a094\u00a0
Total
\u00a01,438\u00a0
\u00a01,486\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Other payables
\u00a025\u00a0
\u00a038\u00a0
Deferred consideration
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Contingent consideration
2
\u00a021\u00a0
\u00a047\u00a0
Total non-current portion
\u00a046\u00a0
\u00a086\u00a0
Current portion
\u00a01,392\u00a0
\u00a01,400\u00a0
Total
\u00a01,438\u00a0
\u00a01,486\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "A6. Provisions for liabilities and charges
The Group has provisions for termite damage claims, self-insurance, environmental, and other. Provisions are recognised when the Group has
a\u00a0present 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
is\u00a0capable of being reliably estimated. If such an obligation is not capable of being reliably estimated it is classified as a contingent liability (Note\u00a0D3).
Future cash flows relating to these obligations are discounted when the effect is material. The effect of discounting environmental provisions
and\u00a0other provisions is not considered to be material due to the low level of expected future cash flows. Termite damage claim provisions
and\u00a0self-insurance provisions are discounted, and the majority of these provisions are held in the US. The discount rate used is based
on\u00a0US\u00a0government bond rates, and was 3.94%\u20135.16% (2024:\u00a04.48%\u20135.25%).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Termite damage
Self-
\u00a0\u00a0\u00a0
\u00a0
claims
insurance
Environmental
Other
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
\u00a0330\u00a0
\u00a0209\u00a0
\u00a021\u00a0
\u00a014\u00a0
\u00a0574\u00a0
Exchange differences
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
(2)\u00a0
Additional provisions
\u00a025\u00a0
\u00a0126\u00a0
\u00a01\u00a0
\u00a010\u00a0
\u00a0162\u00a0
Used during the year
(86)\u00a0
(105)\u00a0
(3)\u00a0
(12)\u00a0
(206)\u00a0
Unused amounts reversed
(16)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(2)\u00a0
(19)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a02\u00a0
Unwinding of discount on provisions
\u00a013\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a014\u00a0
At 31 December 2024
\u00a0266\u00a0
\u00a0231\u00a0
\u00a017\u00a0
\u00a011\u00a0
\u00a0525\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2025
\u00a0266\u00a0
\u00a0231\u00a0
\u00a017\u00a0
\u00a011\u00a0
\u00a0525\u00a0
Exchange differences
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a02\u00a0
Additional provisions
\u00a0201\u00a0
\u00a0126\u00a0
\u00a06\u00a0
\u00a010\u00a0
\u00a0343\u00a0
Used during the year
(95)\u00a0
(89)\u00a0
(3)\u00a0
(12)\u00a0
(199)\u00a0
Unused amounts reversed
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
(5)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a02\u00a0
Disposal of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
Unwinding of discount on provisions
\u00a012\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
At 31 December 2025
\u00a0384\u00a0
\u00a0267\u00a0
\u00a011\u00a0
\u00a010\u00a0
\u00a0672\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Total
Total
\u00a0
$m
$m
Analysed as follows:
\u00a0 \u00a0
Non-current
\u00a0397\u00a0
\u00a0381\u00a0
Current
\u00a0275\u00a0
\u00a0144\u00a0
Total
\u00a0672\u00a0
\u00a0525\u00a0
Termite damage claims
The Group holds provisions for termite damage claims covered by contractual warranties. Termite damage claim provisions are subject to
significant assumptions and estimation uncertainty. The assumptions included in valuing termite provisions are based on an estimate of the
volume and value of future claims (based on historical), customer churn rates, discount rates and inflation. Additional amendments may be
necessary based on specific underlying facts of the particular legal claim as and when they develop. These provisions are expected to be
substantially utilised within the next 15 years at a declining rate. The trend of volume and value of claims is monitored and reviewed over time
(with the support of external advisors). It is reasonably possible, based on experience to date, that outcomes within the next financial year that are
different from the assumption could require an adjustment to the carrying amount of the provision.
The Group\u2019s provision relates to legacy customer claims (contracts from the period prior to the acquisition of Terminix), estimated at $358m (2024:
$246m); and new customer claims, estimated at $26m (2024: $20m). The sensitivity of the legacy claims liability balance to changes in the inputs
is illustrated as follows:
\u2022
Discount rate
\u2013 The exposure to termite damage claims is largely based within the US, therefore measurement is based on a seven-year US bond
risk-free rate. During 2025, interest rates (and therefore discount rates) have decreased. Rates could move in either direction and management has
modelled that an increase/decrease of 50 bps in yields would decrease/increase the provision by $7m (2024: $6m). Over the 12 months to 31
December 2025, seven-year risk-free rate yields have decreased 54 bps from 4.48% to 3.94% (2024: increased 60 bps).
\u2022
Claim value
\u2013 Claim value forecasts have been based on the latest available historical settled Termite claims. Claims values are dependent on a
range of inputs including, housing costs, materials costs (e.g. timber), whether a claim becomes litigated or not, and specific circumstances
including contributory factors at the premises. Management has used an average of claim costs for the last 12 months for non-litigated claims and
24 months for litigated claims, adjusted where necessary to account for ageing of claims, to determine an estimate for costs per claim. Fluctuations
in input prices (e.g. timber prices), as have been experienced over recent years, means that there is potential for volatility in claim values and
therefore future material changes in provisions. Management has modelled that an increase/decrease of 5% in litigated claim values would
increase/decrease the provision by c.$5m (2024: $4m) and an increase/decrease of 5% in non-litigated claim values would increase/decrease the
provision by c.$9m (2024: $8m). Over the 12 months to 31 December 2025, costs per litigated claim rose by c.48% (2024: rose 8%) and non-litigated
costs rose by 8% (2024: 45%). Actual value of claims settled in the year to December 2025 has been at a combined cost per claim 14% higher than
that seen throughout 2024. This is not representative of management\u2019s expectation of future costs as ageing of claims, which drives an increased
cost per claim, has reduced in recent months along with a flattening of global inflation, and cost per claim is expected to continue to improve.
\u2022
Claim rate
\u2013 Management has estimated claim rates based on historical incurred claims. Data has been captured, to establish incidence curves that
can be used to estimate likely future cash outflows. Changes in rates of claim are largely outside the Group\u2019s control and may depend on litigation
trends within the US, and other external factors such as how often customers move property and how well they maintain those properties. This
causes estimation uncertainty that could lead to material changes in provision measurement. Management has modelled that an increase/decrease
of 5% in litigated claim rates would increase/decrease the provision by c.$5m (2024: $4m) and an increase/decrease of 5% in non-litigated claim
rates would increase/decrease the provision by c.$9m (2024: $8m) accordingly. Over the 12 months to 31 December 2025, litigated claim rates rose
by 75% (2024: fell 52%) and non-litigated claim rates fell by 6% (2024: rose 7%).
\u2022
Customer churn rate
\u2013If customers choose not to renew their contracts each year, then the assurance warranty falls away. As such there is
sensitivity to the assumption on how many customers will churn out of the portfolio of customers each year. Data has been captured and analysed
to establish incidence curves for customer churn, and forward-looking assumptions have been made based on these curves. Changes in churn
rates are subject to macroeconomic factors and the performance of the Group. A 1% increase or decrease in customer churn rates, would decrease
or increase the provision by $13m (2024: $9m), accordingly. On average over the last 10 years churn rates have moved by +/\u2013 c.2% per annum
(2024: +/-2%).
\u2022
Inflation rate
\u2013 The exposure to termite damage claims is largely based within the United States and therefore measurement is based on expected
long term inflation trends. Settlement costs are driven by a number of factors as discussed in the claim cost section. Management has seen a trend
that these costs have tracked above baseline US inflation rates and therefore a premium is taken to expected future inflation rates of 1% per annum.
Rates could move in either direction and management has modelled that an increase/decrease of 50 bps would increase/decrease the provision by
$6m (2024: $5m).
Self-insurance
The Group\u2019s self-insurance provisions provide coverage for exposures related to the self-insured retention (SIR), or excesses/deductibles, mainly
on General (Public) Liability, Third-Party Automobile Liability and Workers\u2019 Compensation policies. In order to help mitigate the cost of external
insurance, the Group self-insures a level of cover on its major insurance policies. At 31 December 2025, the Group recognised provisions of
$267m (2024: $231m) in relation to these risks, and the Group retains the primary obligation for these matters. External actuaries are used to help
management estimate the provisions held. Due to the nature of the claims, the timing of utilisation of these provisions is uncertain.
Based on confirmed insurance coverage, and management\u2019s assessment that reimbursement is virtually certain, a separate reimbursement asset
of $43m (2024: $30m) is recognised within Other Receivables in Note A3. The reimbursement asset is not offset against the related provision in
accordance with IAS 37.53.
Environmental
The Group owns, or formerly owned, a number of properties in Europe and the US where environmental contamination is being managed.
These issues tend to be\u00a0complex to determine and resolve and may be material, although it is often not possible to accurately predict future
costs of management or\u00a0remediation reliably. Provisions are held where liability is probable and costs can be reliably estimated. Contingent
liabilities exist where the conditions for recognising a provision under IAS 37 have not been met. The Group monitors such properties to
determine whether further provisions are necessary. The provisions that have been recognised are expected to be substantially utilised within
the next five years.
Other
Other provisions principally comprise amounts required to cover obligations arising and costs relating to disposed businesses and restructuring
costs. Other provisions also includes costs relating to onerous contracts and property dilapidations settlements. Existing provisions are expected
to\u00a0be substantially utilised within the next five years.D3. Contingent liabilities
The Group has contingent liabilities relating to guarantees in respect of leasehold properties, pensions, third parties, tax, and litigation.
The\u00a0Group also has contingent liabilities for the management or remediation of environmental issues. These issues tend to be complex to
determine and resolve and may be material, although it is often not possible to accurately predict future costs reliably. The possibility of any
significant outflows in respect of these items is considered to be remote.
In November 2024, a purported class action lawsuit was filed on behalf of shareholders who purchased American Depositary Shares in the
US\u00a0between 1 December 2023 and 10 September 2024. The defendants are the Company and three current and former senior executives,
Andy\u00a0Ransom, Stuart Ingall-Tombs, and Bradley Paulsen. The complaint alleges that management made false statements about the progress
of\u00a0the integration of Rentokil and Terminix and its impact upon growth in the US and seeks relief under sections 10(b) and 20(a) of the Securities
Exchange Act and SEC rule 10(b)5. The Company and the individual defendants intend to vigorously defend the lawsuit.
In April 2025, a purported class action lawsuit was filed in state court in California alleging misrepresentation in the registration statement and
prospectuses for the securities issued as part of the acquisition of Terminix. The defendants are the Company, former senior executives Brett
Ponton and John Myers, and members of the Company\u2019s Board of Directors. The complaint alleges that the Company made false and misleading
statements in the registration and prospectuses in relation to the securities offered as part of the acquisition of Terminix and seeks relief under
Sections 11, 12(a)(2), and 15 of the US Securities Act of 1933. The Company and the individual defendants intend to vigorously defend the lawsuit.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "A6. Provisions for liabilities and charges
The Group has provisions for termite damage claims, self-insurance, environmental, and other. Provisions are recognised when the Group has
a\u00a0present 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
is\u00a0capable of being reliably estimated. If such an obligation is not capable of being reliably estimated it is classified as a contingent liability (Note\u00a0D3).
Future cash flows relating to these obligations are discounted when the effect is material. The effect of discounting environmental provisions
and\u00a0other provisions is not considered to be material due to the low level of expected future cash flows. Termite damage claim provisions
and\u00a0self-insurance provisions are discounted, and the majority of these provisions are held in the US. The discount rate used is based
on\u00a0US\u00a0government bond rates, and was 3.94%\u20135.16% (2024:\u00a04.48%\u20135.25%).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Termite damage
Self-
\u00a0\u00a0\u00a0
\u00a0
claims
insurance
Environmental
Other
Total
\u00a0
$m
$m
$m
$m
$m
At 1 January 2024
\u00a0330\u00a0
\u00a0209\u00a0
\u00a021\u00a0
\u00a014\u00a0
\u00a0574\u00a0
Exchange differences
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
(2)\u00a0
Additional provisions
\u00a025\u00a0
\u00a0126\u00a0
\u00a01\u00a0
\u00a010\u00a0
\u00a0162\u00a0
Used during the year
(86)\u00a0
(105)\u00a0
(3)\u00a0
(12)\u00a0
(206)\u00a0
Unused amounts reversed
(16)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(2)\u00a0
(19)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a02\u00a0
Unwinding of discount on provisions
\u00a013\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a014\u00a0
At 31 December 2024
\u00a0266\u00a0
\u00a0231\u00a0
\u00a017\u00a0
\u00a011\u00a0
\u00a0525\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2025
\u00a0266\u00a0
\u00a0231\u00a0
\u00a017\u00a0
\u00a011\u00a0
\u00a0525\u00a0
Exchange differences
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a02\u00a0
Additional provisions
\u00a0201\u00a0
\u00a0126\u00a0
\u00a06\u00a0
\u00a010\u00a0
\u00a0343\u00a0
Used during the year
(95)\u00a0
(89)\u00a0
(3)\u00a0
(12)\u00a0
(199)\u00a0
Unused amounts reversed
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
(5)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a02\u00a0
Disposal of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
Unwinding of discount on provisions
\u00a012\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
At 31 December 2025
\u00a0384\u00a0
\u00a0267\u00a0
\u00a011\u00a0
\u00a010\u00a0
\u00a0672\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Total
Total
\u00a0
$m
$m
Analysed as follows:
\u00a0 \u00a0
Non-current
\u00a0397\u00a0
\u00a0381\u00a0
Current
\u00a0275\u00a0
\u00a0144\u00a0
Total
\u00a0672\u00a0
\u00a0525\u00a0
Termite damage claims
The Group holds provisions for termite damage claims covered by contractual warranties. Termite damage claim provisions are subject to
significant assumptions and estimation uncertainty. The assumptions included in valuing termite provisions are based on an estimate of the
volume and value of future claims (based on historical), customer churn rates, discount rates and inflation. Additional amendments may be
necessary based on specific underlying facts of the particular legal claim as and when they develop. These provisions are expected to be
substantially utilised within the next 15 years at a declining rate. The trend of volume and value of claims is monitored and reviewed over time
(with the support of external advisors). It is reasonably possible, based on experience to date, that outcomes within the next financial year that are
different from the assumption could require an adjustment to the carrying amount of the provision.
The Group\u2019s provision relates to legacy customer claims (contracts from the period prior to the acquisition of Terminix), estimated at $358m (2024:
$246m); and new customer claims, estimated at $26m (2024: $20m). The sensitivity of the legacy claims liability balance to changes in the inputs
is illustrated as follows:
\u2022
Discount rate
\u2013 The exposure to termite damage claims is largely based within the US, therefore measurement is based on a seven-year US bond
risk-free rate. During 2025, interest rates (and therefore discount rates) have decreased. Rates could move in either direction and management has
modelled that an increase/decrease of 50 bps in yields would decrease/increase the provision by $7m (2024: $6m). Over the 12 months to 31
December 2025, seven-year risk-free rate yields have decreased 54 bps from 4.48% to 3.94% (2024: increased 60 bps).
\u2022
Claim value
\u2013 Claim value forecasts have been based on the latest available historical settled Termite claims. Claims values are dependent on a
range of inputs including, housing costs, materials costs (e.g. timber), whether a claim becomes litigated or not, and specific circumstances
including contributory factors at the premises. Management has used an average of claim costs for the last 12 months for non-litigated claims and
24 months for litigated claims, adjusted where necessary to account for ageing of claims, to determine an estimate for costs per claim. Fluctuations
in input prices (e.g. timber prices), as have been experienced over recent years, means that there is potential for volatility in claim values and
therefore future material changes in provisions. Management has modelled that an increase/decrease of 5% in litigated claim values would
increase/decrease the provision by c.$5m (2024: $4m) and an increase/decrease of 5% in non-litigated claim values would increase/decrease the
provision by c.$9m (2024: $8m). Over the 12 months to 31 December 2025, costs per litigated claim rose by c.48% (2024: rose 8%) and non-litigated
costs rose by 8% (2024: 45%). Actual value of claims settled in the year to December 2025 has been at a combined cost per claim 14% higher than
that seen throughout 2024. This is not representative of management\u2019s expectation of future costs as ageing of claims, which drives an increased
cost per claim, has reduced in recent months along with a flattening of global inflation, and cost per claim is expected to continue to improve.
\u2022
Claim rate
\u2013 Management has estimated claim rates based on historical incurred claims. Data has been captured, to establish incidence curves that
can be used to estimate likely future cash outflows. Changes in rates of claim are largely outside the Group\u2019s control and may depend on litigation
trends within the US, and other external factors such as how often customers move property and how well they maintain those properties. This
causes estimation uncertainty that could lead to material changes in provision measurement. Management has modelled that an increase/decrease
of 5% in litigated claim rates would increase/decrease the provision by c.$5m (2024: $4m) and an increase/decrease of 5% in non-litigated claim
rates would increase/decrease the provision by c.$9m (2024: $8m) accordingly. Over the 12 months to 31 December 2025, litigated claim rates rose
by 75% (2024: fell 52%) and non-litigated claim rates fell by 6% (2024: rose 7%).
\u2022
Customer churn rate
\u2013If customers choose not to renew their contracts each year, then the assurance warranty falls away. As such there is
sensitivity to the assumption on how many customers will churn out of the portfolio of customers each year. Data has been captured and analysed
to establish incidence curves for customer churn, and forward-looking assumptions have been made based on these curves. Changes in churn
rates are subject to macroeconomic factors and the performance of the Group. A 1% increase or decrease in customer churn rates, would decrease
or increase the provision by $13m (2024: $9m), accordingly. On average over the last 10 years churn rates have moved by +/\u2013 c.2% per annum
(2024: +/-2%).
\u2022
Inflation rate
\u2013 The exposure to termite damage claims is largely based within the United States and therefore measurement is based on expected
long term inflation trends. Settlement costs are driven by a number of factors as discussed in the claim cost section. Management has seen a trend
that these costs have tracked above baseline US inflation rates and therefore a premium is taken to expected future inflation rates of 1% per annum.
Rates could move in either direction and management has modelled that an increase/decrease of 50 bps would increase/decrease the provision by
$6m (2024: $5m).
Self-insurance
The Group\u2019s self-insurance provisions provide coverage for exposures related to the self-insured retention (SIR), or excesses/deductibles, mainly
on General (Public) Liability, Third-Party Automobile Liability and Workers\u2019 Compensation policies. In order to help mitigate the cost of external
insurance, the Group self-insures a level of cover on its major insurance policies. At 31 December 2025, the Group recognised provisions of
$267m (2024: $231m) in relation to these risks, and the Group retains the primary obligation for these matters. External actuaries are used to help
management estimate the provisions held. Due to the nature of the claims, the timing of utilisation of these provisions is uncertain.
Based on confirmed insurance coverage, and management\u2019s assessment that reimbursement is virtually certain, a separate reimbursement asset
of $43m (2024: $30m) is recognised within Other Receivables in Note A3. The reimbursement asset is not offset against the related provision in
accordance with IAS 37.53.
Environmental
The Group owns, or formerly owned, a number of properties in Europe and the US where environmental contamination is being managed.
These issues tend to be\u00a0complex to determine and resolve and may be material, although it is often not possible to accurately predict future
costs of management or\u00a0remediation reliably. Provisions are held where liability is probable and costs can be reliably estimated. Contingent
liabilities exist where the conditions for recognising a provision under IAS 37 have not been met. The Group monitors such properties to
determine whether further provisions are necessary. The provisions that have been recognised are expected to be substantially utilised within
the next five years.
Other
Other provisions principally comprise amounts required to cover obligations arising and costs relating to disposed businesses and restructuring
costs. Other provisions also includes costs relating to onerous contracts and property dilapidations settlements. Existing provisions are expected
to\u00a0be substantially utilised within the next five years.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00709": { "value": "The Group has provisions for termite damage claims, self-insurance, environmental, and other. Provisions are recognised when the Group has
a\u00a0present 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
is\u00a0capable of being reliably estimated. If such an obligation is not capable of being reliably estimated it is classified as a contingent liability (Note\u00a0D3).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "A7. Operating expenses
Operating expenses from continuing operations include the following items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
2023
\u00a0
Notes
$m
$m
$m
Employee costs
A9
\u00a03,241\u00a0
\u00a03,128\u00a0
\u00a03,045\u00a0
Direct materials and services
\u00a0
\u00a01,166\u00a0
\u00a01,089\u00a0
\u00a01,087\u00a0
Vehicle costs
\u00a0
\u00a0368\u00a0
\u00a0360\u00a0
\u00a0345\u00a0
Property costs
\u00a0
\u00a0144\u00a0
\u00a0131\u00a0
\u00a0129\u00a0
Depreciation and impairment of property, plant and equipment
B3
\u00a0135\u00a0
\u00a0129\u00a0
\u00a0123\u00a0
Amortisation and impairment of intangible assets
B2
\u00a0236\u00a0
\u00a0287\u00a0
\u00a0250\u00a0
Other operating expenses
1
\u00a0
\u00a0960\u00a0
\u00a0778\u00a0
\u00a0630\u00a0
Total operating expenses
\u00a0
\u00a06,250\u00a0
\u00a05,902\u00a0
\u00a05,609\u00a0
\n
1.
Other operating expenses includes professional fees, marketing costs, and amortisation of contract costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "A7. Operating expenses
Operating expenses from continuing operations include the following items:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
2023
\u00a0
Notes
$m
$m
$m
Employee costs
A9
\u00a03,241\u00a0
\u00a03,128\u00a0
\u00a03,045\u00a0
Direct materials and services
\u00a0
\u00a01,166\u00a0
\u00a01,089\u00a0
\u00a01,087\u00a0
Vehicle costs
\u00a0
\u00a0368\u00a0
\u00a0360\u00a0
\u00a0345\u00a0
Property costs
\u00a0
\u00a0144\u00a0
\u00a0131\u00a0
\u00a0129\u00a0
Depreciation and impairment of property, plant and equipment
B3
\u00a0135\u00a0
\u00a0129\u00a0
\u00a0123\u00a0
Amortisation and impairment of intangible assets
B2
\u00a0236\u00a0
\u00a0287\u00a0
\u00a0250\u00a0
Other operating expenses
1
\u00a0
\u00a0960\u00a0
\u00a0778\u00a0
\u00a0630\u00a0
Total operating expenses
\u00a0
\u00a06,250\u00a0
\u00a05,902\u00a0
\u00a05,609\u00a0
\n
1.
Other operating expenses includes professional fees, marketing costs, and amortisation of contract costs.
A8. Auditors\u2019 remuneration
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Fees payable to the Company\u2019s auditors for the audit of the Parent Company and Group accounts
\u00a05\u00a0
\u00a06\u00a0
\u00a05\u00a0
Audit of accounts of subsidiaries of the Group
\u00a08\u00a0
\u00a08\u00a0
\u00a09\u00a0
Audit-related assurance services
1
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Total
\u00a014\u00a0
14
14
\n
1.
Fees for 2024 and 2023, related to the attestation report required by Section 404 of the Sarbanes-Oxley Act, have been reclassified from the audit-related assurance services, to \u201cFees
payable to the Company\u2019s auditors for the audit of the Parent Company and Group accounts\u201d and \u201cAudit of accounts of subsidiaries of the group\u201d, to conform to the current year
presentation.
A9. Employee bene\ufb01t expense
Pro\ufb01t-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing, based on calculations of achievements of financial performance
targets and the best estimate of the obligation to employees related to personal performance criteria being achieved. A liability is recognised
where a contractual obligation exists or where past practice indicates that there is a constructive obligation to make such payments in\u00a0the future.
Holiday pay
Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. An accrual
is\u00a0made at the balance sheet date to reflect the fair value of holidays earned but not yet taken.
Termination bene\ufb01ts
Termination benefits are payable when an employment is terminated before the normal retirement date, or whenever an employee accepts
voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either:
terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination
benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
are discounted to present value where the effect of discounting is material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Wages and salaries
\u00a02,862\u00a0
\u00a02,782\u00a0
\u00a02,783\u00a0
Social security costs
\u00a0284\u00a0
\u00a0261\u00a0
\u00a0186\u00a0
Share-based payments
\u00a028\u00a0
\u00a025\u00a0
\u00a034\u00a0
Pension costs:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 defined contribution plans
\u00a061\u00a0
\u00a057\u00a0
\u00a039\u00a0
\u2013 defined benefit plans
\u00a06\u00a0
\u00a03\u00a0
\u00a03\u00a0
\u00a0
\u00a03,241\u00a0
\u00a03,128\u00a0
\u00a03,045\u00a0
\n
Monthly average number of people employed by the Group during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
Number
Number
Number
Processing and service delivery
\u00a047,620\u00a0
\u00a046,381\u00a0
\u00a045,323\u00a0
Sales and marketing
\u00a07,590\u00a0
\u00a07,584\u00a0
\u00a07,245\u00a0
Administration and overheads
\u00a08,874\u00a0
\u00a09,095\u00a0
\u00a08,447\u00a0
\u00a0
\u00a064,084\u00a0
\u00a063,060\u00a0
\u00a061,015\u00a0
\n
Emoluments of the Directors of Rentokil Initial plc are detailed 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Highest paid Director
Other Directors
\u00a0
$000
$000
2023
\u00a0\u00a0
Aggregate emoluments excluding share options
\u00a02,416.4\u00a0
\u00a01,478.5\u00a0
Aggregate gains made by Directors on exercise of share options
\u00a04,639.7\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate amount receivable under long-term incentive schemes
\u00a01,738.7\u00a0
\u00a0603.8\u00a0
Aggregate value of Company contributions to defined contribution pension schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0
\u00a08,794.8\u00a0
\u00a02,082.3\u00a0
2024
\u00a0
\u00a0
\u00a0
Aggregate emoluments excluding share options
\u00a01,319.2\u00a0
\u00a0809.0\u00a0
Aggregate gains made by Directors on exercise of share options
\u00a06,162.3\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate amount receivable under long-term incentive schemes
\u00a01,120.3\u00a0
\u00a0563.3\u00a0
Aggregate value of Company contributions to defined contribution pension schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0
\u00a08,601.8\u00a0
\u00a01,372.3\u00a0
2025
\u00a0
\u00a0
\u00a0
Aggregate emoluments excluding share options
\u00a03,160.8\u00a0
\u00a02,353.5\u00a0
Aggregate gains made by Directors on exercise of share options
\u00a04,514.3\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate amount receivable under long-term incentive schemes
\u00a01,151.8\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate value of Company contributions to defined contribution pension schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0
\u00a08,826.9\u00a0
\u00a02,353.5\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
Number
Number
Number
Number of Directors accruing retirement benefits
\u00a0\u00a0\u00a0
\u2013 defined contribution schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 defined benefit schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Number of Directors exercising share options
1
\u00a01\u00a0
\u00a01\u00a0
\u00a01\u00a0
Number of Directors receiving shares as part of long-term incentive schemes
\u00a01\u00a0
\u00a02\u00a0
\u00a02\u00a0
\n
1.
The highest-paid Director exercised 964,464 (2024: 986,515; 2023: 971,802) share options during the year.
A10. Retirement bene\ufb01t obligations
Apart from contributions to legally required social security state schemes, the Group operates a number of pension schemes around the world
covering many of its employees.
De\ufb01ned contribution pension plans
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
The Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual, or voluntary basis. The Group has
no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
De\ufb01ned bene\ufb01t pension plans
A defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as years of service, compensation, and age.
The asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets, less the present
value of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
benefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and have terms
to\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
unconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
any minimum funding requirements.
Current and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
the income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
from experience adjustments, return on plan assets, and changes in actuarial assumptions are charged or credited to the Consolidated Statement
of Comprehensive Income.
The largest retirement benefit obligation in the Group is the Rentokil Initial Irish Pension Scheme (which is in a surplus position).
A number of smaller defined benefit and defined contribution schemes operate elsewhere, which are also funded through payments
to\u00a0trustee-administered funds or insurance companies.
Defined benefit schemes are reappraised annually by independent actuaries based upon actuarial assumptions. Judgement is required
in\u00a0determining these actuarial assumptions, but this is not considered by management to be a significant accounting judgement as defined
under\u00a0IAS 1.
The assumptions used for the Rentokil Initial Irish Pension Scheme are shown below:
\n\n \n
31 December
31 December
2025
2024
Weighted average %
Discount rate
4.3%
3.5%
Future salary increases
n/a
n/a
Future pension increases
2.0%
2.1%
Inflation
2.0%
2.1%
\n
Risks
\n
The scheme exposes the Company to a number of risks, the most significant of which are:
\n
Asset volatility \u2013 Scheme liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this
\n
yield, this will create a reduction in the current surplus position. The scheme holds a small proportion of growth assets (equities) which, although
\n
expected to outperform corporate bonds in the long term, create volatility and risk in the short term. The allocation to growth assets is monitored
\n
to ensure it remains appropriate given the long-term scheme objectives.
\n
Changes in bond yields \u2013 A decrease in corporate bond yields will increase the value placed on the scheme\u2019s liabilities for accounting purposes,
\n
although this will be partially offset by an increase in the value of the scheme\u2019s bond holdings.
\n
Inflation risk \u2013 An increase in inflation expectations will increase the value placed on the scheme\u2019s liabilities for accounting purposes, although
\n
this may be partially offset to the extent that the scheme\u2019s bond holdings include investments linked to inflation.
\n
Life expectancy \u2013 The majority of the scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will
\n
result in an increase in the liabilities.
\n
For the Rentokil Initial Irish Pension Scheme, the expected duration is 15\u201316 years.
\n
Pension bene\ufb01ts
\n
The movement in the net defined benefit obligation for all Group pension schemes over the accounting period is as follows:
\n\n \n
Present value
Fair value of
Present value
Fair value of
of obligation
plan assets
Total
of obligation
plan assets
Total
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
At 1 January
(71)\u00a0
\u00a043\u00a0
(28)\u00a0
(77)\u00a0
\u00a045\u00a0
(32)\u00a0
Current service costs\u00b9
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Interest on defined benefit obligation/asset\u00b9
(2)\u00a0
\u00a01\u00a0
(1)\u00a0
(2)\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
Exchange difference
(6)\u00a0
\u00a04\u00a0
(2)\u00a0
\u00a02\u00a0
(3)\u00a0
(1)\u00a0
Total pension (expense)/income
(9)\u00a0
\u00a05\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
Remeasurements:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Remeasurement loss on scheme assets
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 Remeasurement gain on obligation
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Transfers
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Transferred on disposal of business
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Contributions:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Employers
(1)\u00a0
\u00a02\u00a0
\u00a01\u00a0
(1)\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 Benefit payments
\u00a03\u00a0
(2)\u00a0
\u00a01\u00a0
\u00a07\u00a0
(2)\u00a0
\u00a05\u00a0
At 31 December
(68)\u00a0
\u00a047\u00a0
(21)\u00a0
(71)\u00a0
\u00a043\u00a0
(28)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Retirement benefit obligation schemes\u00b2
(49)\u00a0
\u00a022\u00a0
(27)\u00a0
(53)\u00a0
\u00a021\u00a0
(32)\u00a0
Retirement benefit asset schemes\u00b3
(19)\u00a0
\u00a025\u00a0
\u00a06\u00a0
(18)\u00a0
\u00a022\u00a0
\u00a04\u00a0
\n
1.
Service costs and administration expenses are charged to operating expenses, and interest cost and return on plan assets to finance cost and finance income.
\n
2. Benefit plans in an obligation position include plans situated in Austria, France, Germany, Hong\u00a0Kong, India, Italy, Martinique, Norway, the Philippines, Saudi Arabia, South Africa,
\n
South\u00a0Korea, Sri Lanka, Thailand, Trinidad and Tobago, and the UK.
\n
3. Benefit plans in an asset position include plans situated in Australia, Barbados, and Ireland.
\n
Of the $68m (2024: $71m) of obligations in the table above, $16m (2024: $22m) is unfunded.
\n
Total contributions payable to defined benefit pension schemes in 2026 are expected to be less than $1m.
The fair value of plan assets at the balance sheet date is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Equity instruments
\u00a04\u00a0
\u00a04\u00a0
Debt instruments \u2013 unquoted
\u00a020\u00a0
\u00a018\u00a0
Property
\u00a01\u00a0
\u00a01\u00a0
Other
\u00a022\u00a0
\u00a020\u00a0
Total plan assets
\u00a047\u00a0
\u00a043\u00a0
\n
Where available, the fair values of assets are quoted prices (e.g. listed equity, sovereign debt, and corporate bonds). In other cases, the market
value as provided by the fund managers has been used in accordance with IFRS 13 Fair Value Measurement:
\u2022 unquoted debt instruments (level 2);
\u2022 interest and inflation rate hedging instruments (level 2); and
\u2022 pooled investment funds (level 3).
Other significant assets are valued based on observable market inputs. Other assets primarily consist of cash.
The cumulative actuarial gain recognised in the Consolidated Statement of Comprehensive Income was $44m (2024: $43m). A remeasurement
gain of $1m was recognised during the year (2024: $nil).
A11. Share-based payments
Share-based compensation
The Group operates two equity-settled share-based long-term incentive plans (LTIPs): the Performance Share Plan and the Restricted Share
Plan. The economic cost of awarding shares and share options\u00a0to employees is recognised as an expense in the income statement, equivalent
to the fair value of the benefit awarded. The fair value of the Performance Share Plan is\u00a0determined by reference to option pricing models,
principally stochastic and adjusted Black-Scholes models. The fair value of the Restricted Share Plan is determined by reference to an adjusted
Black-Scholes model. The charge for both plans is recognised in the\u00a0income statement over the vesting period of the award. At each balance
sheet date, the Group revises its estimate of the number of shares that vest or options that are expected to become exercisable. Any revision to
the original estimates (other than those which are a result of movements in total shareholder return (TSR)) is reflected in the income statement
with a\u00a0corresponding adjustment to equity immediately to the extent it relates to past service, and the remainder over the rest of the vesting
period.
Performance Share Plan and Restricted Share Plan
The Company has operated a share-based incentive for senior managers worldwide since 2006, initially through a Performance Share Plan, and
then in 2023 a Restricted Share Plan was introduced. The main features of the schemes are as follows:
\u2022 For Performance Share Plan awards made in 2023, 2024, and 2025, 50% of the award is based on TSR and 50% is based on performance against
certain strategic and financial measures over the vesting period.
\u2022 For Restricted Share Plan awards made in 2023, 2024 and 2025, there are no performance conditions attached.
\u2022 The value of dividends paid during the vesting period is paid on the number of shares that ultimately vest in the form of additional shares.
For\u00a0awards that are nil-cost options made prior to May 2021, this is the value of dividends between grant and exercise.
The total charge for the year relating to equity-settled share-based payment plans was $28m (2024: $25m; 2023: $32m). This includes charges
for the Performance Share Plan and Restricted Share Plan of $28m (2024: $25m; 2023: $20m). In 2023, there were charges relating to the
transfer of existing long-term incentive plans in Terminix and a non-recurring retention award totalling $12m. A summary of the number of shares
in active Performance Share Plans 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Share options outstanding
Share options exercisable
\u00a0\u00a0
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
\u00a0\u00a0
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2025
2025
2025
2025
2025
2025
2025
2025
2025
2025
2015
2018
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,183,287\u00a0
\u00a0\u2013\u00a0
\u00a0(1,183,287)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2016
2019
\u00a0\u2013\u00a0
\u00a0
\u00a035,895\u00a0
\u00a0\u2013\u00a0
\u00a0
(35,895)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,423,870\u00a0
\u00a035,895\u00a0
(177,522)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,282,243\u00a0
2017
2020
\u00a0\u2013\u00a0
\u00a0
\u00a029,651\u00a0
(70)\u00a0
(29,581)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,172,343\u00a0
\u00a029,581\u00a0
(42,610)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,159,314\u00a0
2018
2021
\u00a0\u2013\u00a0
\u00a0
\u00a037,102\u00a0
(1,032)\u00a0
(36,070)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,515,273\u00a0
\u00a036,070\u00a0
(74,885)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,476,458\u00a0
2019
2022
\u00a0\u2013\u00a0
\u00a0
\u00a037,188\u00a0
(1,493)\u00a0
(35,695)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,518,848\u00a0
\u00a035,695\u00a0
(97,191)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,457,352\u00a0
2020
2023
\u00a0\u2013\u00a0
\u00a0
\u00a026,635\u00a0
(1,879)\u00a0
(24,756)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,071,405\u00a0
\u00a024,756\u00a0
(62,325)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,033,836\u00a0
2021
2024
\u00a0\u2013\u00a0
\u00a0
\u00a021,432\u00a0
(11,583)\u00a0
(9,849)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0891,443\u00a0
\u00a09,849\u00a0
(81,222)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0820,070\u00a0
2022
2025
\u00a03,918,992\u00a0
\u00a083,051\u00a0(2,502,398)\u00a0(1,499,645)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a047,415\u00a0\u00a01,499,645\u00a0
(540,593)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,006,467\u00a0
2023
2026
\u00a04,031,442\u00a0
\u00a0828\u00a0
(317,038)\u00a0
(6,375)\u00a0\u00a03,708,857\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a06,375\u00a0
(6,375)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a06,598,782\u00a0
\u00a06,583\u00a0(1,216,776)\u00a0
(67,951)\u00a0\u00a05,320,638\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a067,951\u00a0
(67,951)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2028
\u00a0\u2013\u00a0
\u00a0\u00a08,090,985\u00a0
(611,953)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a07,479,032\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\n
\u00a0
\n \n
Share options outstanding
Share options exercisable
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2013
2016
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a069\u00a0
\u00a0\u2013\u00a0
\u00a0
(69)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2014
2017
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,151,851\u00a0
\u00a0\u2013\u00a0
\u00a0(1,151,851)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2015
2018
\u00a0\u2013\u00a0
\u00a0
\u00a026,277\u00a0
\u00a0\u2013\u00a0
\u00a0
(26,277)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,251,052\u00a0
\u00a026,277\u00a0
(94,042)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,183,287\u00a0
2016
2019
\u00a0\u2013\u00a0
\u00a0
\u00a031,575\u00a0
\u00a0\u2013\u00a0
\u00a0
(31,575)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,427,960\u00a0
\u00a031,575\u00a0
(35,665)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,423,870\u00a0
2017
2020
\u00a0\u2013\u00a0
\u00a0
\u00a026,381\u00a0
\u00a0\u2013\u00a0
\u00a0
(26,381)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,209,932\u00a0
\u00a026,381\u00a0
(62,824)\u00a0
(1,146)\u00a0\u00a01,172,343\u00a0
2018
2021
\u00a0\u2013\u00a0
\u00a0
\u00a033,926\u00a0
\u00a0\u2013\u00a0
\u00a0
(33,926)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,564,454\u00a0
\u00a033,926\u00a0
(80,787)\u00a0
(2,320)\u00a0\u00a01,515,273\u00a0
2019
2022
\u00a0\u2013\u00a0
\u00a0
\u00a034,750\u00a0
\u00a0\u2013\u00a0
\u00a0
(34,750)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,770,998\u00a0
\u00a034,750\u00a0
(286,233)\u00a0
(667)\u00a0\u00a01,518,848\u00a0
2020
2023
\u00a0\u2013\u00a0
\u00a0
\u00a024,304\u00a0
\u00a0\u2013\u00a0
\u00a0
(24,304)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,241,998\u00a0
\u00a024,304\u00a0
(193,231)\u00a0
(1,666)\u00a0\u00a01,071,405\u00a0
2021
2024
\u00a03,632,199\u00a0
\u00a081,393\u00a0(1,878,836)\u00a0(1,834,756)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,834,756\u00a0
(813,178)\u00a0
(130,135)\u00a0
\u00a0891,443\u00a0
2022
2025
\u00a04,665,701\u00a0
\u00a06,005\u00a0
(705,299)\u00a0
(47,415)\u00a0\u00a03,918,992\u00a0
\u00a05,951\u00a0
\u00a047,415\u00a0
(5,951)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a047,415\u00a0
2023
2026
\u00a04,638,991\u00a0
\u00a03,066\u00a0
(610,615)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a04,031,442\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a0\u2013\u00a0
\u00a0\u00a07,110,973\u00a0
(512,191)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a06,598,782\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\n
A summary of the number of shares in active Restricted Share plans is shown below:
\n\n \n
Share options outstanding
Share options exercisable
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2025
2025
2025
2025
2025
2025
2025
2025
2025
2025
2023
2025
\u00a0320,025\u00a0
\u00a016,894\u00a0
(295,844)\u00a0
(41,075)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a041,075\u00a0
(41,075)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2023
2026
\u00a0794,075\u00a0
\u00a0832\u00a0
(238,242)\u00a0
(146,110)\u00a0
\u00a0410,555\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0146,110\u00a0
(146,110)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2025
\u00a0149,640\u00a0
\u00a0770\u00a0
\u00a0\u2013\u00a0
\u00a0
(105,100)\u00a0
\u00a045,310\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0105,100\u00a0
(105,100)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2026
\u00a0234,965\u00a0
\u00a0\u2013\u00a0
\u00a0
(81,850)\u00a0
(58,175)\u00a0
\u00a094,940\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a058,175\u00a0
(58,175)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a0786,290\u00a0
\u00a0\u2013\u00a0
\u00a0
(157,455)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0628,835\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2028
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2029
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2030
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2025
\u00a0\u2013\u00a0
\u00a0
\u00a031,278\u00a0
\u00a0\u2013\u00a0
\u00a0
(31,278)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a031,278\u00a0
(31,278)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2026
\u00a0\u2013\u00a0
\u00a0
\u00a0707,123\u00a0
(14,409)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0692,714\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2027
\u00a0\u2013\u00a0
\u00a0
\u00a0467,658\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0467,658\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2028
\u00a0\u2013\u00a0
\u00a0\u00a01,754,135\u00a0
(283,050)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,471,085\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\n\n \n
Share options outstanding
Share options exercisable
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2023
2024
\u00a0195,310\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(195,310)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0195,310\u00a0
(195,310)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2023
2025
\u00a088,465\u00a0
\u00a0260,000\u00a0
(28,440)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0320,025\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2023
2026
\u00a0727,645\u00a0
\u00a0170,000\u00a0
(103,570)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0794,075\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2025
\u00a0\u2013\u00a0
\u00a0
\u00a0149,640\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0149,640\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2026
\u00a0\u2013\u00a0
\u00a0
\u00a0282,170\u00a0
(47,205)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0234,965\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a0\u2013\u00a0
\u00a0
\u00a0914,085\u00a0
(127,795)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0786,290\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2028
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2029
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2030
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
The fair value of the 2024 awards made under the Performance Share Plan is charged to the income statement over the vesting period, based
on\u00a0values derived from a Monte Carlo model prepared by external remuneration consultants. This is a closed-form solution which takes account
of the correlation between share price performance and the likelihood of a TSR performance condition being met. For the shares awarded
in\u00a0March 2025, the significant inputs into the model were a share price of 338.8p (2024: 466.1p), an expected share price volatility of 32.6%
(2024:\u00a029.5%), a\u00a0median share price correlation between the companies in the comparator group of 71.6% (2024: 73.1%), and an expected life
commensurate with the three-year performance/vesting period. The share price volatility assumption is based on analysis of historical daily share
prices. As\u00a0the\u00a0awards are nil-cost (i.e. there is no exercise price), the assumed risk-free rate of return has minimal impact on\u00a0the fair value of\u00a0the
awards. Similarly, as dividend equivalents are paid on the vesting portion of awards, the fair value of these awards is not reduced to reflect
dividends paid\u00a0during the vesting period. The fair value of the 2025 awards made under the Restricted Share Plan is charged to the income
statement over the vesting period based on the fair value of the award on grant date.
The fair value of awards granted during 2025 was $38m (2024: $46m) and the weighted average fair value per award granted during the year
was 262.3p (2023: 506.7p). The weighted average share price for options exercised in the year was 383.2p (2024: 471.4p) and the weighted
average contract term remaining on shares unexercised at the year end was 533 days (2024: 535 days).
A12. Income tax expense
The income tax charge for the period comprises both current and deferred tax. Current tax charge represents the amount payable on this year\u2019s
taxable profits and any adjustment relating to prior years. Taxable profits differ from accounting profits as some items of income or expenditure
are not taxable or deductible, or may be taxable or deductible in a different accounting period. The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries and associates
operate and generate taxable income.
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences between accounting and tax
bases. Deferred tax is determined using tax rates that are expected to apply when the timing difference reverses based on tax rates which are
enacted or substantively enacted at the balance sheet date. Tax is recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or equity. In this case, the tax is also recognised in other comprehensive income or equity as appropriate.
Analysis of expense in the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Current tax charge
\u00a0119\u00a0
\u00a0110\u00a0
\u00a0114\u00a0
Adjustment in respect of previous periods
(5)\u00a0
\u00a06\u00a0
(11)\u00a0
Total current tax
\u00a0114\u00a0
\u00a0116\u00a0
\u00a0103\u00a0
Deferred tax (credit)/charge
(14)\u00a0
\u00a09\u00a0
\u00a031\u00a0
Deferred tax adjustment in respect of previous periods
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
(5)\u00a0
Total deferred tax
(14)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a026\u00a0
Total income tax charge
\u00a0100\u00a0
\u00a0116\u00a0
\u00a0129\u00a0
\n
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to
profits of the consolidated companies 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Profit before tax
\u00a0390\u00a0
\u00a0462\u00a0
\u00a0566\u00a0
Tax calculated at domestic tax rates applicable to profits in the respective countries
\u00a099\u00a0
\u00a0119\u00a0
\u00a0144\u00a0
Adjustment in respect of previous periods
(5)\u00a0
(3)\u00a0
(16)\u00a0
Amounts not (taxable)/deductible for tax purposes \u2013 one-off and adjusting items
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a01\u00a0
Expenses not deductible for tax purposes \u2013 other
\u00a010\u00a0
\u00a08\u00a0
\u00a07\u00a0
Income not subject to tax
(3)\u00a0
(3)\u00a0
(2)\u00a0
Impairment of goodwill
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
Deferred tax recognised on losses
(6)\u00a0
(11)\u00a0
(4)\u00a0
Deferred tax impact of change in tax rates
(4)\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
Impact of items on which no deferred tax has been recognised
\u00a09\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
Local business taxes
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
US BEAT liability
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Tax credits
(2)\u00a0
(1)\u00a0
(2)\u00a0
Other
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Total tax charge
\u00a0100\u00a0
\u00a0116\u00a0
\u00a0129\u00a0
\n
The Group\u2019s effective tax rate (ETR) for 2025 on reported profit before tax was 25.6% (2024: 25.1%; 2023: 22.8%). This compares with a blended
rate of tax for the countries in which the Group operates of 25.3% (2024: 25.3%; 2023: 25.1%).
The UK continues to apply a global minimum effective tax rate of 15% for 2025. The legislation implements a domestic top-up tax and a
multinational top-up tax, however, the group does not expect a material top up tax each year (less than $1m).
The Group continues to apply the temporary exception under IAS 12 for accounting for deferred taxes arising from the implementation of the
Global Minimum Tax rules (GMT). The tax charge for the year ended 31 December 2025 includes an immaterial current tax charge related to GMT
income taxes that rounds to $nil (2024: $nil) and so no country split has been provided. The Group continues to monitor developments in the
implementation of the GMT rules around the world as guidance and legislation evolve.
A tax credit of $18m has been recognised in other comprehensive income (2024: $8m charge; 2023: $7m credit), which mainly relates to the tax
effect of mark to market movements on financial instruments and deferred tax on the cash flow hedge and cost of hedging reserves recorded
within other comprehensive income.A14. Deferred income tax
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
the\u00a0Consolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affects neither the
accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
at the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
settled. Deferred tax balances are not discounted.
Deferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
authority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
management\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
quantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties.
The movement on the deferred income tax account is as follows, which includes continuing and discontinued movements in Note A12 and Note
B7 respectively:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Deferred Tax at 1 January
(595)\u00a0
(604)\u00a0
Exchange differences
(7)\u00a0
\u00a01\u00a0
Impact of business combinations & disposals
\u00a043\u00a0
\u00a025\u00a0
Credited/(Charged) to the income statement
\u00a06\u00a0
(5)\u00a0
Credited/(Charged) to other comprehensive income
\u00a018\u00a0
(8)\u00a0
Credited/(Charged) to equity
\u00a01\u00a0
(4)\u00a0
Deferred Tax at 31 December
(534)\u00a0
(595)\u00a0
Deferred taxation has been presented on the balance sheet as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax asset within non-current assets
\u00a055\u00a0
\u00a043\u00a0
Deferred tax liability within non-current liabilities
(589)\u00a0
(638)\u00a0
\u00a0
(534)\u00a0
(595)\u00a0
\n
The major components of deferred tax assets and liabilities at the year end and their changes during the year (without taking into consideration
the offsetting of balances within the same tax jurisdiction) 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Customer
Accelerated
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
lists/
tax
\u00a0
IFRS 15
Tax
Share-based
\u00a0\u00a0
\u00a0
intangibles
depreciation
Provisions
Contracts
losses
payments
Other
2
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
At 1 January 2024
(703)\u00a0
(107)\u00a0
\u00a0190\u00a0
(52)\u00a0
\u00a048\u00a0
\u00a019\u00a0
\u00a01\u00a0
(604)\u00a0
Exchange differences
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a04\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Recognised in income statement
(5)\u00a0
\u00a05\u00a0
\u00a010\u00a0
(24)\u00a0
\u00a04\u00a0
\u00a01\u00a0
\u00a04\u00a0
(5)\u00a0
Recognised in other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(8)\u00a0
(8)\u00a0
Recognised in equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
Impact of business combinations & disposals
1
\u00a031\u00a0
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a025\u00a0
At 31 December 2024
(678)\u00a0
(102)\u00a0
\u00a0195\u00a0
(74)\u00a0
\u00a051\u00a0
\u00a016\u00a0
(3)\u00a0
(595)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2025
(678)\u00a0
(102)\u00a0
\u00a0195\u00a0
(74)\u00a0
\u00a051\u00a0
\u00a016\u00a0
(3)\u00a0
(595)\u00a0
Exchange differences
(3)\u00a0
(6)\u00a0
\u00a02\u00a0
(2)\u00a0
\u00a02\u00a0
\u00a01\u00a0
(1)\u00a0
(7)\u00a0
Recognised in income statement
\u00a02\u00a0
\u00a013\u00a0
\u00a07\u00a0
(9)\u00a0
(7)\u00a0
\u00a05\u00a0
(5)\u00a0
\u00a06\u00a0
Recognised in other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a010\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a018\u00a0
Recognised in equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Impact of business combinations & disposals
3
(9)\u00a0
\u00a051\u00a0
(2)\u00a0
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a043\u00a0
At 31 December 2025
(688)\u00a0
(44)\u00a0
\u00a0202\u00a0
(80)\u00a0
\u00a056\u00a0
\u00a023\u00a0
(3)\u00a0
(534)\u00a0
\n
1.
Deferred tax liabilities have been adjusted in 2024 by a decrease of $35m relating to the Terminix acquisition with a corresponding reduction in goodwill.
2. Other deferred tax assets and liabilities include retirement benefits, unremitted earnings from subsidiaries, and the cash flow hedge reserve.
3.
Deferred tax liabilities have been adjusted in 2025 by a decrease of $52m relating to the France Workwear disposal.
A deferred tax asset of $56m has been recognised in respect of losses which are expected to be utilised within ten years (2024: $51m), of which
$41m (2024: $38m) relates to UK losses (excluding capital losses) carried forward at 31 December 2025 (both amounts having increased due to
foreign exchange translation by $3m during the year). These amount have been calculated by estimating the future taxable profits, against which
the tax losses will be utilised, progressively risk-weighted, and applying the tax rates (substantively enacted as at the balance sheet date)
applicable for each year.
The estimates of future profits are based on management\u2019s financial forecasts which are used to support other aspects of the Financial
Statements, such as impairment testing. At the balance sheet date, the Group had tax losses of $397m (2024: $303m) on which no deferred tax
asset is recognised because it is not considered probable that future taxable profits will be available in certain jurisdictions to be able to benefit
from those tax losses. Of the losses, $340m (2024: $254m) will expire at various dates between 2026 and 2045.
In addition, the Group has UK capital losses carried forward of $372m (2024: $346m) on which no deferred tax asset is recognised. All movements in
the year are as a result of foreign exchange translation. These losses have no expiry date, but management considers the future utilisation of these
losses to be unlikely.
Dividends received from subsidiaries are largely exempt from UK taxation but may be subject to dividend withholding or other taxes levied by the
overseas tax jurisdictions in which the subsidiaries operate. A deferred tax liability of $4m (2024: $4m) has been recognised in respect of this
liability as it is anticipated that these profits will be distributed to the UK in the foreseeable future. At the balance sheet date, there is no material
unprovided deferred tax liability were overseas earnings to be distributed to the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
2023
\u00a0
Notes
$m
$m
$m
Employee costs
A9
\u00a03,241\u00a0
\u00a03,128\u00a0
\u00a03,045\u00a0
Direct materials and services
\u00a0
\u00a01,166\u00a0
\u00a01,089\u00a0
\u00a01,087\u00a0
Vehicle costs
\u00a0
\u00a0368\u00a0
\u00a0360\u00a0
\u00a0345\u00a0
Property costs
\u00a0
\u00a0144\u00a0
\u00a0131\u00a0
\u00a0129\u00a0
Depreciation and impairment of property, plant and equipment
B3
\u00a0135\u00a0
\u00a0129\u00a0
\u00a0123\u00a0
Amortisation and impairment of intangible assets
B2
\u00a0236\u00a0
\u00a0287\u00a0
\u00a0250\u00a0
Other operating expenses
1
\u00a0
\u00a0960\u00a0
\u00a0778\u00a0
\u00a0630\u00a0
Total operating expenses
\u00a0
\u00a06,250\u00a0
\u00a05,902\u00a0
\u00a05,609\u00a0
\n
1.
Other operating expenses includes professional fees, marketing costs, and amortisation of contract costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "A8. Auditors\u2019 remuneration \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Fees payable to the Company\u2019s auditors for the audit of the Parent Company and Group accounts
\u00a05\u00a0
\u00a06\u00a0
\u00a05\u00a0
Audit of accounts of subsidiaries of the Group
\u00a08\u00a0
\u00a08\u00a0
\u00a09\u00a0
Audit-related assurance services
1
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Total
\u00a014\u00a0
14
14
\n
1.
Fees for 2024 and 2023, related to the attestation report required by Section 404 of the Sarbanes-Oxley Act, have been reclassified from the audit-related assurance services, to \u201cFees
payable to the Company\u2019s auditors for the audit of the Parent Company and Group accounts\u201d and \u201cAudit of accounts of subsidiaries of the group\u201d, to conform to the current year
presentation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "A9. Employee bene\ufb01t expense
Pro\ufb01t-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing, based on calculations of achievements of financial performance
targets and the best estimate of the obligation to employees related to personal performance criteria being achieved. A liability is recognised
where a contractual obligation exists or where past practice indicates that there is a constructive obligation to make such payments in\u00a0the future.
Holiday pay
Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. An accrual
is\u00a0made at the balance sheet date to reflect the fair value of holidays earned but not yet taken.
Termination bene\ufb01ts
Termination benefits are payable when an employment is terminated before the normal retirement date, or whenever an employee accepts
voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either:
terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination
benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
are discounted to present value where the effect of discounting is material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Wages and salaries
\u00a02,862\u00a0
\u00a02,782\u00a0
\u00a02,783\u00a0
Social security costs
\u00a0284\u00a0
\u00a0261\u00a0
\u00a0186\u00a0
Share-based payments
\u00a028\u00a0
\u00a025\u00a0
\u00a034\u00a0
Pension costs:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 defined contribution plans
\u00a061\u00a0
\u00a057\u00a0
\u00a039\u00a0
\u2013 defined benefit plans
\u00a06\u00a0
\u00a03\u00a0
\u00a03\u00a0
\u00a0
\u00a03,241\u00a0
\u00a03,128\u00a0
\u00a03,045\u00a0
\n
Monthly average number of people employed by the Group during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
Number
Number
Number
Processing and service delivery
\u00a047,620\u00a0
\u00a046,381\u00a0
\u00a045,323\u00a0
Sales and marketing
\u00a07,590\u00a0
\u00a07,584\u00a0
\u00a07,245\u00a0
Administration and overheads
\u00a08,874\u00a0
\u00a09,095\u00a0
\u00a08,447\u00a0
\u00a0
\u00a064,084\u00a0
\u00a063,060\u00a0
\u00a061,015\u00a0
\n
Emoluments of the Directors of Rentokil Initial plc are detailed 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Highest paid Director
Other Directors
\u00a0
$000
$000
2023
\u00a0\u00a0
Aggregate emoluments excluding share options
\u00a02,416.4\u00a0
\u00a01,478.5\u00a0
Aggregate gains made by Directors on exercise of share options
\u00a04,639.7\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate amount receivable under long-term incentive schemes
\u00a01,738.7\u00a0
\u00a0603.8\u00a0
Aggregate value of Company contributions to defined contribution pension schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0
\u00a08,794.8\u00a0
\u00a02,082.3\u00a0
2024
\u00a0
\u00a0
\u00a0
Aggregate emoluments excluding share options
\u00a01,319.2\u00a0
\u00a0809.0\u00a0
Aggregate gains made by Directors on exercise of share options
\u00a06,162.3\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate amount receivable under long-term incentive schemes
\u00a01,120.3\u00a0
\u00a0563.3\u00a0
Aggregate value of Company contributions to defined contribution pension schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0
\u00a08,601.8\u00a0
\u00a01,372.3\u00a0
2025
\u00a0
\u00a0
\u00a0
Aggregate emoluments excluding share options
\u00a03,160.8\u00a0
\u00a02,353.5\u00a0
Aggregate gains made by Directors on exercise of share options
\u00a04,514.3\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate amount receivable under long-term incentive schemes
\u00a01,151.8\u00a0
\u00a0\u2013\u00a0
\u00a0
Aggregate value of Company contributions to defined contribution pension schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0
\u00a08,826.9\u00a0
\u00a02,353.5\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
Number
Number
Number
Number of Directors accruing retirement benefits
\u00a0\u00a0\u00a0
\u2013 defined contribution schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 defined benefit schemes
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Number of Directors exercising share options
1
\u00a01\u00a0
\u00a01\u00a0
\u00a01\u00a0
Number of Directors receiving shares as part of long-term incentive schemes
\u00a01\u00a0
\u00a02\u00a0
\u00a02\u00a0
\n
1.
The highest-paid Director exercised 964,464 (2024: 986,515; 2023: 971,802) share options during the year.
A10. Retirement bene\ufb01t obligations
Apart from contributions to legally required social security state schemes, the Group operates a number of pension schemes around the world
covering many of its employees.
De\ufb01ned contribution pension plans
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
The Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual, or voluntary basis. The Group has
no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
De\ufb01ned bene\ufb01t pension plans
A defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as years of service, compensation, and age.
The asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets, less the present
value of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
benefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and have terms
to\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
unconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
any minimum funding requirements.
Current and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
the income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
from experience adjustments, return on plan assets, and changes in actuarial assumptions are charged or credited to the Consolidated Statement
of Comprehensive Income.
The largest retirement benefit obligation in the Group is the Rentokil Initial Irish Pension Scheme (which is in a surplus position).
A number of smaller defined benefit and defined contribution schemes operate elsewhere, which are also funded through payments
to\u00a0trustee-administered funds or insurance companies.
Defined benefit schemes are reappraised annually by independent actuaries based upon actuarial assumptions. Judgement is required
in\u00a0determining these actuarial assumptions, but this is not considered by management to be a significant accounting judgement as defined
under\u00a0IAS 1.
\n\n
The assumptions used for the Rentokil Initial Irish Pension Scheme are shown below:
\n\n \n
31 December
31 December
2025
2024
Weighted average %
Discount rate
4.3%
3.5%
Future salary increases
n/a
n/a
Future pension increases
2.0%
2.1%
Inflation
2.0%
2.1%
\n
Risks
\n
The scheme exposes the Company to a number of risks, the most significant of which are:
\n
Asset volatility \u2013 Scheme liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this
\n
yield, this will create a reduction in the current surplus position. The scheme holds a small proportion of growth assets (equities) which, although
\n
expected to outperform corporate bonds in the long term, create volatility and risk in the short term. The allocation to growth assets is monitored
\n
to ensure it remains appropriate given the long-term scheme objectives.
\n
Changes in bond yields \u2013 A decrease in corporate bond yields will increase the value placed on the scheme\u2019s liabilities for accounting purposes,
\n
although this will be partially offset by an increase in the value of the scheme\u2019s bond holdings.
\n
Inflation risk \u2013 An increase in inflation expectations will increase the value placed on the scheme\u2019s liabilities for accounting purposes, although
\n
this may be partially offset to the extent that the scheme\u2019s bond holdings include investments linked to inflation.
\n
Life expectancy \u2013 The majority of the scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will
\n
result in an increase in the liabilities.
\n
For the Rentokil Initial Irish Pension Scheme, the expected duration is 15\u201316 years.
\n
Pension bene\ufb01ts
\n
The movement in the net defined benefit obligation for all Group pension schemes over the accounting period is as follows:
\n\n \n
Present value
Fair value of
Present value
Fair value of
of obligation
plan assets
Total
of obligation
plan assets
Total
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
At 1 January
(71)\u00a0
\u00a043\u00a0
(28)\u00a0
(77)\u00a0
\u00a045\u00a0
(32)\u00a0
Current service costs\u00b9
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Interest on defined benefit obligation/asset\u00b9
(2)\u00a0
\u00a01\u00a0
(1)\u00a0
(2)\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
Exchange difference
(6)\u00a0
\u00a04\u00a0
(2)\u00a0
\u00a02\u00a0
(3)\u00a0
(1)\u00a0
Total pension (expense)/income
(9)\u00a0
\u00a05\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
Remeasurements:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Remeasurement loss on scheme assets
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 Remeasurement gain on obligation
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Transfers
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Transferred on disposal of business
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Contributions:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Employers
(1)\u00a0
\u00a02\u00a0
\u00a01\u00a0
(1)\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 Benefit payments
\u00a03\u00a0
(2)\u00a0
\u00a01\u00a0
\u00a07\u00a0
(2)\u00a0
\u00a05\u00a0
At 31 December
(68)\u00a0
\u00a047\u00a0
(21)\u00a0
(71)\u00a0
\u00a043\u00a0
(28)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Retirement benefit obligation schemes\u00b2
(49)\u00a0
\u00a022\u00a0
(27)\u00a0
(53)\u00a0
\u00a021\u00a0
(32)\u00a0
Retirement benefit asset schemes\u00b3
(19)\u00a0
\u00a025\u00a0
\u00a06\u00a0
(18)\u00a0
\u00a022\u00a0
\u00a04\u00a0
\n
1.
Service costs and administration expenses are charged to operating expenses, and interest cost and return on plan assets to finance cost and finance income.
\n
2. Benefit plans in an obligation position include plans situated in Austria, France, Germany, Hong\u00a0Kong, India, Italy, Martinique, Norway, the Philippines, Saudi Arabia, South Africa,
\n
South\u00a0Korea, Sri Lanka, Thailand, Trinidad and Tobago, and the UK.
\n
3. Benefit plans in an asset position include plans situated in Australia, Barbados, and Ireland.
\n
Of the $68m (2024: $71m) of obligations in the table above, $16m (2024: $22m) is unfunded.
\n
Total contributions payable to defined benefit pension schemes in 2026 are expected to be less than $1m.
The fair value of plan assets at the balance sheet date is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Equity instruments
\u00a04\u00a0
\u00a04\u00a0
Debt instruments \u2013 unquoted
\u00a020\u00a0
\u00a018\u00a0
Property
\u00a01\u00a0
\u00a01\u00a0
Other
\u00a022\u00a0
\u00a020\u00a0
Total plan assets
\u00a047\u00a0
\u00a043\u00a0
\n
Where available, the fair values of assets are quoted prices (e.g. listed equity, sovereign debt, and corporate bonds). In other cases, the market
value as provided by the fund managers has been used in accordance with IFRS 13 Fair Value Measurement:
\u2022 unquoted debt instruments (level 2);
\u2022 interest and inflation rate hedging instruments (level 2); and
\u2022 pooled investment funds (level 3).
Other significant assets are valued based on observable market inputs. Other assets primarily consist of cash.
The cumulative actuarial gain recognised in the Consolidated Statement of Comprehensive Income was $44m (2024: $43m). A remeasurement
gain of $1m was recognised during the year (2024: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00710": { "value": "Pro\ufb01t-sharing and bonus plans
The Group recognises a liability and an expense for bonuses and profit-sharing, based on calculations of achievements of financial performance
targets and the best estimate of the obligation to employees related to personal performance criteria being achieved. A liability is recognised
where a contractual obligation exists or where past practice indicates that there is a constructive obligation to make such payments in\u00a0the future.
Holiday pay
Paid holidays are regarded as an employee benefit and as such are charged to the income statement as the benefits are earned. An accrual
is\u00a0made at the balance sheet date to reflect the fair value of holidays earned but not yet taken.
Termination bene\ufb01ts
Termination benefits are payable when an employment is terminated before the normal retirement date, or whenever an employee accepts
voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either:
terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination
benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date
are discounted to present value where the effect of discounting is material.De\ufb01ned contribution pension plans
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
The Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual, or voluntary basis. The Group has
no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
De\ufb01ned bene\ufb01t pension plans
A defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as years of service, compensation, and age.
The asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets, less the present
value of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
benefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and have terms
to\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
unconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
any minimum funding requirements.
Current and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
the income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
from experience adjustments, return on plan assets, and changes in actuarial assumptions are charged or credited to the Consolidated Statement
of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "Monthly average number of people employed by the Group during the year: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
Number
Number
Number
Processing and service delivery
\u00a047,620\u00a0
\u00a046,381\u00a0
\u00a045,323\u00a0
Sales and marketing
\u00a07,590\u00a0
\u00a07,584\u00a0
\u00a07,245\u00a0
Administration and overheads
\u00a08,874\u00a0
\u00a09,095\u00a0
\u00a08,447\u00a0
\u00a0
\u00a064,084\u00a0
\u00a063,060\u00a0
\u00a061,015\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "A10. Retirement bene\ufb01t obligations
Apart from contributions to legally required social security state schemes, the Group operates a number of pension schemes around the world
covering many of its employees.
De\ufb01ned contribution pension plans
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity.
The Group pays contributions to publicly or privately administered pension plans on a mandatory, contractual, or voluntary basis. The Group has
no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
De\ufb01ned bene\ufb01t pension plans
A defined benefit pension plan is a plan that defines the amount of future pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as years of service, compensation, and age.
The asset or liability recognised in the balance sheet in respect of defined benefit pension plans is the fair value of plan assets, less the present
value of the defined benefit obligation at the balance sheet date. The Group determines the net interest on the net defined benefit asset for the
period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the net defined
benefit asset. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present
value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that have a credit rating of at least AA, are denominated in the currency in which the benefits will be paid, and have terms
to\u00a0maturity approximating to the terms of the related pension liability. The Group will recognise a pension surplus as an asset where there is an
unconditional right to a refund or where the Group has a right to reduce future pension contributions, taking into account the adverse effect of
any minimum funding requirements.
Current and past service costs, to the extent they have vested, and curtailments are recognised as charges or credits against operating profit in
the income statement. Interest income on the net defined benefit asset is recognised in finance income. Remeasurement gains and losses arising
from experience adjustments, return on plan assets, and changes in actuarial assumptions are charged or credited to the Consolidated Statement
of Comprehensive Income.
The largest retirement benefit obligation in the Group is the Rentokil Initial Irish Pension Scheme (which is in a surplus position).
A number of smaller defined benefit and defined contribution schemes operate elsewhere, which are also funded through payments
to\u00a0trustee-administered funds or insurance companies.
Defined benefit schemes are reappraised annually by independent actuaries based upon actuarial assumptions. Judgement is required
in\u00a0determining these actuarial assumptions, but this is not considered by management to be a significant accounting judgement as defined
under\u00a0IAS 1.
\n\n
The assumptions used for the Rentokil Initial Irish Pension Scheme are shown below:
\n\n \n
31 December
31 December
2025
2024
Weighted average %
Discount rate
4.3%
3.5%
Future salary increases
n/a
n/a
Future pension increases
2.0%
2.1%
Inflation
2.0%
2.1%
\n
Risks
\n
The scheme exposes the Company to a number of risks, the most significant of which are:
\n
Asset volatility \u2013 Scheme liabilities are calculated using a discount rate set with reference to corporate bond yields; if assets underperform this
\n
yield, this will create a reduction in the current surplus position. The scheme holds a small proportion of growth assets (equities) which, although
\n
expected to outperform corporate bonds in the long term, create volatility and risk in the short term. The allocation to growth assets is monitored
\n
to ensure it remains appropriate given the long-term scheme objectives.
\n
Changes in bond yields \u2013 A decrease in corporate bond yields will increase the value placed on the scheme\u2019s liabilities for accounting purposes,
\n
although this will be partially offset by an increase in the value of the scheme\u2019s bond holdings.
\n
Inflation risk \u2013 An increase in inflation expectations will increase the value placed on the scheme\u2019s liabilities for accounting purposes, although
\n
this may be partially offset to the extent that the scheme\u2019s bond holdings include investments linked to inflation.
\n
Life expectancy \u2013 The majority of the scheme\u2019s obligations are to provide benefits for the life of the member, so increases in life expectancy will
\n
result in an increase in the liabilities.
\n
For the Rentokil Initial Irish Pension Scheme, the expected duration is 15\u201316 years.
\n
Pension bene\ufb01ts
\n
The movement in the net defined benefit obligation for all Group pension schemes over the accounting period is as follows:
\n\n \n
Present value
Fair value of
Present value
Fair value of
of obligation
plan assets
Total
of obligation
plan assets
Total
2025
2025
2025
2024
2024
2024
$m
$m
$m
$m
$m
$m
At 1 January
(71)\u00a0
\u00a043\u00a0
(28)\u00a0
(77)\u00a0
\u00a045\u00a0
(32)\u00a0
Current service costs\u00b9
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Interest on defined benefit obligation/asset\u00b9
(2)\u00a0
\u00a01\u00a0
(1)\u00a0
(2)\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
Exchange difference
(6)\u00a0
\u00a04\u00a0
(2)\u00a0
\u00a02\u00a0
(3)\u00a0
(1)\u00a0
Total pension (expense)/income
(9)\u00a0
\u00a05\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
Remeasurements:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Remeasurement loss on scheme assets
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 Remeasurement gain on obligation
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Transfers
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Transferred on disposal of business
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Contributions:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 Employers
(1)\u00a0
\u00a02\u00a0
\u00a01\u00a0
(1)\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u2013 Benefit payments
\u00a03\u00a0
(2)\u00a0
\u00a01\u00a0
\u00a07\u00a0
(2)\u00a0
\u00a05\u00a0
At 31 December
(68)\u00a0
\u00a047\u00a0
(21)\u00a0
(71)\u00a0
\u00a043\u00a0
(28)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Retirement benefit obligation schemes\u00b2
(49)\u00a0
\u00a022\u00a0
(27)\u00a0
(53)\u00a0
\u00a021\u00a0
(32)\u00a0
Retirement benefit asset schemes\u00b3
(19)\u00a0
\u00a025\u00a0
\u00a06\u00a0
(18)\u00a0
\u00a022\u00a0
\u00a04\u00a0
\n
1.
Service costs and administration expenses are charged to operating expenses, and interest cost and return on plan assets to finance cost and finance income.
\n
2. Benefit plans in an obligation position include plans situated in Austria, France, Germany, Hong\u00a0Kong, India, Italy, Martinique, Norway, the Philippines, Saudi Arabia, South Africa,
\n
South\u00a0Korea, Sri Lanka, Thailand, Trinidad and Tobago, and the UK.
\n
3. Benefit plans in an asset position include plans situated in Australia, Barbados, and Ireland.
\n
Of the $68m (2024: $71m) of obligations in the table above, $16m (2024: $22m) is unfunded.
\n
Total contributions payable to defined benefit pension schemes in 2026 are expected to be less than $1m.
The fair value of plan assets at the balance sheet date is analysed as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Equity instruments
\u00a04\u00a0
\u00a04\u00a0
Debt instruments \u2013 unquoted
\u00a020\u00a0
\u00a018\u00a0
Property
\u00a01\u00a0
\u00a01\u00a0
Other
\u00a022\u00a0
\u00a020\u00a0
Total plan assets
\u00a047\u00a0
\u00a043\u00a0
\n
Where available, the fair values of assets are quoted prices (e.g. listed equity, sovereign debt, and corporate bonds). In other cases, the market
value as provided by the fund managers has been used in accordance with IFRS 13 Fair Value Measurement:
\u2022 unquoted debt instruments (level 2);
\u2022 interest and inflation rate hedging instruments (level 2); and
\u2022 pooled investment funds (level 3).
Other significant assets are valued based on observable market inputs. Other assets primarily consist of cash.
The cumulative actuarial gain recognised in the Consolidated Statement of Comprehensive Income was $44m (2024: $43m). A remeasurement
gain of $1m was recognised during the year (2024: $nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "A11. Share-based payments
Share-based compensation
The Group operates two equity-settled share-based long-term incentive plans (LTIPs): the Performance Share Plan and the Restricted Share
Plan. The economic cost of awarding shares and share options\u00a0to employees is recognised as an expense in the income statement, equivalent
to the fair value of the benefit awarded. The fair value of the Performance Share Plan is\u00a0determined by reference to option pricing models,
principally stochastic and adjusted Black-Scholes models. The fair value of the Restricted Share Plan is determined by reference to an adjusted
Black-Scholes model. The charge for both plans is recognised in the\u00a0income statement over the vesting period of the award. At each balance
sheet date, the Group revises its estimate of the number of shares that vest or options that are expected to become exercisable. Any revision to
the original estimates (other than those which are a result of movements in total shareholder return (TSR)) is reflected in the income statement
with a\u00a0corresponding adjustment to equity immediately to the extent it relates to past service, and the remainder over the rest of the vesting
period.
Performance Share Plan and Restricted Share Plan
The Company has operated a share-based incentive for senior managers worldwide since 2006, initially through a Performance Share Plan, and
then in 2023 a Restricted Share Plan was introduced. The main features of the schemes are as follows:
\u2022 For Performance Share Plan awards made in 2023, 2024, and 2025, 50% of the award is based on TSR and 50% is based on performance against
certain strategic and financial measures over the vesting period.
\u2022 For Restricted Share Plan awards made in 2023, 2024 and 2025, there are no performance conditions attached.
\u2022 The value of dividends paid during the vesting period is paid on the number of shares that ultimately vest in the form of additional shares.
For\u00a0awards that are nil-cost options made prior to May 2021, this is the value of dividends between grant and exercise.
The total charge for the year relating to equity-settled share-based payment plans was $28m (2024: $25m; 2023: $32m). This includes charges
for the Performance Share Plan and Restricted Share Plan of $28m (2024: $25m; 2023: $20m). In 2023, there were charges relating to the
transfer of existing long-term incentive plans in Terminix and a non-recurring retention award totalling $12m. A summary of the number of shares
in active Performance Share Plans 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Share options outstanding
Share options exercisable
\u00a0\u00a0
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
\u00a0\u00a0
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2025
2025
2025
2025
2025
2025
2025
2025
2025
2025
2015
2018
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,183,287\u00a0
\u00a0\u2013\u00a0
\u00a0(1,183,287)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2016
2019
\u00a0\u2013\u00a0
\u00a0
\u00a035,895\u00a0
\u00a0\u2013\u00a0
\u00a0
(35,895)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,423,870\u00a0
\u00a035,895\u00a0
(177,522)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,282,243\u00a0
2017
2020
\u00a0\u2013\u00a0
\u00a0
\u00a029,651\u00a0
(70)\u00a0
(29,581)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,172,343\u00a0
\u00a029,581\u00a0
(42,610)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,159,314\u00a0
2018
2021
\u00a0\u2013\u00a0
\u00a0
\u00a037,102\u00a0
(1,032)\u00a0
(36,070)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,515,273\u00a0
\u00a036,070\u00a0
(74,885)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,476,458\u00a0
2019
2022
\u00a0\u2013\u00a0
\u00a0
\u00a037,188\u00a0
(1,493)\u00a0
(35,695)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,518,848\u00a0
\u00a035,695\u00a0
(97,191)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,457,352\u00a0
2020
2023
\u00a0\u2013\u00a0
\u00a0
\u00a026,635\u00a0
(1,879)\u00a0
(24,756)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,071,405\u00a0
\u00a024,756\u00a0
(62,325)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,033,836\u00a0
2021
2024
\u00a0\u2013\u00a0
\u00a0
\u00a021,432\u00a0
(11,583)\u00a0
(9,849)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0891,443\u00a0
\u00a09,849\u00a0
(81,222)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0820,070\u00a0
2022
2025
\u00a03,918,992\u00a0
\u00a083,051\u00a0(2,502,398)\u00a0(1,499,645)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a047,415\u00a0\u00a01,499,645\u00a0
(540,593)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,006,467\u00a0
2023
2026
\u00a04,031,442\u00a0
\u00a0828\u00a0
(317,038)\u00a0
(6,375)\u00a0\u00a03,708,857\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a06,375\u00a0
(6,375)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a06,598,782\u00a0
\u00a06,583\u00a0(1,216,776)\u00a0
(67,951)\u00a0\u00a05,320,638\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a067,951\u00a0
(67,951)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2028
\u00a0\u2013\u00a0
\u00a0\u00a08,090,985\u00a0
(611,953)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a07,479,032\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\n
\u00a0
\n\n\n \n
Share options outstanding
Share options exercisable
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2013
2016
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a069\u00a0
\u00a0\u2013\u00a0
\u00a0
(69)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2014
2017
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,151,851\u00a0
\u00a0\u2013\u00a0
\u00a0(1,151,851)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2015
2018
\u00a0\u2013\u00a0
\u00a0
\u00a026,277\u00a0
\u00a0\u2013\u00a0
\u00a0
(26,277)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,251,052\u00a0
\u00a026,277\u00a0
(94,042)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,183,287\u00a0
2016
2019
\u00a0\u2013\u00a0
\u00a0
\u00a031,575\u00a0
\u00a0\u2013\u00a0
\u00a0
(31,575)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,427,960\u00a0
\u00a031,575\u00a0
(35,665)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,423,870\u00a0
2017
2020
\u00a0\u2013\u00a0
\u00a0
\u00a026,381\u00a0
\u00a0\u2013\u00a0
\u00a0
(26,381)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,209,932\u00a0
\u00a026,381\u00a0
(62,824)\u00a0
(1,146)\u00a0\u00a01,172,343\u00a0
2018
2021
\u00a0\u2013\u00a0
\u00a0
\u00a033,926\u00a0
\u00a0\u2013\u00a0
\u00a0
(33,926)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,564,454\u00a0
\u00a033,926\u00a0
(80,787)\u00a0
(2,320)\u00a0\u00a01,515,273\u00a0
2019
2022
\u00a0\u2013\u00a0
\u00a0
\u00a034,750\u00a0
\u00a0\u2013\u00a0
\u00a0
(34,750)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,770,998\u00a0
\u00a034,750\u00a0
(286,233)\u00a0
(667)\u00a0\u00a01,518,848\u00a0
2020
2023
\u00a0\u2013\u00a0
\u00a0
\u00a024,304\u00a0
\u00a0\u2013\u00a0
\u00a0
(24,304)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,241,998\u00a0
\u00a024,304\u00a0
(193,231)\u00a0
(1,666)\u00a0\u00a01,071,405\u00a0
2021
2024
\u00a03,632,199\u00a0
\u00a081,393\u00a0(1,878,836)\u00a0(1,834,756)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,834,756\u00a0
(813,178)\u00a0
(130,135)\u00a0
\u00a0891,443\u00a0
2022
2025
\u00a04,665,701\u00a0
\u00a06,005\u00a0
(705,299)\u00a0
(47,415)\u00a0\u00a03,918,992\u00a0
\u00a05,951\u00a0
\u00a047,415\u00a0
(5,951)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a047,415\u00a0
2023
2026
\u00a04,638,991\u00a0
\u00a03,066\u00a0
(610,615)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a04,031,442\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a0\u2013\u00a0
\u00a0\u00a07,110,973\u00a0
(512,191)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a06,598,782\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\n
A summary of the number of shares in active Restricted Share plans is shown below:
\n\n \n
Share options outstanding
Share options exercisable
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2025
2025
2025
2025
2025
2025
2025
2025
2025
2025
2023
2025
\u00a0320,025\u00a0
\u00a016,894\u00a0
(295,844)\u00a0
(41,075)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a041,075\u00a0
(41,075)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2023
2026
\u00a0794,075\u00a0
\u00a0832\u00a0
(238,242)\u00a0
(146,110)\u00a0
\u00a0410,555\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0146,110\u00a0
(146,110)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2025
\u00a0149,640\u00a0
\u00a0770\u00a0
\u00a0\u2013\u00a0
\u00a0
(105,100)\u00a0
\u00a045,310\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0105,100\u00a0
(105,100)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2026
\u00a0234,965\u00a0
\u00a0\u2013\u00a0
\u00a0
(81,850)\u00a0
(58,175)\u00a0
\u00a094,940\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a058,175\u00a0
(58,175)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a0786,290\u00a0
\u00a0\u2013\u00a0
\u00a0
(157,455)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0628,835\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2028
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2029
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2030
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2025
\u00a0\u2013\u00a0
\u00a0
\u00a031,278\u00a0
\u00a0\u2013\u00a0
\u00a0
(31,278)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a031,278\u00a0
(31,278)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2026
\u00a0\u2013\u00a0
\u00a0
\u00a0707,123\u00a0
(14,409)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0692,714\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2027
\u00a0\u2013\u00a0
\u00a0
\u00a0467,658\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0467,658\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025
2028
\u00a0\u2013\u00a0
\u00a0\u00a01,754,135\u00a0
(283,050)\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a01,471,085\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\n\n \n
Share options outstanding
Share options exercisable
Scheme
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
Shares
interest at
awarded
lapsed
vested
outstanding at
exercisable at
vested
exercised
lapsed
exercisable at
Year of
Vesting
1 January
during
during
during
31 December
1 January
during
during
during
31 December
Grant
Year
2024
2024
2024
2024
2024
2024
2024
2024
2024
2024
2023
2024
\u00a0195,310\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(195,310)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0195,310\u00a0
(195,310)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2023
2025
\u00a088,465\u00a0
\u00a0260,000\u00a0
(28,440)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0320,025\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2023
2026
\u00a0727,645\u00a0
\u00a0170,000\u00a0
(103,570)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0794,075\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2025
\u00a0\u2013\u00a0
\u00a0
\u00a0149,640\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0149,640\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2026
\u00a0\u2013\u00a0
\u00a0
\u00a0282,170\u00a0
(47,205)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0234,965\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2027
\u00a0\u2013\u00a0
\u00a0
\u00a0914,085\u00a0
(127,795)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0786,290\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2028
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2029
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2024
2030
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a090,630\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
The fair value of the 2024 awards made under the Performance Share Plan is charged to the income statement over the vesting period, based
on\u00a0values derived from a Monte Carlo model prepared by external remuneration consultants. This is a closed-form solution which takes account
of the correlation between share price performance and the likelihood of a TSR performance condition being met. For the shares awarded
in\u00a0March 2025, the significant inputs into the model were a share price of 338.8p (2024: 466.1p), an expected share price volatility of 32.6%
(2024:\u00a029.5%), a\u00a0median share price correlation between the companies in the comparator group of 71.6% (2024: 73.1%), and an expected life
commensurate with the three-year performance/vesting period. The share price volatility assumption is based on analysis of historical daily share
prices. As\u00a0the\u00a0awards are nil-cost (i.e. there is no exercise price), the assumed risk-free rate of return has minimal impact on\u00a0the fair value of\u00a0the
awards. Similarly, as dividend equivalents are paid on the vesting portion of awards, the fair value of these awards is not reduced to reflect
dividends paid\u00a0during the vesting period. The fair value of the 2025 awards made under the Restricted Share Plan is charged to the income
statement over the vesting period based on the fair value of the award on grant date.
The fair value of awards granted during 2025 was $38m (2024: $46m) and the weighted average fair value per award granted during the year
was 262.3p (2023: 506.7p). The weighted average share price for options exercised in the year was 383.2p (2024: 471.4p) and the weighted
average contract term remaining on shares unexercised at the year end was 533 days (2024: 535 days).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00711": { "value": "Share-based compensation
The Group operates two equity-settled share-based long-term incentive plans (LTIPs): the Performance Share Plan and the Restricted Share
Plan. The economic cost of awarding shares and share options\u00a0to employees is recognised as an expense in the income statement, equivalent
to the fair value of the benefit awarded. The fair value of the Performance Share Plan is\u00a0determined by reference to option pricing models,
principally stochastic and adjusted Black-Scholes models. The fair value of the Restricted Share Plan is determined by reference to an adjusted
Black-Scholes model. The charge for both plans is recognised in the\u00a0income statement over the vesting period of the award. At each balance
sheet date, the Group revises its estimate of the number of shares that vest or options that are expected to become exercisable. Any revision to
the original estimates (other than those which are a result of movements in total shareholder return (TSR)) is reflected in the income statement
with a\u00a0corresponding adjustment to equity immediately to the extent it relates to past service, and the remainder over the rest of the vesting
period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "A12. Income tax expense
The income tax charge for the period comprises both current and deferred tax. Current tax charge represents the amount payable on this year\u2019s
taxable profits and any adjustment relating to prior years. Taxable profits differ from accounting profits as some items of income or expenditure
are not taxable or deductible, or may be taxable or deductible in a different accounting period. The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries and associates
operate and generate taxable income.
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences between accounting and tax
bases. Deferred tax is determined using tax rates that are expected to apply when the timing difference reverses based on tax rates which are
enacted or substantively enacted at the balance sheet date. Tax is recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or equity. In this case, the tax is also recognised in other comprehensive income or equity as appropriate.
Analysis of expense in the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Current tax charge
\u00a0119\u00a0
\u00a0110\u00a0
\u00a0114\u00a0
Adjustment in respect of previous periods
(5)\u00a0
\u00a06\u00a0
(11)\u00a0
Total current tax
\u00a0114\u00a0
\u00a0116\u00a0
\u00a0103\u00a0
Deferred tax (credit)/charge
(14)\u00a0
\u00a09\u00a0
\u00a031\u00a0
Deferred tax adjustment in respect of previous periods
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
(5)\u00a0
Total deferred tax
(14)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a026\u00a0
Total income tax charge
\u00a0100\u00a0
\u00a0116\u00a0
\u00a0129\u00a0
\n
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to
profits of the consolidated companies 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Profit before tax
\u00a0390\u00a0
\u00a0462\u00a0
\u00a0566\u00a0
Tax calculated at domestic tax rates applicable to profits in the respective countries
\u00a099\u00a0
\u00a0119\u00a0
\u00a0144\u00a0
Adjustment in respect of previous periods
(5)\u00a0
(3)\u00a0
(16)\u00a0
Amounts not (taxable)/deductible for tax purposes \u2013 one-off and adjusting items
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a01\u00a0
Expenses not deductible for tax purposes \u2013 other
\u00a010\u00a0
\u00a08\u00a0
\u00a07\u00a0
Income not subject to tax
(3)\u00a0
(3)\u00a0
(2)\u00a0
Impairment of goodwill
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
Deferred tax recognised on losses
(6)\u00a0
(11)\u00a0
(4)\u00a0
Deferred tax impact of change in tax rates
(4)\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
Impact of items on which no deferred tax has been recognised
\u00a09\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
Local business taxes
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
US BEAT liability
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Tax credits
(2)\u00a0
(1)\u00a0
(2)\u00a0
Other
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Total tax charge
\u00a0100\u00a0
\u00a0116\u00a0
\u00a0129\u00a0
\n
The Group\u2019s effective tax rate (ETR) for 2025 on reported profit before tax was 25.6% (2024: 25.1%; 2023: 22.8%). This compares with a blended
rate of tax for the countries in which the Group operates of 25.3% (2024: 25.3%; 2023: 25.1%).
The UK continues to apply a global minimum effective tax rate of 15% for 2025. The legislation implements a domestic top-up tax and a
multinational top-up tax, however, the group does not expect a material top up tax each year (less than $1m).
The Group continues to apply the temporary exception under IAS 12 for accounting for deferred taxes arising from the implementation of the
Global Minimum Tax rules (GMT). The tax charge for the year ended 31 December 2025 includes an immaterial current tax charge related to GMT
income taxes that rounds to $nil (2024: $nil) and so no country split has been provided. The Group continues to monitor developments in the
implementation of the GMT rules around the world as guidance and legislation evolve.
A tax credit of $18m has been recognised in other comprehensive income (2024: $8m charge; 2023: $7m credit), which mainly relates to the tax
effect of mark to market movements on financial instruments and deferred tax on the cash flow hedge and cost of hedging reserves recorded
within other comprehensive income.
A13. Current income tax
Tax liabilities are classified as current liabilities unless there is a right to defer the payment of the liability for at least one year after the balance
sheet date. As at 31 December 2025, all the Group\u2019s tax liabilities have been classified as current as there is no legally enforceable right to defer
payment for more than 12 months.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the asset and liability, and there is an intention
to either settle on a net basis or to realise the asset and settle the liability simultaneously.
Where required by accounting standards, management establishes provisions for uncertain tax positions on the basis of amounts expected to be
paid to the tax authorities. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that will
be settled.
The Group is subject to income taxes in numerous jurisdictions. There are various uncertainties relating to the determination of its tax liabilities
where the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes
time-barred. Issues can take many years to resolve and therefore assumptions on the likely outcome have to be made by management.
Each country and tax risk is considered separately when deciding whether it is appropriate to set up an uncertain tax provision. If risks are
considered to be linked, the Group will consider the tax treatment in aggregate where appropriate.
This assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice
obtained, the statute of limitations and the status of the negotiations, and past experience with tax authorities. In evaluating whether a provision
is needed, it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue.
Tax provisions can be built up over a number of years, but in the year of resolution there could be adjustments to these provisions which could
have a material positive or negative impact on the tax charge for a particular year. The settlement of a significant issue could also have a material
impact on the amount of cash tax payable in any one year. Judgement is required in determining the worldwide provision for income taxes,
particularly in relation to the pricing of intra-group goods and services as well as debt financing.
The majority of the tax provisions relate to transfer pricing exposures where the Group faces a number of risks in jurisdictions around the world,
and is subject to audits by tax authorities in the territories in which it operates. These tax audits have an uncertain outcome and can take several
years to resolve, which in some cases may be dependent on litigation. The actual outcome could vary from management\u2019s estimates, but these
are updated at each reporting period in the light of the latest available information.
Total uncertain tax provisions (including interest thereon) amounted to $44m as at 31 December 2025 (2024: $48m). Included within this amount
is $6m (2024: $6m) in respect of interest arising on tax provisions, which is included within other payables. These tax provisions relate to multiple
issues across the countries in which the Group operates. The net decrease in the provisions for the year is mainly attributable to issues which
have been settled in the year or have become statute-barred.
The cash tax paid for the year was $104m (2024: $111m). The decrease was attributable mainly to one-off US tax deductions resulting from the
One Big Beautiful Bill Act enacted on 4 July 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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 taxation has been presented on the balance sheet as follows:
\u00a0 \u00a0
Current tax asset within current assets
\u00a018\u00a0
\u00a028\u00a0
Current tax liability within current liabilities
(61)\u00a0
(53)\u00a0
\u00a0
(43)\u00a0
(25)\u00a0
\n
A14. Deferred income tax
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
the\u00a0Consolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affects neither the
accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
at the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
settled. Deferred tax balances are not discounted.
Deferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
authority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
management\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
quantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties.
The movement on the deferred income tax account is as follows, which includes continuing and discontinued movements in Note A12 and Note
B7 respectively:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Deferred Tax at 1 January
(595)\u00a0
(604)\u00a0
Exchange differences
(7)\u00a0
\u00a01\u00a0
Impact of business combinations & disposals
\u00a043\u00a0
\u00a025\u00a0
Credited/(Charged) to the income statement
\u00a06\u00a0
(5)\u00a0
Credited/(Charged) to other comprehensive income
\u00a018\u00a0
(8)\u00a0
Credited/(Charged) to equity
\u00a01\u00a0
(4)\u00a0
Deferred Tax at 31 December
(534)\u00a0
(595)\u00a0
Deferred taxation has been presented on the balance sheet as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax asset within non-current assets
\u00a055\u00a0
\u00a043\u00a0
Deferred tax liability within non-current liabilities
(589)\u00a0
(638)\u00a0
\u00a0
(534)\u00a0
(595)\u00a0
\n
The major components of deferred tax assets and liabilities at the year end and their changes during the year (without taking into consideration
the offsetting of balances within the same tax jurisdiction) 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Customer
Accelerated
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
lists/
tax
\u00a0
IFRS 15
Tax
Share-based
\u00a0\u00a0
\u00a0
intangibles
depreciation
Provisions
Contracts
losses
payments
Other
2
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
At 1 January 2024
(703)\u00a0
(107)\u00a0
\u00a0190\u00a0
(52)\u00a0
\u00a048\u00a0
\u00a019\u00a0
\u00a01\u00a0
(604)\u00a0
Exchange differences
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a04\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Recognised in income statement
(5)\u00a0
\u00a05\u00a0
\u00a010\u00a0
(24)\u00a0
\u00a04\u00a0
\u00a01\u00a0
\u00a04\u00a0
(5)\u00a0
Recognised in other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(8)\u00a0
(8)\u00a0
Recognised in equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
Impact of business combinations & disposals
1
\u00a031\u00a0
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a025\u00a0
At 31 December 2024
(678)\u00a0
(102)\u00a0
\u00a0195\u00a0
(74)\u00a0
\u00a051\u00a0
\u00a016\u00a0
(3)\u00a0
(595)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2025
(678)\u00a0
(102)\u00a0
\u00a0195\u00a0
(74)\u00a0
\u00a051\u00a0
\u00a016\u00a0
(3)\u00a0
(595)\u00a0
Exchange differences
(3)\u00a0
(6)\u00a0
\u00a02\u00a0
(2)\u00a0
\u00a02\u00a0
\u00a01\u00a0
(1)\u00a0
(7)\u00a0
Recognised in income statement
\u00a02\u00a0
\u00a013\u00a0
\u00a07\u00a0
(9)\u00a0
(7)\u00a0
\u00a05\u00a0
(5)\u00a0
\u00a06\u00a0
Recognised in other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a010\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a018\u00a0
Recognised in equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Impact of business combinations & disposals
3
(9)\u00a0
\u00a051\u00a0
(2)\u00a0
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a043\u00a0
At 31 December 2025
(688)\u00a0
(44)\u00a0
\u00a0202\u00a0
(80)\u00a0
\u00a056\u00a0
\u00a023\u00a0
(3)\u00a0
(534)\u00a0
\n
1.
Deferred tax liabilities have been adjusted in 2024 by a decrease of $35m relating to the Terminix acquisition with a corresponding reduction in goodwill.
2. Other deferred tax assets and liabilities include retirement benefits, unremitted earnings from subsidiaries, and the cash flow hedge reserve.
3.
Deferred tax liabilities have been adjusted in 2025 by a decrease of $52m relating to the France Workwear disposal.
A deferred tax asset of $56m has been recognised in respect of losses which are expected to be utilised within ten years (2024: $51m), of which
$41m (2024: $38m) relates to UK losses (excluding capital losses) carried forward at 31 December 2025 (both amounts having increased due to
foreign exchange translation by $3m during the year). These amount have been calculated by estimating the future taxable profits, against which
the tax losses will be utilised, progressively risk-weighted, and applying the tax rates (substantively enacted as at the balance sheet date)
applicable for each year.
The estimates of future profits are based on management\u2019s financial forecasts which are used to support other aspects of the Financial
Statements, such as impairment testing. At the balance sheet date, the Group had tax losses of $397m (2024: $303m) on which no deferred tax
asset is recognised because it is not considered probable that future taxable profits will be available in certain jurisdictions to be able to benefit
from those tax losses. Of the losses, $340m (2024: $254m) will expire at various dates between 2026 and 2045.
In addition, the Group has UK capital losses carried forward of $372m (2024: $346m) on which no deferred tax asset is recognised. All movements in
the year are as a result of foreign exchange translation. These losses have no expiry date, but management considers the future utilisation of these
losses to be unlikely.
Dividends received from subsidiaries are largely exempt from UK taxation but may be subject to dividend withholding or other taxes levied by the
overseas tax jurisdictions in which the subsidiaries operate. A deferred tax liability of $4m (2024: $4m) has been recognised in respect of this
liability as it is anticipated that these profits will be distributed to the UK in the foreseeable future. At the balance sheet date, there is no material
unprovided deferred tax liability were overseas earnings to be distributed to the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00712": { "value": "The income tax charge for the period comprises both current and deferred tax. Current tax charge represents the amount payable on this year\u2019s
taxable profits and any adjustment relating to prior years. Taxable profits differ from accounting profits as some items of income or expenditure
are not taxable or deductible, or may be taxable or deductible in a different accounting period. The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group\u2019s subsidiaries and associates
operate and generate taxable income.
Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences between accounting and tax
bases. Deferred tax is determined using tax rates that are expected to apply when the timing difference reverses based on tax rates which are
enacted or substantively enacted at the balance sheet date. Tax is recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or equity. In this case, the tax is also recognised in other comprehensive income or equity as appropriate. Tax liabilities are classified as current liabilities unless there is a right to defer the payment of the liability for at least one year after the balance
sheet date. As at 31 December 2025, all the Group\u2019s tax liabilities have been classified as current as there is no legally enforceable right to defer
payment for more than 12 months.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the asset and liability, and there is an intention
to either settle on a net basis or to realise the asset and settle the liability simultaneously.
Where required by accounting standards, management establishes provisions for uncertain tax positions on the basis of amounts expected to be
paid to the tax authorities. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that will
be settled.
The Group is subject to income taxes in numerous jurisdictions. There are various uncertainties relating to the determination of its tax liabilities
where the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes
time-barred. Issues can take many years to resolve and therefore assumptions on the likely outcome have to be made by management.
Each country and tax risk is considered separately when deciding whether it is appropriate to set up an uncertain tax provision. If risks are
considered to be linked, the Group will consider the tax treatment in aggregate where appropriate.
This assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice
obtained, the statute of limitations and the status of the negotiations, and past experience with tax authorities. In evaluating whether a provision
is needed, it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue.
Tax provisions can be built up over a number of years, but in the year of resolution there could be adjustments to these provisions which could
have a material positive or negative impact on the tax charge for a particular year. The settlement of a significant issue could also have a material
impact on the amount of cash tax payable in any one year. Judgement is required in determining the worldwide provision for income taxes,
particularly in relation to the pricing of intra-group goods and services as well as debt financing.
The majority of the tax provisions relate to transfer pricing exposures where the Group faces a number of risks in jurisdictions around the world,
and is subject to audits by tax authorities in the territories in which it operates. These tax audits have an uncertain outcome and can take several
years to resolve, which in some cases may be dependent on litigation. The actual outcome could vary from management\u2019s estimates, but these
are updated at each reporting period in the light of the latest available information.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "A13. Current income tax
Tax liabilities are classified as current liabilities unless there is a right to defer the payment of the liability for at least one year after the balance
sheet date. As at 31 December 2025, all the Group\u2019s tax liabilities have been classified as current as there is no legally enforceable right to defer
payment for more than 12 months.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the asset and liability, and there is an intention
to either settle on a net basis or to realise the asset and settle the liability simultaneously.
Where required by accounting standards, management establishes provisions for uncertain tax positions on the basis of amounts expected to be
paid to the tax authorities. The Group\u2019s current tax liabilities reflect management\u2019s best estimate of the future amounts of corporation tax that will
be settled.
The Group is subject to income taxes in numerous jurisdictions. There are various uncertainties relating to the determination of its tax liabilities
where the ultimate tax liability cannot be known until a resolution has been reached with the relevant tax authority, or the issue becomes
time-barred. Issues can take many years to resolve and therefore assumptions on the likely outcome have to be made by management.
Each country and tax risk is considered separately when deciding whether it is appropriate to set up an uncertain tax provision. If risks are
considered to be linked, the Group will consider the tax treatment in aggregate where appropriate.
This assessment of uncertain tax positions is based on management\u2019s interpretation of relevant tax rules and decided cases, external advice
obtained, the statute of limitations and the status of the negotiations, and past experience with tax authorities. In evaluating whether a provision
is needed, it is assumed that tax authorities have full knowledge of the facts and circumstances applicable to each issue.
Tax provisions can be built up over a number of years, but in the year of resolution there could be adjustments to these provisions which could
have a material positive or negative impact on the tax charge for a particular year. The settlement of a significant issue could also have a material
impact on the amount of cash tax payable in any one year. Judgement is required in determining the worldwide provision for income taxes,
particularly in relation to the pricing of intra-group goods and services as well as debt financing.
The majority of the tax provisions relate to transfer pricing exposures where the Group faces a number of risks in jurisdictions around the world,
and is subject to audits by tax authorities in the territories in which it operates. These tax audits have an uncertain outcome and can take several
years to resolve, which in some cases may be dependent on litigation. The actual outcome could vary from management\u2019s estimates, but these
are updated at each reporting period in the light of the latest available information.
Total uncertain tax provisions (including interest thereon) amounted to $44m as at 31 December 2025 (2024: $48m). Included within this amount
is $6m (2024: $6m) in respect of interest arising on tax provisions, which is included within other payables. These tax provisions relate to multiple
issues across the countries in which the Group operates. The net decrease in the provisions for the year is mainly attributable to issues which
have been settled in the year or have become statute-barred.
The cash tax paid for the year was $104m (2024: $111m). The decrease was attributable mainly to one-off US tax deductions resulting from the
One Big Beautiful Bill Act enacted on 4 July 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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 taxation has been presented on the balance sheet as follows:
\u00a0 \u00a0
Current tax asset within current assets
\u00a018\u00a0
\u00a028\u00a0
Current tax liability within current liabilities
(61)\u00a0
(53)\u00a0
\u00a0
(43)\u00a0
(25)\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "A14. Deferred income tax
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
the\u00a0Consolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affects neither the
accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
at the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
settled. Deferred tax balances are not discounted.
Deferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
authority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
management\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
quantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties.
The movement on the deferred income tax account is as follows, which includes continuing and discontinued movements in Note A12 and Note
B7 respectively:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Deferred Tax at 1 January
(595)\u00a0
(604)\u00a0
Exchange differences
(7)\u00a0
\u00a01\u00a0
Impact of business combinations & disposals
\u00a043\u00a0
\u00a025\u00a0
Credited/(Charged) to the income statement
\u00a06\u00a0
(5)\u00a0
Credited/(Charged) to other comprehensive income
\u00a018\u00a0
(8)\u00a0
Credited/(Charged) to equity
\u00a01\u00a0
(4)\u00a0
Deferred Tax at 31 December
(534)\u00a0
(595)\u00a0
Deferred taxation has been presented on the balance sheet as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Deferred tax asset within non-current assets
\u00a055\u00a0
\u00a043\u00a0
Deferred tax liability within non-current liabilities
(589)\u00a0
(638)\u00a0
\u00a0
(534)\u00a0
(595)\u00a0
\n
The major components of deferred tax assets and liabilities at the year end and their changes during the year (without taking into consideration
the offsetting of balances within the same tax jurisdiction) 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Customer
Accelerated
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
lists/
tax
\u00a0
IFRS 15
Tax
Share-based
\u00a0\u00a0
\u00a0
intangibles
depreciation
Provisions
Contracts
losses
payments
Other
2
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
At 1 January 2024
(703)\u00a0
(107)\u00a0
\u00a0190\u00a0
(52)\u00a0
\u00a048\u00a0
\u00a019\u00a0
\u00a01\u00a0
(604)\u00a0
Exchange differences
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a04\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Recognised in income statement
(5)\u00a0
\u00a05\u00a0
\u00a010\u00a0
(24)\u00a0
\u00a04\u00a0
\u00a01\u00a0
\u00a04\u00a0
(5)\u00a0
Recognised in other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(8)\u00a0
(8)\u00a0
Recognised in equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
Impact of business combinations & disposals
1
\u00a031\u00a0
\u00a0\u2013\u00a0
\u00a0
(9)\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a025\u00a0
At 31 December 2024
(678)\u00a0
(102)\u00a0
\u00a0195\u00a0
(74)\u00a0
\u00a051\u00a0
\u00a016\u00a0
(3)\u00a0
(595)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
At 1 January 2025
(678)\u00a0
(102)\u00a0
\u00a0195\u00a0
(74)\u00a0
\u00a051\u00a0
\u00a016\u00a0
(3)\u00a0
(595)\u00a0
Exchange differences
(3)\u00a0
(6)\u00a0
\u00a02\u00a0
(2)\u00a0
\u00a02\u00a0
\u00a01\u00a0
(1)\u00a0
(7)\u00a0
Recognised in income statement
\u00a02\u00a0
\u00a013\u00a0
\u00a07\u00a0
(9)\u00a0
(7)\u00a0
\u00a05\u00a0
(5)\u00a0
\u00a06\u00a0
Recognised in other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a010\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a018\u00a0
Recognised in equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Impact of business combinations & disposals
3
(9)\u00a0
\u00a051\u00a0
(2)\u00a0
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a043\u00a0
At 31 December 2025
(688)\u00a0
(44)\u00a0
\u00a0202\u00a0
(80)\u00a0
\u00a056\u00a0
\u00a023\u00a0
(3)\u00a0
(534)\u00a0
\n
1.
Deferred tax liabilities have been adjusted in 2024 by a decrease of $35m relating to the Terminix acquisition with a corresponding reduction in goodwill.
2. Other deferred tax assets and liabilities include retirement benefits, unremitted earnings from subsidiaries, and the cash flow hedge reserve.
3.
Deferred tax liabilities have been adjusted in 2025 by a decrease of $52m relating to the France Workwear disposal.
A deferred tax asset of $56m has been recognised in respect of losses which are expected to be utilised within ten years (2024: $51m), of which
$41m (2024: $38m) relates to UK losses (excluding capital losses) carried forward at 31 December 2025 (both amounts having increased due to
foreign exchange translation by $3m during the year). These amount have been calculated by estimating the future taxable profits, against which
the tax losses will be utilised, progressively risk-weighted, and applying the tax rates (substantively enacted as at the balance sheet date)
applicable for each year.
The estimates of future profits are based on management\u2019s financial forecasts which are used to support other aspects of the Financial
Statements, such as impairment testing. At the balance sheet date, the Group had tax losses of $397m (2024: $303m) on which no deferred tax
asset is recognised because it is not considered probable that future taxable profits will be available in certain jurisdictions to be able to benefit
from those tax losses. Of the losses, $340m (2024: $254m) will expire at various dates between 2026 and 2045.
In addition, the Group has UK capital losses carried forward of $372m (2024: $346m) on which no deferred tax asset is recognised. All movements in
the year are as a result of foreign exchange translation. These losses have no expiry date, but management considers the future utilisation of these
losses to be unlikely.
Dividends received from subsidiaries are largely exempt from UK taxation but may be subject to dividend withholding or other taxes levied by the
overseas tax jurisdictions in which the subsidiaries operate. A deferred tax liability of $4m (2024: $4m) has been recognised in respect of this
liability as it is anticipated that these profits will be distributed to the UK in the foreseeable future. At the balance sheet date, there is no material
unprovided deferred tax liability were overseas earnings to be distributed to the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00713": { "value": "Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in
the\u00a0Consolidated Financial Statements. The following temporary differences are not provided for: the initial recognition of goodwill; the initial
recognition of assets or liabilities in transactions other than a business combination that at the time of the transactions affects neither the
accounting nor taxable profit or loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the
foreseeable future. The amount of deferred income tax is determined using tax rates (and laws) that have been enacted (or substantively enacted)
at the balance sheet date, and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is
settled. Deferred tax balances are not discounted.
Deferred tax assets and liabilities are offset against each other when the timing differences relate to income taxes levied by the same tax
authority on an entity or different entities which are part of a tax consolidation and there would be the intention to settle on a net basis.
Deferred income tax assets are recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised. The amount of deferred tax assets recognised at each balance sheet date is adjusted to reflect changes in
management\u2019s assessment of future taxable profits. In recognising the deferred tax asset in respect of losses, management has estimated the
quantum of future taxable profits, applying a risk weighting to future profits to reflect the uncertainties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "B. Investing
B1. Business combinations
All business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business
Combinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred
or\u00a0assumed, and equity instruments issued by the Group. The cost of a business combination is allocated at the acquisition date by recognising
the acquiree\u2019s identifiable assets, liabilities, and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the
purchase price over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which
the\u00a0acquirer effectively obtains control of the acquiree.
An intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
goodwill, customer lists, and brands. Goodwill represents the synergies, workforce, and other benefits expected as a result of combining the
respective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
which involves the use of assumptions including customer termination rates, profit margins, contributory asset charges, and discount rates.
At the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
period being recognised in the income statement. Costs directly attributable to business combinations are charged to\u00a0the\u00a0income statement
as\u00a0incurred and presented as one-off and adjusting items.
Disclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
material, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the
impact\u00a0on the Group\u2019s revenue and Adjusted Operating Profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill
is\u00a0greater than 10% of the closing balance for the period. There were no individually material acquisitions in the year (2024: none).
During the year, the Group purchased 100% of the share capital or trade and assets of 36 companies and businesses (2024: 36). The total
consideration in respect of these acquisitions was $115m (2024: $232m), and the cash outflow from current and past period acquisitions net
of\u00a0cash acquired was $121m (2024: $219m).
Goodwill on all acquisitions represents the synergies and other benefits expected to be realised from integrating acquired businesses into the
Group, such as improved route density, expansion in use of best-in-class digital tools, and back office synergies. Details of goodwill and the fair
value of net assets acquired in the year 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Purchase consideration
\u00a0 \u00a0
\u2013 Cash paid
\u00a090\u00a0
\u00a0147\u00a0
\u2013 Deferred and contingent consideration
\u00a025\u00a0
\u00a085\u00a0
Total purchase consideration
\u00a0115\u00a0
\u00a0232\u00a0
Provisional fair value of net assets acquired
(44)\u00a0
(65)\u00a0
Goodwill from current-year acquisitions
\u00a071\u00a0
\u00a0167\u00a0
Goodwill expected to be deductible for tax purposes
\u00a048\u00a0
\u00a0105\u00a0
\n
Deferred consideration of $12m and contingent consideration of $13m are payable in respect of the above acquisitions (2024: $44m and $41m
respectively). Contingent consideration is payable based on a variety of conditions, including revenue and profit targets being met. Amounts
for\u00a0both deferred and contingent consideration are payable over the next five years. The Group has recognised contingent and deferred
consideration based on fair value at the acquisition date. A range of outcomes for contingent consideration payments cannot be estimated due
to\u00a0the variety of performance conditions and the volume of businesses the Group acquires. During the year, there were releases of contingent
consideration liabilities not paid of $25m (2024: $9m).
The fair values
6
of assets and liabilities arising from acquisitions in the year 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Non-current assets
\u00a0 \u00a0
\u2013 Intangible assets
1
\u00a047\u00a0
\u00a072\u00a0
\u2013 Property, plant and equipment
2
\u00a04\u00a0
\u00a014\u00a0
Current assets
3
\u00a09\u00a0
\u00a035\u00a0
Current liabilities
4
(4)\u00a0
(30)\u00a0
Non-current liabilities
5
(12)\u00a0
(26)\u00a0
Net assets acquired
\u00a044\u00a0
\u00a065\u00a0
\n
1.
Includes $46m (2024: $59m) of customer lists and $1m (2024: $13m) of other intangibles.
2. Includes $1m (2024: $5m) of ROU assets.
3.
Includes cash acquired of $2m (2024: $3m), inventory of $2m (2024: $14m), and trade and other receivables of $5m (2024: $18m).
4. Includes trade and other payables of $4m (2024: $30m).
5. Includes $8m of deferred tax liabilities relating to acquired intangibles (2024: $11m), lease liabilities of $1m (2024: $5m), and other liabilities of $3m (2024: $10m).
6. The fair values of assets and liabilities from acquisitions in the current year will be finalised in the 2026 Financial Statements. These fair values are provisional as the acquisition
accounting has not yet been finalised, primarily due to\u00a0the proximity of many acquisitions to the year end.
The cash outflow from current and past acquisitions 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Total purchase consideration
\u00a0115\u00a0
\u00a0232\u00a0
Consideration payable in future periods
(25)\u00a0
(85)\u00a0
Purchase consideration paid in cash
\u00a090\u00a0
\u00a0147\u00a0
Cash and cash equivalents in acquired companies and businesses
(2)\u00a0
(3)\u00a0
Cash outflow on current period acquisitions
\u00a088\u00a0
\u00a0144\u00a0
Deferred and contingent consideration paid
\u00a033\u00a0
\u00a075\u00a0
Cash outflow on current and past acquisitions
\u00a0121\u00a0
\u00a0219\u00a0
\n
From the dates of acquisition to 31 December 2025, new acquisitions contributed $29m to revenue and $3m to operating profit (2024: $86m and
$2m respectively).
If the acquisitions had occurred on 1 January 2025, the revenue and operating profit of the combined Group would have amounted to $6,943m
and $584m respectively (2024: $6,689m and $646m respectively).", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00714": { "value": "All business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business
Combinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred
or\u00a0assumed, and equity instruments issued by the Group. The cost of a business combination is allocated at the acquisition date by recognising
the acquiree\u2019s identifiable assets, liabilities, and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the
purchase price over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which
the\u00a0acquirer effectively obtains control of the acquiree.
An intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
goodwill, customer lists, and brands. Goodwill represents the synergies, workforce, and other benefits expected as a result of combining the
respective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
which involves the use of assumptions including customer termination rates, profit margins, contributory asset charges, and discount rates.
At the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
period being recognised in the income statement. Costs directly attributable to business combinations are charged to\u00a0the\u00a0income statement
as\u00a0incurred and presented as one-off and adjusting items.
Disclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
material, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the
impact\u00a0on the Group\u2019s revenue and Adjusted Operating Profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill
is\u00a0greater than 10% of the closing balance for the period. There were no individually material acquisitions in the year (2024: none). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "All business combinations are accounted for using the purchase method (acquisition accounting) in accordance with IFRS 3 Business
Combinations. The cost of a business combination is the aggregate of the fair values at the date of exchange of assets given, liabilities incurred
or\u00a0assumed, and equity instruments issued by the Group. The cost of a business combination is allocated at the acquisition date by recognising
the acquiree\u2019s identifiable assets, liabilities, and contingent liabilities that satisfy the recognition criteria at their fair values. Any excess of the
purchase price over the fair value of the identifiable assets and liabilities is recognised as goodwill. The acquisition date is the date on which
the\u00a0acquirer effectively obtains control of the acquiree.
An intangible asset is recognised if it meets the definition under IAS 38 Intangible Assets. The intangible assets arising on acquisition are
goodwill, customer lists, and brands. Goodwill represents the synergies, workforce, and other benefits expected as a result of combining the
respective businesses. Customer lists and brands are recognised at their fair value at the date of acquisition using an income-based approach,
which involves the use of assumptions including customer termination rates, profit margins, contributory asset charges, and discount rates.
At the date of acquisition, deferred and contingent consideration represents its fair value, with subsequent changes after the measurement
period being recognised in the income statement. Costs directly attributable to business combinations are charged to\u00a0the\u00a0income statement
as\u00a0incurred and presented as one-off and adjusting items.
Disclosures required by IFRS 3 Business Combinations are provided separately for those individual acquisitions that are considered to be
material, and in aggregate for individually immaterial acquisitions. An acquisition would generally be considered individually material if the
impact\u00a0on the Group\u2019s revenue and Adjusted Operating Profit measures (on an annualised basis) is greater than 5%, or the impact on goodwill
is\u00a0greater than 10% of the closing balance for the period. There were no individually material acquisitions in the year (2024: none). Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
business at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
investments in associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "B2. Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
A breakdown of intangible assets is as 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Indefinite-lived
Other
Product
Computer
\u00a0
\u00a0
Goodwill
lists
brands
intangibles
development
software
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,471\u00a0
\u00a01,860\u00a0
\u00a01,436\u00a0
\u00a097\u00a0
\u00a083\u00a0
\u00a0291\u00a0
\u00a010,238\u00a0
Exchange differences
(51)\u00a0
(48)\u00a0
(2)\u00a0
(1)\u00a0
(1)\u00a0
(7)\u00a0
(110)\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a011\u00a0
\u00a059\u00a0
\u00a070\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(28)\u00a0
(60)\u00a0
Acquisition of companies and businesses
\u00a0144\u00a0
\u00a047\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0204\u00a0
Hyperinflationary adjustment
\u00a012\u00a0
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a018\u00a0
At 31 December 2024
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
At 1 January 2025
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
Exchange differences
\u00a064\u00a0
\u00a061\u00a0
\u00a01\u00a0
\u00a04\u00a0
\u00a07\u00a0
\u00a019\u00a0
\u00a0156\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a014\u00a0
\u00a047\u00a0
\u00a061\u00a0
Disposals/retirements
(5)\u00a0
(109)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
(150)\u00a0
Acquisition of companies and businesses
\u00a071\u00a0
\u00a046\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0118\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
At 31 December 2025
\u00a06,706\u00a0
\u00a01,835\u00a0
\u00a01,435\u00a0
\u00a0105\u00a0
\u00a0114\u00a0
\u00a0352\u00a0
\u00a010,547\u00a0
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
(81)\u00a0
(878)\u00a0
\u00a0\u2013\u00a0
\u00a0
(50)\u00a0
(56)\u00a0
(203)\u00a0
(1,268)\u00a0
Exchange differences
\u00a06\u00a0
\u00a035\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
\u00a05\u00a0
\u00a049\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a029\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a026\u00a0
\u00a058\u00a0
Hyperinflationary adjustment
(10)\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
Impairment charge
(36)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(39)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(194)\u00a0
\u00a0\u2013\u00a0
\u00a0
(11)\u00a0
(10)\u00a0
(33)\u00a0
(248)\u00a0
At 31 December 2024
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
At 1 January 2025
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
Exchange differences
(1)\u00a0
(49)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
(6)\u00a0
(14)\u00a0
(72)\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a0109\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a025\u00a0
\u00a0141\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(182)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
(10)\u00a0
(37)\u00a0
(236)\u00a0
At 31 December 2025
(122)\u00a0
(1,134)\u00a0
\u00a0\u2013\u00a0
\u00a0
(60)\u00a0
(83)\u00a0
(231)\u00a0
(1,630)\u00a0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,390\u00a0
\u00a0982\u00a0
\u00a01,436\u00a0
\u00a047\u00a0
\u00a027\u00a0
\u00a088\u00a0
\u00a08,970\u00a0
At 31 December 2024
\u00a06,455\u00a0
\u00a0825\u00a0
\u00a01,434\u00a0
\u00a049\u00a0
\u00a026\u00a0
\u00a0110\u00a0
\u00a08,899\u00a0
At 31 December 2025
\u00a06,584\u00a0
\u00a0701\u00a0
\u00a01,435\u00a0
\u00a045\u00a0
\u00a031\u00a0
\u00a0121\u00a0
\u00a08,917\u00a0
\n
The main categories of intangible assets are as follows:
Intangible assets \u2013 \ufb01nite useful lives
Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
through a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
weighted average cost of capital for the Group. The residual values of intangible assets are assumed to be $nil.
The estimated useful economic lives of intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer lists:
3 to 15 years
Other intangibles:
2 to 15 years
Product development:
2 to 5 years
Computer software:
3 to 5 years
\n
The following are the main categories of intangible assets with finite useful lives:
(a) Customer lists
Customer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
(b) Other intangibles
Other intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations.
No\u00a0value is attributed to internally generated brands as expenditure incurred to develop, maintain, and renew brands internally is
recognised\u00a0as\u00a0an expense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences.
These are recognised only if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year,
in\u00a0excess\u00a0of their cost.
(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.
(d) Computer software
Costs that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
employee costs and external software development costs) are recognised as intangible assets, if they are expected to generate economic
benefits beyond one year in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
and\u00a0bring it into use.
Costs associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
Intangible assets \u2013 inde\ufb01nite useful lives
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
business at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
investments in associates.
(b) Brands with inde\ufb01nite useful lives
Brands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
expenditure incurred to develop, maintain, and renew brands internally is recognised as an expense in the period incurred.
The Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
in 1927) and having a strong brand equity in the US for much of their history and now internationally. The Group plans to continue to support and
invest in the Terminix brand; it controls all the associated assets that support the underlying business, and therefore it is considered that there
is\u00a0no foreseeable limit on the period over which these brands will continue to generate net cash inflows.
Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.
A breakdown of goodwill by region 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
North America
\u00a05,718\u00a0
5,668\u00a0
International
\u00a0 \u00a0
Europe
\u00a0250\u00a0
218\u00a0
UK & Sub-Saharan Africa
\u00a0149\u00a0
138\u00a0
Asia & MENAT
\u00a0232\u00a0
229\u00a0
LATAM
\u00a077\u00a0
61\u00a0
Pacific
\u00a0158\u00a0
141\u00a0
Sub-total International
\u00a0866\u00a0
787\u00a0
Total
\u00a06,584\u00a0
\u00a06,455\u00a0
\n
Impairment tests for goodwill and brands with inde\ufb01nite useful lives
All CGU groups were supported through the value-in-use approach. During the year, the Group recognised no goodwill impairments (2024:
$36m). For all goodwill and indefinite-lived brands balances, it can be demonstrated that there is sufficient headroom in the recoverable amount
of the CGU goodwill balances based on the assumptions made, and there is no reasonably likely scenario under which material impairment could
be expected to occur in the next 12 months based on the testing performed.
The key assumptions used by CGU groups for value-in-use calculations 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 long-term
2025 pre-tax
2024 long-term
2024 pre-tax
\u00a0
growth rate
1
discount rate
growth rate\u00b9
discount rate
North America
2.2%
10.3%
2.0\u20132.1%
8.5\u20138.7%
International
\u00a0 \u00a0 \u00a0 \u00a0
Europe
1.9%
9.9%
1.7\u20132.5%
8.0\u201310.8%
UK & Sub-Saharan Africa
2.3%
10.9%
2.0%
9.3\u201311.1%
Asia & MENAT
2.7%
13.1%
2.0\u20134.0%
7.7-14.1%
LATAM
2.4%
12.9%
2.3\u20133.0%
11.2-17.11%
Pacific
2.4%
10.0%
2.0\u20132.5%
10.3\u201310.9%
\n
1. Source: imf.org.
The growth rates used by CGU groups are based on the LTGR predicted for the relevant sector and countries in which a business operates. They
do not exceed the long-term average growth rate for that industry or countries. The pre-tax discount rates are internally calculated weighted
average cost of capital for each category and region, weighted based on the profit contribution to the region. The pre-tax discount rates are
based on current prices, therefore future cash flow projections include inflation-linked measures.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "B2. Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
A breakdown of intangible assets is as 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Indefinite-lived
Other
Product
Computer
\u00a0
\u00a0
Goodwill
lists
brands
intangibles
development
software
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,471\u00a0
\u00a01,860\u00a0
\u00a01,436\u00a0
\u00a097\u00a0
\u00a083\u00a0
\u00a0291\u00a0
\u00a010,238\u00a0
Exchange differences
(51)\u00a0
(48)\u00a0
(2)\u00a0
(1)\u00a0
(1)\u00a0
(7)\u00a0
(110)\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a011\u00a0
\u00a059\u00a0
\u00a070\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(28)\u00a0
(60)\u00a0
Acquisition of companies and businesses
\u00a0144\u00a0
\u00a047\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0204\u00a0
Hyperinflationary adjustment
\u00a012\u00a0
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a018\u00a0
At 31 December 2024
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
At 1 January 2025
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
Exchange differences
\u00a064\u00a0
\u00a061\u00a0
\u00a01\u00a0
\u00a04\u00a0
\u00a07\u00a0
\u00a019\u00a0
\u00a0156\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a014\u00a0
\u00a047\u00a0
\u00a061\u00a0
Disposals/retirements
(5)\u00a0
(109)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
(150)\u00a0
Acquisition of companies and businesses
\u00a071\u00a0
\u00a046\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0118\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
At 31 December 2025
\u00a06,706\u00a0
\u00a01,835\u00a0
\u00a01,435\u00a0
\u00a0105\u00a0
\u00a0114\u00a0
\u00a0352\u00a0
\u00a010,547\u00a0
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
(81)\u00a0
(878)\u00a0
\u00a0\u2013\u00a0
\u00a0
(50)\u00a0
(56)\u00a0
(203)\u00a0
(1,268)\u00a0
Exchange differences
\u00a06\u00a0
\u00a035\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
\u00a05\u00a0
\u00a049\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a029\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a026\u00a0
\u00a058\u00a0
Hyperinflationary adjustment
(10)\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
Impairment charge
(36)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(39)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(194)\u00a0
\u00a0\u2013\u00a0
\u00a0
(11)\u00a0
(10)\u00a0
(33)\u00a0
(248)\u00a0
At 31 December 2024
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
At 1 January 2025
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
Exchange differences
(1)\u00a0
(49)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
(6)\u00a0
(14)\u00a0
(72)\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a0109\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a025\u00a0
\u00a0141\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(182)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
(10)\u00a0
(37)\u00a0
(236)\u00a0
At 31 December 2025
(122)\u00a0
(1,134)\u00a0
\u00a0\u2013\u00a0
\u00a0
(60)\u00a0
(83)\u00a0
(231)\u00a0
(1,630)\u00a0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,390\u00a0
\u00a0982\u00a0
\u00a01,436\u00a0
\u00a047\u00a0
\u00a027\u00a0
\u00a088\u00a0
\u00a08,970\u00a0
At 31 December 2024
\u00a06,455\u00a0
\u00a0825\u00a0
\u00a01,434\u00a0
\u00a049\u00a0
\u00a026\u00a0
\u00a0110\u00a0
\u00a08,899\u00a0
At 31 December 2025
\u00a06,584\u00a0
\u00a0701\u00a0
\u00a01,435\u00a0
\u00a045\u00a0
\u00a031\u00a0
\u00a0121\u00a0
\u00a08,917\u00a0
\n
The main categories of intangible assets are as follows:
Intangible assets \u2013 \ufb01nite useful lives
Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
through a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
weighted average cost of capital for the Group. The residual values of intangible assets are assumed to be $nil.
The estimated useful economic lives of intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer lists:
3 to 15 years
Other intangibles:
2 to 15 years
Product development:
2 to 5 years
Computer software:
3 to 5 years
\n
The following are the main categories of intangible assets with finite useful lives:
(a) Customer lists
Customer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
(b) Other intangibles
Other intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations.
No\u00a0value is attributed to internally generated brands as expenditure incurred to develop, maintain, and renew brands internally is
recognised\u00a0as\u00a0an expense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences.
These are recognised only if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year,
in\u00a0excess\u00a0of their cost.
(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.
(d) Computer software
Costs that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
employee costs and external software development costs) are recognised as intangible assets, if they are expected to generate economic
benefits beyond one year in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
and\u00a0bring it into use.
Costs associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
Intangible assets \u2013 inde\ufb01nite useful lives
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
business at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
investments in associates.
(b) Brands with inde\ufb01nite useful lives
Brands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
expenditure incurred to develop, maintain, and renew brands internally is recognised as an expense in the period incurred.
The Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
in 1927) and having a strong brand equity in the US for much of their history and now internationally. The Group plans to continue to support and
invest in the Terminix brand; it controls all the associated assets that support the underlying business, and therefore it is considered that there
is\u00a0no foreseeable limit on the period over which these brands will continue to generate net cash inflows.
Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.
A breakdown of goodwill by region 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
North America
\u00a05,718\u00a0
5,668\u00a0
International
\u00a0 \u00a0
Europe
\u00a0250\u00a0
218\u00a0
UK & Sub-Saharan Africa
\u00a0149\u00a0
138\u00a0
Asia & MENAT
\u00a0232\u00a0
229\u00a0
LATAM
\u00a077\u00a0
61\u00a0
Pacific
\u00a0158\u00a0
141\u00a0
Sub-total International
\u00a0866\u00a0
787\u00a0
Total
\u00a06,584\u00a0
\u00a06,455\u00a0
\n
Impairment tests for goodwill and brands with inde\ufb01nite useful lives
All CGU groups were supported through the value-in-use approach. During the year, the Group recognised no goodwill impairments (2024:
$36m). For all goodwill and indefinite-lived brands balances, it can be demonstrated that there is sufficient headroom in the recoverable amount
of the CGU goodwill balances based on the assumptions made, and there is no reasonably likely scenario under which material impairment could
be expected to occur in the next 12 months based on the testing performed.
The key assumptions used by CGU groups for value-in-use calculations 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 long-term
2025 pre-tax
2024 long-term
2024 pre-tax
\u00a0
growth rate
1
discount rate
growth rate\u00b9
discount rate
North America
2.2%
10.3%
2.0\u20132.1%
8.5\u20138.7%
International
\u00a0 \u00a0 \u00a0 \u00a0
Europe
1.9%
9.9%
1.7\u20132.5%
8.0\u201310.8%
UK & Sub-Saharan Africa
2.3%
10.9%
2.0%
9.3\u201311.1%
Asia & MENAT
2.7%
13.1%
2.0\u20134.0%
7.7-14.1%
LATAM
2.4%
12.9%
2.3\u20133.0%
11.2-17.11%
Pacific
2.4%
10.0%
2.0\u20132.5%
10.3\u201310.9%
\n
1. Source: imf.org.
The growth rates used by CGU groups are based on the LTGR predicted for the relevant sector and countries in which a business operates. They
do not exceed the long-term average growth rate for that industry or countries. The pre-tax discount rates are internally calculated weighted
average cost of capital for each category and region, weighted based on the profit contribution to the region. The pre-tax discount rates are
based on current prices, therefore future cash flow projections include inflation-linked measures.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "B2. Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
A breakdown of intangible assets is as 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Indefinite-lived
Other
Product
Computer
\u00a0
\u00a0
Goodwill
lists
brands
intangibles
development
software
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,471\u00a0
\u00a01,860\u00a0
\u00a01,436\u00a0
\u00a097\u00a0
\u00a083\u00a0
\u00a0291\u00a0
\u00a010,238\u00a0
Exchange differences
(51)\u00a0
(48)\u00a0
(2)\u00a0
(1)\u00a0
(1)\u00a0
(7)\u00a0
(110)\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a011\u00a0
\u00a059\u00a0
\u00a070\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(28)\u00a0
(60)\u00a0
Acquisition of companies and businesses
\u00a0144\u00a0
\u00a047\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0204\u00a0
Hyperinflationary adjustment
\u00a012\u00a0
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a018\u00a0
At 31 December 2024
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
At 1 January 2025
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
Exchange differences
\u00a064\u00a0
\u00a061\u00a0
\u00a01\u00a0
\u00a04\u00a0
\u00a07\u00a0
\u00a019\u00a0
\u00a0156\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a014\u00a0
\u00a047\u00a0
\u00a061\u00a0
Disposals/retirements
(5)\u00a0
(109)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
(150)\u00a0
Acquisition of companies and businesses
\u00a071\u00a0
\u00a046\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0118\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
At 31 December 2025
\u00a06,706\u00a0
\u00a01,835\u00a0
\u00a01,435\u00a0
\u00a0105\u00a0
\u00a0114\u00a0
\u00a0352\u00a0
\u00a010,547\u00a0
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
(81)\u00a0
(878)\u00a0
\u00a0\u2013\u00a0
\u00a0
(50)\u00a0
(56)\u00a0
(203)\u00a0
(1,268)\u00a0
Exchange differences
\u00a06\u00a0
\u00a035\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
\u00a05\u00a0
\u00a049\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a029\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a026\u00a0
\u00a058\u00a0
Hyperinflationary adjustment
(10)\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
Impairment charge
(36)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(39)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(194)\u00a0
\u00a0\u2013\u00a0
\u00a0
(11)\u00a0
(10)\u00a0
(33)\u00a0
(248)\u00a0
At 31 December 2024
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
At 1 January 2025
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
Exchange differences
(1)\u00a0
(49)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
(6)\u00a0
(14)\u00a0
(72)\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a0109\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a025\u00a0
\u00a0141\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(182)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
(10)\u00a0
(37)\u00a0
(236)\u00a0
At 31 December 2025
(122)\u00a0
(1,134)\u00a0
\u00a0\u2013\u00a0
\u00a0
(60)\u00a0
(83)\u00a0
(231)\u00a0
(1,630)\u00a0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,390\u00a0
\u00a0982\u00a0
\u00a01,436\u00a0
\u00a047\u00a0
\u00a027\u00a0
\u00a088\u00a0
\u00a08,970\u00a0
At 31 December 2024
\u00a06,455\u00a0
\u00a0825\u00a0
\u00a01,434\u00a0
\u00a049\u00a0
\u00a026\u00a0
\u00a0110\u00a0
\u00a08,899\u00a0
At 31 December 2025
\u00a06,584\u00a0
\u00a0701\u00a0
\u00a01,435\u00a0
\u00a045\u00a0
\u00a031\u00a0
\u00a0121\u00a0
\u00a08,917\u00a0
\n
The main categories of intangible assets are as follows:
Intangible assets \u2013 \ufb01nite useful lives
Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
through a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
weighted average cost of capital for the Group. The residual values of intangible assets are assumed to be $nil.
The estimated useful economic lives of intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer lists:
3 to 15 years
Other intangibles:
2 to 15 years
Product development:
2 to 5 years
Computer software:
3 to 5 years
\n
The following are the main categories of intangible assets with finite useful lives:
(a) Customer lists
Customer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
(b) Other intangibles
Other intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations.
No\u00a0value is attributed to internally generated brands as expenditure incurred to develop, maintain, and renew brands internally is
recognised\u00a0as\u00a0an expense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences.
These are recognised only if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year,
in\u00a0excess\u00a0of their cost.
(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.
(d) Computer software
Costs that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
employee costs and external software development costs) are recognised as intangible assets, if they are expected to generate economic
benefits beyond one year in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
and\u00a0bring it into use.
Costs associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
Intangible assets \u2013 inde\ufb01nite useful lives
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
business at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
investments in associates.
(b) Brands with inde\ufb01nite useful lives
Brands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
expenditure incurred to develop, maintain, and renew brands internally is recognised as an expense in the period incurred.
The Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
in 1927) and having a strong brand equity in the US for much of their history and now internationally. The Group plans to continue to support and
invest in the Terminix brand; it controls all the associated assets that support the underlying business, and therefore it is considered that there
is\u00a0no foreseeable limit on the period over which these brands will continue to generate net cash inflows.
Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.
A breakdown of goodwill by region 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
North America
\u00a05,718\u00a0
5,668\u00a0
International
\u00a0 \u00a0
Europe
\u00a0250\u00a0
218\u00a0
UK & Sub-Saharan Africa
\u00a0149\u00a0
138\u00a0
Asia & MENAT
\u00a0232\u00a0
229\u00a0
LATAM
\u00a077\u00a0
61\u00a0
Pacific
\u00a0158\u00a0
141\u00a0
Sub-total International
\u00a0866\u00a0
787\u00a0
Total
\u00a06,584\u00a0
\u00a06,455\u00a0
\n
Impairment tests for goodwill and brands with inde\ufb01nite useful lives
All CGU groups were supported through the value-in-use approach. During the year, the Group recognised no goodwill impairments (2024:
$36m). For all goodwill and indefinite-lived brands balances, it can be demonstrated that there is sufficient headroom in the recoverable amount
of the CGU goodwill balances based on the assumptions made, and there is no reasonably likely scenario under which material impairment could
be expected to occur in the next 12 months based on the testing performed.
The key assumptions used by CGU groups for value-in-use calculations 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 long-term
2025 pre-tax
2024 long-term
2024 pre-tax
\u00a0
growth rate
1
discount rate
growth rate\u00b9
discount rate
North America
2.2%
10.3%
2.0\u20132.1%
8.5\u20138.7%
International
\u00a0 \u00a0 \u00a0 \u00a0
Europe
1.9%
9.9%
1.7\u20132.5%
8.0\u201310.8%
UK & Sub-Saharan Africa
2.3%
10.9%
2.0%
9.3\u201311.1%
Asia & MENAT
2.7%
13.1%
2.0\u20134.0%
7.7-14.1%
LATAM
2.4%
12.9%
2.3\u20133.0%
11.2-17.11%
Pacific
2.4%
10.0%
2.0\u20132.5%
10.3\u201310.9%
\n
1. Source: imf.org.
The growth rates used by CGU groups are based on the LTGR predicted for the relevant sector and countries in which a business operates. They
do not exceed the long-term average growth rate for that industry or countries. The pre-tax discount rates are internally calculated weighted
average cost of capital for each category and region, weighted based on the profit contribution to the region. The pre-tax discount rates are
based on current prices, therefore future cash flow projections include inflation-linked measures.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00716": { "value": "Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.The main categories of intangible assets are as follows:
Intangible assets \u2013 \ufb01nite useful lives
Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
through a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
weighted average cost of capital for the Group. The residual values of intangible assets are assumed to be $nil.
The estimated useful economic lives of intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer lists:
3 to 15 years
Other intangibles:
2 to 15 years
Product development:
2 to 5 years
Computer software:
3 to 5 years
\n
The following are the main categories of intangible assets with finite useful lives:
(a) Customer lists
Customer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
(b) Other intangibles
Other intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations.
No\u00a0value is attributed to internally generated brands as expenditure incurred to develop, maintain, and renew brands internally is
recognised\u00a0as\u00a0an expense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences.
These are recognised only if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year,
in\u00a0excess\u00a0of their cost.
(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.
(d) Computer software
Costs that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
employee costs and external software development costs) are recognised as intangible assets, if they are expected to generate economic
benefits beyond one year in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
and\u00a0bring it into use.
Costs associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
Intangible assets \u2013 inde\ufb01nite useful lives
(a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
business at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
investments in associates.
(b) Brands with inde\ufb01nite useful lives
Brands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
expenditure incurred to develop, maintain, and renew brands internally is recognised as an expense in the period incurred.
The Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
in 1927) and having a strong brand equity in the US for much of their history and now internationally. The Group plans to continue to support and
invest in the Terminix brand; it controls all the associated assets that support the underlying business, and therefore it is considered that there
is\u00a0no foreseeable limit on the period over which these brands will continue to generate net cash inflows.
Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00717": { "value": "Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.The main categories of intangible assets are as follows:
Intangible assets \u2013 \ufb01nite useful lives
Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount. The fair value attributable to intangible assets acquired
through a business combination is determined by discounting the expected future cash flows to be generated from that asset at the risk-adjusted
weighted average cost of capital for the Group. The residual values of intangible assets are assumed to be $nil.
The estimated useful economic lives of intangible assets are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer lists:
3 to 15 years
Other intangibles:
2 to 15 years
Product development:
2 to 5 years
Computer software:
3 to 5 years
\n
The following are the main categories of intangible assets with finite useful lives:
(a) Customer lists
Customer lists are acquired as part of business combinations. No value is attributed to internally generated customer lists.
(b) Other intangibles
Other intangibles consists of brands with finite useful lives and intellectual property. Brands are acquired as part of business combinations.
No\u00a0value is attributed to internally generated brands as expenditure incurred to develop, maintain, and renew brands internally is
recognised\u00a0as\u00a0an expense in the period incurred. Intellectual property costs are incurred in acquiring and maintaining patents and licences.
These are recognised only if the cost can be measured reliably, and they are expected to generate economic benefits beyond one year,
in\u00a0excess\u00a0of their cost.
(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.
(d) Computer software
Costs that are directly associated with the production of identifiable and unique software products that are controlled by the Group (including
employee costs and external software development costs) are recognised as intangible assets, if they are expected to generate economic
benefits beyond one year in excess of their cost. Purchased computer software is initially recognised based on the costs incurred to acquire
and\u00a0bring it into use.
Costs associated with maintaining computer software are recognised as an expense in the period in which they are incurred.
Intangible assets \u2013 inde\ufb01nite useful lives(b) Brands with inde\ufb01nite useful lives
Brands with indefinite useful lives are acquired as part of business combinations. No value is attributed to internally generated brands as
expenditure incurred to develop, maintain, and renew brands internally is recognised as an expense in the period incurred.
The Terminix US and Terminix International brands are considered to have indefinite useful lives due to their long history in the US (being founded
in 1927) and having a strong brand equity in the US for much of their history and now internationally. The Group plans to continue to support and
invest in the Terminix brand; it controls all the associated assets that support the underlying business, and therefore it is considered that there
is\u00a0no foreseeable limit on the period over which these brands will continue to generate net cash inflows.
Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses, where applicable.
A breakdown of intangible assets is as 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Customer
Indefinite-lived
Other
Product
Computer
\u00a0
\u00a0
Goodwill
lists
brands
intangibles
development
software
Total
\u00a0
$m
$m
$m
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,471\u00a0
\u00a01,860\u00a0
\u00a01,436\u00a0
\u00a097\u00a0
\u00a083\u00a0
\u00a0291\u00a0
\u00a010,238\u00a0
Exchange differences
(51)\u00a0
(48)\u00a0
(2)\u00a0
(1)\u00a0
(1)\u00a0
(7)\u00a0
(110)\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a011\u00a0
\u00a059\u00a0
\u00a070\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(28)\u00a0
(60)\u00a0
Acquisition of companies and businesses
\u00a0144\u00a0
\u00a047\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0204\u00a0
Hyperinflationary adjustment
\u00a012\u00a0
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a018\u00a0
At 31 December 2024
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
At 1 January 2025
\u00a06,576\u00a0
\u00a01,835\u00a0
\u00a01,434\u00a0
\u00a0107\u00a0
\u00a093\u00a0
\u00a0315\u00a0
\u00a010,360\u00a0
Exchange differences
\u00a064\u00a0
\u00a061\u00a0
\u00a01\u00a0
\u00a04\u00a0
\u00a07\u00a0
\u00a019\u00a0
\u00a0156\u00a0
Additions
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a014\u00a0
\u00a047\u00a0
\u00a061\u00a0
Disposals/retirements
(5)\u00a0
(109)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(29)\u00a0
(150)\u00a0
Acquisition of companies and businesses
\u00a071\u00a0
\u00a046\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0118\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
At 31 December 2025
\u00a06,706\u00a0
\u00a01,835\u00a0
\u00a01,435\u00a0
\u00a0105\u00a0
\u00a0114\u00a0
\u00a0352\u00a0
\u00a010,547\u00a0
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
(81)\u00a0
(878)\u00a0
\u00a0\u2013\u00a0
\u00a0
(50)\u00a0
(56)\u00a0
(203)\u00a0
(1,268)\u00a0
Exchange differences
\u00a06\u00a0
\u00a035\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
\u00a05\u00a0
\u00a049\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a029\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a026\u00a0
\u00a058\u00a0
Hyperinflationary adjustment
(10)\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
Impairment charge
(36)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
(39)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(194)\u00a0
\u00a0\u2013\u00a0
\u00a0
(11)\u00a0
(10)\u00a0
(33)\u00a0
(248)\u00a0
At 31 December 2024
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
At 1 January 2025
(121)\u00a0
(1,010)\u00a0
\u00a0\u2013\u00a0
\u00a0
(58)\u00a0
(67)\u00a0
(205)\u00a0
(1,461)\u00a0
Exchange differences
(1)\u00a0
(49)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
(6)\u00a0
(14)\u00a0
(72)\u00a0
Disposals/retirements
\u00a0\u2013\u00a0
\u00a0
\u00a0109\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a025\u00a0
\u00a0141\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
Amortisation charge
\u00a0\u2013\u00a0
\u00a0
(182)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7)\u00a0
(10)\u00a0
(37)\u00a0
(236)\u00a0
At 31 December 2025
(122)\u00a0
(1,134)\u00a0
\u00a0\u2013\u00a0
\u00a0
(60)\u00a0
(83)\u00a0
(231)\u00a0
(1,630)\u00a0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a06,390\u00a0
\u00a0982\u00a0
\u00a01,436\u00a0
\u00a047\u00a0
\u00a027\u00a0
\u00a088\u00a0
\u00a08,970\u00a0
At 31 December 2024
\u00a06,455\u00a0
\u00a0825\u00a0
\u00a01,434\u00a0
\u00a049\u00a0
\u00a026\u00a0
\u00a0110\u00a0
\u00a08,899\u00a0
At 31 December 2025
\u00a06,584\u00a0
\u00a0701\u00a0
\u00a01,435\u00a0
\u00a045\u00a0
\u00a031\u00a0
\u00a0121\u00a0
\u00a08,917\u00a0
\nThe estimated useful economic lives of intangible assets are as follows: \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Customer lists:
3 to 15 years
Other intangibles:
2 to 15 years
Product development:
2 to 5 years
Computer software:
3 to 5 years
\nProperty, plant and equipment is stated at historic cost less depreciation, with the exception of freehold land and assets under construction which
are not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
A breakdown of property, plant and equipment 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\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
Vehicles
\u00a0
\u00a0
Land and
Service contract
Other plant and
and office
\u00a0
\u00a0
buildings
equipment
equipment
equipment
Total
\u00a0
$m
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a0155\u00a0
\u00a0782\u00a0
\u00a0275\u00a0
\u00a0326\u00a0
\u00a01,538\u00a0
Exchange differences
(6)\u00a0
(53)\u00a0
(16)\u00a0
(11)\u00a0
(86)\u00a0
Additions
\u00a09\u00a0
\u00a0161\u00a0
\u00a018\u00a0
\u00a031\u00a0
\u00a0219\u00a0
Disposals
(5)\u00a0
(125)\u00a0
(20)\u00a0
(65)\u00a0
(215)\u00a0
Acquisition of companies and businesses
\u00a01\u00a0
\u00a01\u00a0
\u00a01\u00a0
\u00a06\u00a0
\u00a09\u00a0
Hyperinflationary adjustment
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
Reclassification from IFRS 16 ROU assets
1
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a010\u00a0
\u00a010\u00a0
At 31 December 2024
\u00a0155\u00a0
\u00a0766\u00a0
\u00a0258\u00a0
\u00a0298\u00a0
\u00a01,477\u00a0
At 1 January 2025
\u00a0155\u00a0
\u00a0766\u00a0
\u00a0258\u00a0
\u00a0298\u00a0
\u00a01,477\u00a0
Exchange differences
\u00a015\u00a0
\u00a084\u00a0
\u00a028\u00a0
\u00a016\u00a0
\u00a0143\u00a0
Additions
\u00a011\u00a0
\u00a0145\u00a0
\u00a017\u00a0
\u00a031\u00a0
\u00a0204\u00a0
Disposals
(96)\u00a0
(414)\u00a0
(192)\u00a0
(35)\u00a0
(737)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
\u00a03\u00a0
Hyperinflationary adjustment
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
Reclassification from IFRS 16 ROU assets
1
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a023\u00a0
\u00a023\u00a0
At 31 December 2025
\u00a086\u00a0
\u00a0581\u00a0
\u00a0112\u00a0
\u00a0336\u00a0
\u00a01,115\u00a0
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
(56)\u00a0
(470)\u00a0
(195)\u00a0
(181)\u00a0
(902)\u00a0
Exchange differences
(1)\u00a0
\u00a034\u00a0
\u00a013\u00a0
\u00a06\u00a0
\u00a052\u00a0
Disposals
\u00a04\u00a0
\u00a0123\u00a0
\u00a020\u00a0
\u00a058\u00a0
\u00a0205\u00a0
Depreciation charge
(6)\u00a0
(139)\u00a0
(18)\u00a0
(41)\u00a0
(204)\u00a0
At 31 December 2024
(59)\u00a0
(452)\u00a0
(180)\u00a0
(158)\u00a0
(849)\u00a0
At 1 January 2025
(59)\u00a0
(452)\u00a0
(180)\u00a0
(158)\u00a0
(849)\u00a0
Exchange differences
(6)\u00a0
(50)\u00a0
(21)\u00a0
(10)\u00a0
(87)\u00a0
Disposals
\u00a032\u00a0
\u00a0235\u00a0
\u00a0137\u00a0
\u00a030\u00a0
\u00a0434\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
Depreciation charge
(6)\u00a0
(107)\u00a0
(13)\u00a0
(41)\u00a0
(167)\u00a0
At 31 December 2025
(39)\u00a0
(374)\u00a0
(77)\u00a0
(180)\u00a0
(670)\u00a0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a099\u00a0
\u00a0312\u00a0
\u00a080\u00a0
\u00a0145\u00a0
\u00a0636\u00a0
At 31 December 2024
\u00a096\u00a0
\u00a0314\u00a0
\u00a078\u00a0
\u00a0140\u00a0
\u00a0628\u00a0
At 31 December 2025
\u00a047\u00a0
\u00a0207\u00a0
\u00a035\u00a0
\u00a0156\u00a0
\u00a0445\u00a0
\n
1.
Certain leased assets become owned assets at the end of their lease period and are therefore reclassified from ROU assets (Note B4).
2. Depreciation charge for the year ending 31 December 2025 includes $32m in relation to assets disposed of as part of the French Workwear disposal in Note B7 (2024:$75m).
Depreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings:
50 to 100 years
Leasehold improvements:
Shorter of the lease term or estimated useful life
Vehicles:
4 to 10 years
Plant and equipment (including service contract equipment):
3 to 10 years
Office equipment, furniture, and fittings:
3 to 10 years
\n
Residual values and useful lives of assets are reviewed annually and amended as necessary. Fixed assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount. There were no
impairments in the year (2024: $nil).
When assets are sold, the gain or loss between sale proceeds and net book value is recognised in the income statement.
The category of service contract equipment represents the pool of assets used by the Group in delivering contracted services to customers.
Land\u00a0and buildings comprise mainly offices and warehouses inclusive of leasehold improvements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00707": { "value": "Intangible assets with finite useful lives are initially measured at either cost or fair value and amortised on a straight-line basis over their useful
economic lives, which are reviewed on an annual basis. These assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the asset may exceed its recoverable amount.Goodwill and brands with indefinite useful lives are tested annually for impairment and carried at cost less accumulated impairment losses.
For\u00a0the purpose of impairment testing, goodwill is allocated to cash-generating unit groups (CGU groups) identified according to region of
operation and reportable business unit. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to\u00a0the entity
sold.
At the start of 2025, management reviewed its grouping of CGUs and its allocation of goodwill for the purposes of assessing impairment based
on the lowest level at which the goodwill is monitored. Based on this review, management has determined that the Group now has six CGU
groups. These are North America, UK & SSA, Europe, LATAM, Asia & MENAT, and Pacific. The key factors considered in management\u2019s
conclusion included the change in reporting segments to North America and International, to reflect the high proportion of business in the US,
and the subsequent allocation of resources based on the results for each operating segment.
Before initiating the change in CGU grouping, in accordance with IAS 36, management performed a value-in-use impairment test on the
pre-existing CGU groups and determined there to be no impairment of goodwill within any of the groups.
The recoverable amount of a CGU group is determined based on the higher of value-in-use calculations using cash flow projections, and fair
value less costs to sell. The cash flow projections in year one are based on financial budgets approved by management, which are prepared as
part of the Group\u2019s normal planning process. Cash flows for years two to five use management\u2019s expectation of revenue growth and operating
profit margin, based on past experience and expectations regarding future performance and profitability for each CGU group. Cash flows beyond
the five-year period are extrapolated using estimated long-term growth rates (LTGR).
Cash flow projections included in the impairment review models include management\u2019s view of the impact of climate change, including costs
related to the effects of climate change, as well as the future costs of the Group\u2019s commitment to reach net zero by 2040 and costs of compliance
with current legal requirements. The potential increased costs, to meet these commitments less any benefits that may occur, are not expected
to\u00a0be material and therefore have not resulted in any impairments during 2025.Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00718": { "value": "(c) Product development
Costs incurred in the design and testing of new or improved products are recognised as intangible assets only if the cost can be measured
reliably, and it is probable that the project will be a success considering its commercial and technological feasibility. Capitalised product
development expenditure is measured at cost less accumulated amortisation.
Other development expenditure and all research expenditure are recognised as an expense as incurred and amount to $4m in the year
(2024:\u00a0$5m).
Development costs recognised as an expense are never reclassified as an asset in a subsequent period. Development costs that have been
capitalised are amortised from the date the product is made available.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00715": { "value": "Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired
business at the date of acquisition. It is recognised as an intangible asset. Goodwill arising on the acquisition of an associate is included in
investments in associates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "Impairment tests for goodwill and brands with inde\ufb01nite useful lives
All CGU groups were supported through the value-in-use approach. During the year, the Group recognised no goodwill impairments (2024:
$36m). For all goodwill and indefinite-lived brands balances, it can be demonstrated that there is sufficient headroom in the recoverable amount
of the CGU goodwill balances based on the assumptions made, and there is no reasonably likely scenario under which material impairment could
be expected to occur in the next 12 months based on the testing performed.
The key assumptions used by CGU groups for value-in-use calculations 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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 long-term
2025 pre-tax
2024 long-term
2024 pre-tax
\u00a0
growth rate
1
discount rate
growth rate\u00b9
discount rate
North America
2.2%
10.3%
2.0\u20132.1%
8.5\u20138.7%
International
\u00a0 \u00a0 \u00a0 \u00a0
Europe
1.9%
9.9%
1.7\u20132.5%
8.0\u201310.8%
UK & Sub-Saharan Africa
2.3%
10.9%
2.0%
9.3\u201311.1%
Asia & MENAT
2.7%
13.1%
2.0\u20134.0%
7.7-14.1%
LATAM
2.4%
12.9%
2.3\u20133.0%
11.2-17.11%
Pacific
2.4%
10.0%
2.0\u20132.5%
10.3\u201310.9%
\n
1. Source: imf.org.
The growth rates used by CGU groups are based on the LTGR predicted for the relevant sector and countries in which a business operates. They
do not exceed the long-term average growth rate for that industry or countries. The pre-tax discount rates are internally calculated weighted
average cost of capital for each category and region, weighted based on the profit contribution to the region. The pre-tax discount rates are
based on current prices, therefore future cash flow projections include inflation-linked measures.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "B3. Property, plant and equipment
Property, plant and equipment is stated at historic cost less depreciation, with the exception of freehold land and assets under construction which
are not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.
A breakdown of property, plant and equipment 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\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
Vehicles
\u00a0
\u00a0
Land and
Service contract
Other plant and
and office
\u00a0
\u00a0
buildings
equipment
equipment
equipment
Total
\u00a0
$m
$m
$m
$m
$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a0155\u00a0
\u00a0782\u00a0
\u00a0275\u00a0
\u00a0326\u00a0
\u00a01,538\u00a0
Exchange differences
(6)\u00a0
(53)\u00a0
(16)\u00a0
(11)\u00a0
(86)\u00a0
Additions
\u00a09\u00a0
\u00a0161\u00a0
\u00a018\u00a0
\u00a031\u00a0
\u00a0219\u00a0
Disposals
(5)\u00a0
(125)\u00a0
(20)\u00a0
(65)\u00a0
(215)\u00a0
Acquisition of companies and businesses
\u00a01\u00a0
\u00a01\u00a0
\u00a01\u00a0
\u00a06\u00a0
\u00a09\u00a0
Hyperinflationary adjustment
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
Reclassification from IFRS 16 ROU assets
1
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a010\u00a0
\u00a010\u00a0
At 31 December 2024
\u00a0155\u00a0
\u00a0766\u00a0
\u00a0258\u00a0
\u00a0298\u00a0
\u00a01,477\u00a0
At 1 January 2025
\u00a0155\u00a0
\u00a0766\u00a0
\u00a0258\u00a0
\u00a0298\u00a0
\u00a01,477\u00a0
Exchange differences
\u00a015\u00a0
\u00a084\u00a0
\u00a028\u00a0
\u00a016\u00a0
\u00a0143\u00a0
Additions
\u00a011\u00a0
\u00a0145\u00a0
\u00a017\u00a0
\u00a031\u00a0
\u00a0204\u00a0
Disposals
(96)\u00a0
(414)\u00a0
(192)\u00a0
(35)\u00a0
(737)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
\u00a03\u00a0
Hyperinflationary adjustment
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a02\u00a0
Reclassification from IFRS 16 ROU assets
1
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a023\u00a0
\u00a023\u00a0
At 31 December 2025
\u00a086\u00a0
\u00a0581\u00a0
\u00a0112\u00a0
\u00a0336\u00a0
\u00a01,115\u00a0
Accumulated depreciation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
(56)\u00a0
(470)\u00a0
(195)\u00a0
(181)\u00a0
(902)\u00a0
Exchange differences
(1)\u00a0
\u00a034\u00a0
\u00a013\u00a0
\u00a06\u00a0
\u00a052\u00a0
Disposals
\u00a04\u00a0
\u00a0123\u00a0
\u00a020\u00a0
\u00a058\u00a0
\u00a0205\u00a0
Depreciation charge
(6)\u00a0
(139)\u00a0
(18)\u00a0
(41)\u00a0
(204)\u00a0
At 31 December 2024
(59)\u00a0
(452)\u00a0
(180)\u00a0
(158)\u00a0
(849)\u00a0
At 1 January 2025
(59)\u00a0
(452)\u00a0
(180)\u00a0
(158)\u00a0
(849)\u00a0
Exchange differences
(6)\u00a0
(50)\u00a0
(21)\u00a0
(10)\u00a0
(87)\u00a0
Disposals
\u00a032\u00a0
\u00a0235\u00a0
\u00a0137\u00a0
\u00a030\u00a0
\u00a0434\u00a0
Hyperinflationary adjustment
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(1)\u00a0
(1)\u00a0
Depreciation charge
(6)\u00a0
(107)\u00a0
(13)\u00a0
(41)\u00a0
(167)\u00a0
At 31 December 2025
(39)\u00a0
(374)\u00a0
(77)\u00a0
(180)\u00a0
(670)\u00a0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
\u00a099\u00a0
\u00a0312\u00a0
\u00a080\u00a0
\u00a0145\u00a0
\u00a0636\u00a0
At 31 December 2024
\u00a096\u00a0
\u00a0314\u00a0
\u00a078\u00a0
\u00a0140\u00a0
\u00a0628\u00a0
At 31 December 2025
\u00a047\u00a0
\u00a0207\u00a0
\u00a035\u00a0
\u00a0156\u00a0
\u00a0445\u00a0
\n
1.
Certain leased assets become owned assets at the end of their lease period and are therefore reclassified from ROU assets (Note B4).
2. Depreciation charge for the year ending 31 December 2025 includes $32m in relation to assets disposed of as part of the French Workwear disposal in Note B7 (2024:$75m).
Depreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings:
50 to 100 years
Leasehold improvements:
Shorter of the lease term or estimated useful life
Vehicles:
4 to 10 years
Plant and equipment (including service contract equipment):
3 to 10 years
Office equipment, furniture, and fittings:
3 to 10 years
\n
Residual values and useful lives of assets are reviewed annually and amended as necessary. Fixed assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount. There were no
impairments in the year (2024: $nil).
When assets are sold, the gain or loss between sale proceeds and net book value is recognised in the income statement.
The category of service contract equipment represents the pool of assets used by the Group in delivering contracted services to customers.
Land\u00a0and buildings comprise mainly offices and warehouses inclusive of leasehold improvements.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00719": { "value": "Property, plant and equipment is stated at historic cost less depreciation, with the exception of freehold land and assets under construction which are not depreciated. Historic cost includes expenditure that is directly attributable to the acquisition of the items.Depreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings:
50 to 100 years
Leasehold improvements:
Shorter of the lease term or estimated useful life
Vehicles:
4 to 10 years
Plant and equipment (including service contract equipment):
3 to 10 years
Office equipment, furniture, and fittings:
3 to 10 years
\n
Residual values and useful lives of assets are reviewed annually and amended as necessary. Fixed assets are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount of the fixed asset may exceed its recoverable amount. There were no
impairments in the year (2024: $nil).
When assets are sold, the gain or loss between sale proceeds and net book value is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00720": { "value": "Property, plant and equipment is stated at historic cost less depreciation, with the exception of freehold land and assets under construction which are not depreciated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00721": { "value": "Depreciation of assets is calculated using the straight-line method to allocate the difference between their cost and their residual values over
their estimated useful lives, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings:
50 to 100 years
Leasehold improvements:
Shorter of the lease term or estimated useful life
Vehicles:
4 to 10 years
Plant and equipment (including service contract equipment):
3 to 10 years
Office equipment, furniture, and fittings:
3 to 10 years
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "B4. Leases
The Group leases land and buildings, vehicles, and other equipment. The lease durations vary from lease to lease according to the asset leased
and local practices. Some of the Group\u2019s leases have extension and termination options attached to them. Lease extension options and lease
termination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised.
Judgement\u00a0is required to determine the level of certainty.
The value of leases to which the Group is committed but that have not yet commenced is not material.
A breakdown of the right-of-use (ROU) assets 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Land and
\u00a0
Other
\u00a0
\u00a0
buildings
Vehicles
equipment
Total
\u00a0
$m
$m
$m
$m
Net book value
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
\u00a0227\u00a0
\u00a0347\u00a0
\u00a02\u00a0
\u00a0576\u00a0
Exchange differences
(5)\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(12)\u00a0
Additions
\u00a077\u00a0
\u00a0106\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0183\u00a0
Disposals
(3)\u00a0
(5)\u00a0
\u00a0\u2013\u00a0
\u00a0
(8)\u00a0
Acquisition of companies and businesses
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a05\u00a0
Depreciation charge
(73)\u00a0
(83)\u00a0
(1)\u00a0
(157)\u00a0
Reclassification to property, plant and equipment
1
\u00a0\u2013\u00a0
\u00a0
(10)\u00a0
\u00a0\u2013\u00a0
\u00a0
(10)\u00a0
At 31 December 2024
\u00a0228\u00a0
\u00a0348\u00a0
\u00a01\u00a0
\u00a0577\u00a0
At 1 January 2025
\u00a0228\u00a0
\u00a0348\u00a0
\u00a01\u00a0
\u00a0577\u00a0
Exchange differences
\u00a09\u00a0
\u00a012\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a021\u00a0
Additions
\u00a079\u00a0
\u00a0106\u00a0
\u00a01\u00a0
\u00a0186\u00a0
Disposals
(8)\u00a0
(18)\u00a0
\u00a0\u2013\u00a0
\u00a0
(26)\u00a0
Acquisition of companies and businesses
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Depreciation charge
(74)\u00a0
(85)\u00a0
(1)\u00a0
(160)\u00a0
Reclassification to property, plant and equipment
1
\u00a0\u2013\u00a0
\u00a0
(23)\u00a0
\u00a0\u2013\u00a0
\u00a0
(23)\u00a0
At 31 December 2025
\u00a0234\u00a0
\u00a0341\u00a0
\u00a01\u00a0
\u00a0576\u00a0
\n
1.
Certain leased assets become owned assets at the end of their lease period and are therefore reclassified to property, plant and equipment (Note B3).
Analysis of the Group\u2019s lease liabilities 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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
\u00a0557\u00a0
\u00a0567\u00a0
Exchange differences
\u00a022\u00a0
(13)\u00a0
Lease payments
(223)\u00a0
(216)\u00a0
Interest
\u00a031\u00a0
\u00a031\u00a0
Additions
\u00a0195\u00a0
\u00a0182\u00a0
Disposals
(20)\u00a0
\u00a0\u2013\u00a0
Acquisition of companies and businesses
\u00a01\u00a0
\u00a06\u00a0
At 31 December
\u00a0563\u00a0
\u00a0557\u00a0
Analysed as follows:
\u00a0 \u00a0
Non-current
\u00a0392\u00a0
\u00a0394\u00a0
Current
\u00a0171\u00a0
\u00a0163\u00a0
Total
\u00a0563\u00a0
\u00a0557\u00a0
\n
Lease liabilities analysed by currency:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Pound sterling
61
\u00a053\u00a0
Euro
88
\u00a094\u00a0
US dollar
337
\u00a0335\u00a0
Other currencies
77
\u00a075\u00a0
At 31 December
563
\u00a0557\u00a0
Lease liabilities are payable as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Less than one year
\u00a0191\u00a0
\u00a0188\u00a0
Between one and five years
\u00a0356\u00a0
\u00a0361\u00a0
More than five years
\u00a074\u00a0
\u00a081\u00a0
Future minimum payments
\u00a0621\u00a0
\u00a0630\u00a0
Effect of discounting
(58)\u00a0
(73)\u00a0
Carrying value
\u00a0563\u00a0
\u00a0557\u00a0
\n
Other lease costs not already described 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Expenses relating to short-term leases
28
\u00a032\u00a0
Expenses relating to leases of low-value assets
6
\u00a06\u00a0
Expenses relating to variable lease payments
1
\u00a03\u00a0
At 31 December
35
\u00a041\u00a0
\nThe Group has no material arrangements where it acts as a lessor. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00722": { "value": "The Group leases land and buildings, vehicles, and other equipment. The lease durations vary from lease to lease according to the asset leased
and local practices. Some of the Group\u2019s leases have extension and termination options attached to them. Lease extension options and lease
termination options are only included in the calculation of the lease liability if there is reasonable certainty that they will be exercised.
Judgement\u00a0is required to determine the level of certainty. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "B5. Capital commitments
Capital expenditure contracted for at the balance sheet date but not yet incurred 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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Property, plant and equipment
\u00a07\u00a0
\u00a039\u00a0
Intangible assets
\u00a03\u00a0
\u00a02\u00a0
Total
\u00a010\u00a0
\u00a041\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "B5. Capital commitments
Capital expenditure contracted for at the balance sheet date but not yet incurred 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\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$m
$m
Property, plant and equipment
\u00a07\u00a0
\u00a039\u00a0
Intangible assets
\u00a03\u00a0
\u00a02\u00a0
Total
\u00a010\u00a0
\u00a041\u00a0
\nD3. Contingent liabilities
The Group has contingent liabilities relating to guarantees in respect of leasehold properties, pensions, third parties, tax, and litigation.
The\u00a0Group also has contingent liabilities for the management or remediation of environmental issues. These issues tend to be complex to
determine and resolve and may be material, although it is often not possible to accurately predict future costs reliably. The possibility of any
significant outflows in respect of these items is considered to be remote.
In November 2024, a purported class action lawsuit was filed on behalf of shareholders who purchased American Depositary Shares in the
US\u00a0between 1 December 2023 and 10 September 2024. The defendants are the Company and three current and former senior executives,
Andy\u00a0Ransom, Stuart Ingall-Tombs, and Bradley Paulsen. The complaint alleges that management made false statements about the progress
of\u00a0the integration of Rentokil and Terminix and its impact upon growth in the US and seeks relief under sections 10(b) and 20(a) of the Securities
Exchange Act and SEC rule 10(b)5. The Company and the individual defendants intend to vigorously defend the lawsuit.
In April 2025, a purported class action lawsuit was filed in state court in California alleging misrepresentation in the registration statement and
prospectuses for the securities issued as part of the acquisition of Terminix. The defendants are the Company, former senior executives Brett
Ponton and John Myers, and members of the Company\u2019s Board of Directors. The complaint alleges that the Company made false and misleading
statements in the registration and prospectuses in relation to the securities offered as part of the acquisition of Terminix and seeks relief under
Sections 11, 12(a)(2), and 15 of the US Securities Act of 1933. The Company and the individual defendants intend to vigorously defend the lawsuit.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "B6. Investments in associated undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Interest in Nippon Calmic Limited
\u00a035\u00a0
\u00a031\u00a0
Interest in individually immaterial associated undertakings
\u00a06\u00a0
\u00a015\u00a0
At 31 December
\u00a041\u00a0
\u00a046\u00a0
\n
Nippon Calmic Limited
Nippon Calmic Limited is an associated undertaking in Japan which provides hygiene services, in which the Group has a 49% interest.
The\u00a0associate is unlisted and the investment value 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
At 1 January
\u00a031\u00a0
\u00a040\u00a0
Exchange differences
(1)\u00a0
(4)\u00a0
Share of profit
1
\u00a09\u00a0
\u00a08\u00a0
Dividends received
(4)\u00a0
(13)\u00a0
At 31 December
\u00a035\u00a0
\u00a031\u00a0
\n
1.
Share of profit is net of tax of $5m (2024: $4m).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Assets
Liabilities
Revenue
Profit
Assets
Liabilities
Revenue
Profit
\u00a0
2025
2025
2025
2025
2024
2024
2024
2024
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
Nippon Calmic Ltd (49%)
\u00a078\u00a0
(40)\u00a0
\u00a073\u00a0
\u00a09\u00a0
\u00a073\u00a0
(41)\u00a0
\u00a067\u00a0
\u00a08\u00a0
Individually immaterial associates
In addition to the interest in associates disclosed above, the Group also has interests in a number of individually immaterial associates that are
accounted for using the equity method.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
At 1 January
\u00a015\u00a0
\u00a016\u00a0
Exchange differences
\u00a01\u00a0
(1)\u00a0
Write off
(8)\u00a0
\u00a0\u2013\u00a0
\u00a0
Other
(2)\u00a0
\u00a0
\u00a0
Share of profit
\u00a01\u00a0
\u00a01\u00a0
Dividends received
(1)\u00a0
(1)\u00a0
At 31 December
\u00a06\u00a0
\u00a015\u00a0
\nThere was no unrecognised share of losses related to associates (2024: $nil).Related Undertakings
Subsidiaries and other associated undertakings at 31 December 2025.
All undertakings are indirectly owned by the Company unless otherwise stated.
Subsidiaries
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Argentina
\u00a0\u00a0
Calle 70 No. 2720, Necochea city, Province of Buenos Aires, Argentina
\u00a0\u00a0
Ecotec Interoc\u00e9anica S.A.
Ordinary
100%
Aruba
\u00a0\u00a0
Avenida Milio Croes 92, Oranjestad, Aruba
\u00a0\u00a0
R&M Professional Pest Control N.V.
1
Ordinary
100%
Australia
\u00a0\u00a0
c/\u2013 Edwards Marshall, level 3/153 Flinders St, Flinders Street, Adelaide
\u00a0\u00a0
SA 5000, Australia
\u00a0\u00a0
Allstate Holdings (SA) Pty Ltd
Ordinary
100%
Allstate Pest Control Pty Ltd
Ordinary
100%
Allstate Services Pty Ltd
Ordinary
100%
Unit A1, 3-29 Birnie Ave, Lidcombe Business Park, Lidcombe NSW
\u00a0\u00a0
2141, Australia
\u00a0\u00a0
Cannon Hygiene Australia Pty Limited
Ordinary
100%
Geelong Pest Control Pty Ltd
Ordinary
100%
Green Fingers Plant Hire Pty Limited
Ordinary
100%
Knock Out Pest Control Pty Limited
Ordinary
100%
Pest Away Australia Pty Limited
Ordinary
100%
Rentokil Australia Pty Limited
Ordinary
100%
Rentokil Initial Asia Pacific Pty Limited
Ordinary
100%
Rentokil Initial Pty Limited
Ordinary
100%
Rentokil Initial Track Spray Pty Ltd
Ordinary
100%
Rentokil Pest Control (QLD) Pty Limited
Ordinary
100%
Rentokil Pest Holdings Pty Limited
Ordinary
100%
Rentokil Pty Ltd
Ordinary
100%
\u00a0
Preference
100%
Austria
\u00a0\u00a0
Brown-Boveri-Stra\u00dfe 8/2/8, 2351, Wiener Neudorf, Austria
\u00a0\u00a0
Rentokil Initial GmbH
Ordinary
100%
Bahamas
\u00a0\u00a0
Corporate Services International, 308 East Bay Street, Nassau,
\u00a0\u00a0
PO\u00a0BOX N-7527, Bahamas
\u00a0\u00a0
Rentokil Initial (Bahamas) Limited
Ordinary
100%
5th Terrace Centreville, P.O. Box N-1388, Nassau, New Providence,
\u00a0\u00a0
Bahamas
\u00a0\u00a0
Tropical Exterminators (Holdings) Limited
Common
100%
Tropical Exterminators Limited
Common
100%
Barbados
\u00a0\u00a0
One Welches, Welches St. Thomas, Barbados
\u00a0\u00a0
Rentokil Initial (Barbados) Limited
Ordinary
100%
Belgium
\u00a0\u00a0
Brandekensweg 2, Schelle, 2627, Belgium
\u00a0\u00a0
Ambius N.V.
Ordinary
100%
Bug Busters B.V.
1
Ordinary
100%
Initial Belux NV
Ordinary
100%
Rentokil N.V.
Ordinary
100%
Brazil
\u00a0\u00a0
Rua Maria Braga Lima Dias, Alto Cajueiros, Maca\u00e9, Rio de Janeiro, 120,
\u00a0\u00a0
Brazil
\u00a0\u00a0
Ativa Controle Ambiental Ltda
Ordinary
100%
Avenida Afonso Pena, n\u00ba 808, Santos, 11020-004, Brazil
\u00a0\u00a0
Ecotec Brasil Tratamentos Fitossanit\u00e1rios
Ordinary
100%
Ltda
\u00a0\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Rua Professor Jos\u00e9 Vieira de Mendon\u00e7a, 770, Sala 308, Belo
\u00a0\u00a0
Horizonte, Estado de Minas Gerais, Brazil
\u00a0\u00a0
Ecovec Comercio E Licenciamento De
Ordinary
100%
Tecnologias Ltda
\u00a0\u00a0
Torrinha Street 171, Bairro Parque da Figueira, Campinas, CEP
\u00a0\u00a0
13040-310, Brazil
\u00a0\u00a0
Impacto Controle de Pragas Ltda.
Ordinary
100%
Celido Utz, 66, Igrejinha, Rio Grande do Sul, Brazil
\u00a0\u00a0
Imunizadora Hoffmann Ltda
Ordinary
100%
Rua Francisco Gon\u00e7alo, 16, Loja A, Bairro Pires Fa\u00e7anha, Eus\u00e9bio,
\u00a0\u00a0
Cear\u00e1, CEP 61775-070, Brazil
\u00a0\u00a0
Protecta Manejo Integrado de Pragas Ltda
Ordinary
100%
Avenida Ceci, 348, Fundos, Centro Empresarial Tambore, CEP
\u00a0\u00a0
06460-120, Barueri -SP, Brazil
\u00a0\u00a0
Rentokil Initial Do Brasil Ltda
Ordinary
100%
Rua Cancioneiro Popular, 456, Chacara, Santo Antonio, SP, Brazil
\u00a0\u00a0
Tecnomad Ltda.
1
Ordinary
100%
Rua Pesqueira, 59 e 59 Fundos, CEP 22.250-145, Bonsucesso, Brazil
\u00a0\u00a0
Techvet Servi\u00e7os Ltda.
1
Ordinary
100%
R. Alagoas, 3098, Rua Alagoas, Curitiba, PR, 80630-050, Brazil
\u00a0\u00a0
Uni\u00e3o Sul Controle de Pragas Ltda ME
Ordinary
100%
Brunei Darussalam
\u00a0\u00a0
Unit D1 & D1-1 Block D, Bgn Hj Lajim & Anak-Anak, Kg Kiarong, Gadong
\u00a0\u00a0
B, Brunei Muara, BE1318, Brunei Darussalam
\u00a0\u00a0
Rentokil Initial (B) Sdn Bhd
Non-
100%
\u00a0
redeemable
\u00a0
\u00a0
preference
\u00a0
\u00a0
shares
\u00a0
\u00a0
Ordinary
90%
Unit D3, Bgn Hj Lajim & Anak-Anak, Kg Kiarong, Bandar Seri Begawan,
\u00a0\u00a0
Brunei Muara, BE1318, Brunei Darussalam
\u00a0\u00a0
Rentokil Initial South East Asia Sdn Bhd
Ordinary
90%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Canada
\u00a0\u00a0
Suite 900, 1959 Upper Water Street, Halifax NS B3J 2X2, Canada
\u00a0\u00a0
Rentokil Canada Corporation
Common
100%
\u00a0
Class A
\u00a0
\u00a0
Common
\u00a0
\u00a0
Class B
\u00a0
415 Villa Dr, Villa Drive, Little Bras D\u2019or, Cape Breton Regional NS B1Y
\u00a0\u00a0
2Z2, Canada
\u00a0\u00a0
Cape Breton Pest Control Limited
1
Class A
100%
\u00a0
Preferred
\u00a0
\u00a0
Class B
\u00a0
\u00a0
Common
\u00a0
\u00a0
Class C
\u00a0
\u00a0
Common
\u00a0
Chile
\u00a0\u00a0
Galvarino 8481, Bodega 3, Quilicura, Santiago, Chile
\u00a0\u00a0
Comercializadora de Insumos y Servicios
Social Rights
100%
Mauco Limitada
\u00a0\u00a0
El Trapiche No.1322, Galp\u00f3n No 4, Codominio Pacific, Coquimbo, Chile
\u00a0\u00a0
Control De Plagas Hidalgo Y Rodriguez
Ordinary
100%
Limitada
\u00a0\u00a0
\n \n
% held by
Group
Company name
Share class
companies
Av. El Bosque PC 12 Lo Boza dpto, B05 Pudahuel, Santiago, Chile
Desan SPA
Ordinary
100%
Av. V\u00edctor Uribe No. 2080 Quilicura, Santiago, Chile
Ingeclean S.A
Ordinary
100%
Rentokil Initial Chile SpA
Ordinary
100%
Av. El Salto, Santiago, 4001, Chile
Ingenier\u00eda en Sanitizaci\u00f3n S.A
Ordinary
100%
San Martin, Los \u00c1ngeles, N\u00b0 399, Chile
Plaguisur Limitada
Ordinary
100%
Av. Pdte Iba\u00f1ez 352, Puerto Montt, Chile
Sociedad Comercial 7 Plagas Limitada
Ordinary
100%
Calle Montreal 4566, San Miguel, Santiago, Chile
Comercial Mauco SpA
1
Ordinary
100%
Av. Cuatro Esquinas 1529, 1722215 La Serena, Coquimbo, Chile
Fumigaciones y Servicios Ambientales SpA
1
Ordinary
100%
People\u2019s Republic of China
Room 1001, Yijingyuan Comprehensive Building, Hang Zhou Shi,
Zhe\u00a0Jiang Sheng, 310013, China
Hangzhou Research Institute of Profume
Ordinary
80%
Fumigation Co. Ltd.
Room 103, Building 2, Yuzhongxili #42, Beijing, China
Rentokil Initial (China) Ltd
Ordinary
100%
Room (2-1), Unit19, Xindian Xingzuo, Haishu district, Ningbo City,
Zhejiang Province, China
Ningbo Yuying Pest Control Technology
Ordinary
95%
Co.,\u00a0Ltd
1
Room 4600, Floor 1, Building 8, No. 33 Guangshun Rd, Changning
District, Shanghai City, China
Shanghai Boecker Environmental
Ordinary
100%
Technology Co. Ltd
1
Colombia
Balor Medell\u00edn, Carrera 65A #34A-09, Balor Bogot\u00e1 Calle 82 #22-06,
Medell\u00edn, Colombia
Balor S.A.S.
Ordinary
100%
Cr 42A 80B 07, Barranquilla, Colombia
Colplagas S.A.S
Ordinary
100%
Calle 162# 20-08, Bogota, Colombia
Continental De Fumigaciones S.A.S
Ordinary
100%
Cr 20 No 162-11, Colombia
Fumigaciones Young S.A.S
Ordinary
100%
Calle 15 Sur, No 48-130 Medellin, Antioquia, Colombia
Fumigax SAS
Ordinary
100%
Carrera 19B\u00a0
No 164A-81, Bogota, Colombia
Rentokil Initial Colombia S.A.S.
Common
100%
Costa Rica
San Jose-Escazu San Rafael, Terraforte Building Second Floor,
Cordero, Cordero Abogados, Costa Rica
Decolim Limitada
Common
100%
San Pedro de Montes de Oca, de la Fuente de la Hispanidad,
San\u00a0Jos\u00e9, Costa Rica
Fumigadora Control Tecnico De Plagas S.A.
Common
100%
\n\n \n
% held by
Group
Company name
Share class
companies
Cura\u00e7ao
Parke Komersial Korsou, A 24 Veeris, Cura\u00e7ao
Chuchubi Pest Control N.V.
Common
100%
Czech Republic
Praha 2, Vy\u0161ehradsk\u00e1 1349/2, Prague, PS\u010c 12800, Czech Republic
Rentokil Initial s.r.o.
Ordinary
100%
Denmark
Paul Bergsoes Vej 22, 2600 Glostrup, Denmark
Rentokil Initial A/S
Ordinary
100%
G\u00f8ngehusvej 253, 2790 H\u00f8rsholm, Denmark
Deichmann Planter ApS
Ordinary
100%
El Salvador
Avenida Sur, Calle Poniente 12, 2526 Edificio Villa Galicia, San
Salvador, El Salvador
Clean Air, S.A. de C. V.
Ordinary
100%
Avenida Calzada Guarda Barranco Urbanizacion, Lomas de Altamira,
#14 Pasaje Clarineros, San Salvador, El Salvador
SAGRIP, S.A. DE C.V.
Ordinary
100%
Estonia
Turi Str. 3/1, 11313 , Tallinn, Estonia
Rentokil O\u00dc
Ordinary
100%
Eswatini
Umkhiwa House Lot 195, Karl Grant Street, Mbabane, Eswatini
RI Swaziland (Pty) Ltd
Ordinary
100%
Fiji
Lot 5, Kaua Road, Suva, Fiji
Rentokil Initial Pte Limited
Ordinary
100%
Finland
Tikkurilantie 10 Vantaa, Finland, 01380, Finland
Rentokil Initial Oy
Ordinary
100%
Kimokatu 5, Turku, 20380, Finland
Antitec Oy
1
Ordinary
100%
France
209 rue de la Belle Etoile, 95700, Roissy-en-France, France
Ambius SAS
Ordinary
100%
145, rue de Billancourt, 92100, Boulogne Billancourt, France
Initial Hygiene Services SAS
Ordinary
100%
39-53 boulevard Ornano Immeuble Pleyad 3, 93200, Saint-Dennis,
France
Rentokil Initial Environmental Services S.A.S. Ordinary
100%
Rentokil Initial SAS
Ordinary
100%
20 B rue Louis-Philippe, 92200, Neuilly-sur-Seine, France
Skillpro SAS
1
Ordinary
100%
ZAC des Epineaux 7, avenue Louis Bl\u00e9riot 95740 Fr\u00e9pillon, France
Technivap SAS
Ordinary
100%
French Guiana
PAE de Degrad des cannes, Remire-Montjoly, 97354, French Guiana
Rentokil Initial Guyane SARL
Ordinary
100%
\n \n
% held by
Group
Company name
Share class
companies
Germany
Blierweg 2/Saarstra\u00dfe, 65201, Wiesbaden, Germany
Baumhaus GmbH
Ordinary
100%
Laufer Stra\u00dfe 3, 90571, Schwaig bei N\u00fcrnberg, Mittelfranken, BY,
Germany
IHD Dienstleistungen KG
Interest
100%
Piderits Bleiche 11, 33689, Bielefeld, Germany
Medentex GmbH
Ordinary
100%
Rentokil Dental GmbH
Ordinary
100%
Heuesch 1, 49808, Lingen, Germany
Rentokil Holdings GmbH
Ordinary
100%
Rentokil Initial Beteiligungs GmbH
Ordinary
100%
Rentokil Initial GmbH & Co. KG
Ordinary
100%
An der Ziegelei, 47 27383, Schee\u00dfel-Westerholz, Germany
S & A Service und Anwendungstechnik
Ordinary
100%
GmbH
Ghana
43 Cashew Road, Okpoi Gonno, Park Street, Accra, P. O. BOX 8747,
Ghana
Rentokil Initial Ghana Limited
Ordinary
100%
Greece
7 Aristotelous Street, Tavros, Athens, 177 78, Greece
Rentokil Initial Hellas EPE
Ordinary
100%
Guadeloupe
7 Allee des Papillons, Dothemare, Abymes, 97139, Guadeloupe
Pole Hygiene et Recyclage Group
Ordinary
100%
Rentokil Initial Guadeloupe Sarl
Ordinary
100%
131 ZA de Calbassier, Basse-Terre, 97100, Guadeloupe
SOS Guadeloupe Traitement
Ordinary
100%
Guatemala
9 Av. 39-97, Zone 8, Guatemala
Servicios Agricolas Profesionales Sociedad
Ordinary
100%
Anonima
Guernsey
P O Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET,
Guernsey
Felcourt Insurance Company Limited
Ordinary
100%
Guyana
Lot 8, Charles and Drysdale Streets, Charlestown, Georgetown,
Guyana
Rentokil Initial Guyana Limited
Ordinary
100%
\n\n \n
Honduras
Colonia Palmira, Avenida Republica de Argentina, N 2017, Tegucigalpa
Honduras, 11101, Honduras
Compania de Servicios e Inversiones SVM
Ordinary
100%
Honduras, S. de R.L.
Compania de Servicios SVM Olympus,
Ordinary
100%
S. de R.L.
Compania de Servicios SVM Progressive,
Ordinary
100%
S. de R.L.
Compania de Servicios SVM Technicians,
Ordinary
100%
S. de R.L.
Compania de Servicios SVM Vanguard,
Ordinary
100%
S. de R.L.
\n\n \n
% held by
Group
Company name
Share class
companies
San Pedro Sula, Departamento de Cortes, San Pedro Sula, Honduras
Sagrip Honduras S.A.
Nominative
100%
Hong Kong
23/F, Westin Centre, 26 Hung to Road, Kwun Tong, Kowloon,
Hong\u00a0Kong
Rentokil Hong Kong Investment Limited
Ordinary
100%
Rentokil Initial Hong Kong Limited
Ordinary
100%
India
2nd Floor, Narayani, Ambabai Temple Compound, Aarey Road,
Goregaon West, Mumbai , Maharashtra, 400104, India
Corporate Millennium Hygiene Solutions
Ordinary
100%
Private Limited
Rentokil Initial Hygiene India Private Limited
Ordinary
100%
Office No. 301, 3rd Floor, L. D. Building, Mehra Industrial Estate, LBS
Marg, Vikhroli (West), Mumbai City, Mumbai, Maharashtra, 400079,
India
HiCare Services Private Limited
Ordinary
73%
Villa No.3, Crescent Villa, Candolim, Goa, 403515, India
PCI Pest Control Private Limited
Ordinary
73%
Indonesia
South Quarter Tower B, Lantai 21, Unit E,F,G,H. JI. R.A., Kartini Kav. 8,
RT. 010/RW. 004 Kel., Cilandak Barat, Kec Cilandak, Jakarta, Selatan,
Indonesia
PT. Calmic Indonesia
Ordinary A
100%
Ordinary B
PT. Rentokil Indonesia
Ordinary A
100%
Ordinary B
Gedung JDC Lt.6, Jl. Gatot Subroto Kav. 53 Petamburan, Tanah,
Abang, Jakarta Pusat, Indonesia
PT. Wesen Indonesia
Ordinary
100%
Ireland
Hazel House, Millennium Park, Naas, County Kildare, Ireland
Cannon Hygiene International Limited
Ordinary
100%
Initial Medical Services (Ireland) Limited (t/a
Ordinary
100%
Healthcare Waste Mgt Servs)
Pest Pulse Limited
\u20ac0.0075
100%
Ordinary A
\u20ac0.0075
Ordinary \u20ac0.01
Ordinary
Rentokil Initial Holdings (Ireland) Limited
Ordinary
100%
Rentokil Initial Limited
Ordinary
100%
Ronaldon Limited
Ordinary
100%
Israel
13 Hadid 7313500, Israel
Eitan Amichai Pest Management IPM Ltd
Ordinary
100%
Yarokology Ltd.
Ordinary
100%
Italy
Via Paolo Frisi, 4/A, 48124, Ravenna, RA, Italy
Evoluzione Servizi Srl
1
Ordinary
100%
Via Laurentina km. 26,500, 157 a/c, 00071, Pomezia, Italy
Rentokil Initial Italia SpA
Ordinary
100%
Contrada S. Giovanni in Golfo, 221, Contrada San Giovanni, 86100, CB,
Molise, Italy
SOGESsp S.R.L.
Ordinary
100%
\n \n
% held by
Group
Company name
Share class
companies
Jamaica
39-41 Second Street, Newport West, Kingston 13, Jamaica
Rentokil Initial (Jamaica) Limited
Ordinary
100%
Jordan
Amman, Jabal AlHussien, Al Lud Str. 37 \u2013 1st floor, Jordan
Arena Public Health Co.
Ordinary
100%
Kenya
Unit 5 Sameer Industrial Park, Road C, Off Enterprise Road Industrial
Area, Nairobi, Kenya
Rentokil Initial Kenya Limited
Ordinary
100%
Lebanon
Boecker Building, Plot no. 3309, Ain El Remmaneh, Beirut, Lebanon
Boecker International SAL (Offshore)
Ordinary
100%
Boecker World (Holding) s.a.l.
Ordinary
100%
Adonis Building, Bechara el Khoury, Beirut, Lebanon
Boecker Public Health s.a.l
Ordinary
100%
Libya
Janzour, Tripoli, Libya
Rentokil Delta Libya for Environmental
Ordinary
65%
Protection JSCO
Lithuania
Drob\u0117s g. 62, LT-45181, Kaunas, Lithuania
Dezinfa, UAB
Ordinary
100%
Luxembourg
Rue de la Chapelle 47, 4967, Clemency, Luxembourg
Rentokil Luxembourg Sarl
Ordinary
100%
6 Rue Eugene Ruppert, Luxembourg, 2453, Luxembourg
SVM Finance Luxembourg 1 S.a.r.l.
Ordinary
100%
SVM Finance Luxembourg 2 S.a.r.l.
Ordinary
100%
Malawi
Plot No. LE 377, Patridge Avenue, Limbe, P O BOX 5135, Malawi
Rentokil Initial Limited
Ordinary
100%
Malaysia
Level 8 Symphony House, Block D13, Pusat Dagangan Dana, 47301
Jalan PJU 1A/46, Petaling Jaya, Selangor Darul Ehsan, Malaysia
Rentokil Initial (M) Sdn Bhd
Ordinary
100%
UFTC Sdn Bhd
Ordinary
100%
Maldives
No. 6-A, Faamudheyrige Building, Orchid Magu, Repu, Mal\u00e9, Maldives
Rentokil Initial Maldives (Pvt) Ltd
Preferential
100%
shares
Martinique
Zone Industrielle de Champigny, Ducos, Le Marin, 97224, Martinique
Rentokil Initial Martinique Sarl
Ordinary
100%
Mexico
Juan \u00c1lvarez #482, Colonia Centro, Monterrey, N.L., 64000, Mexico
Balance Urbano Control de Plagas S.A. de CV
Ordinary
100%
\n\n \n
% held by
Group
Company name
Share class
companies
Sauce 29, Col. Santa Maria La Ribera, Cuauhtemoc, CDMX, 06400,
Mexico
Control Vifer, S.A. de C.V.
Ordinary A
100%
Ordinary B
Servicios de Plagas Terminix, S.A. de C.V.
Ordinary A
100%
Ordinary B
Terminix International S.A. de C.V.
Ordinary A
100%
Ordinary B
Calle 29, No. 210 Col. Garcia Gineres, Merida, Yucat\u00e1n, 97070, Mexico
Personal Profesional de Pesticidas S.A. de C.V. Ordinary
100%
Mozambique
Avenida da Namaacha, kilometro 6, Residencial Mutateia, Cidade da
Matola, Mozambique
Rentokil Initial Mozambique Limitada
Ordinary
100%
Netherlands
Impact 6, 6921 RZ, Duiven, Netherlands
Ambius B.V.
Ordinary
100%
Oude Middenweg 77, 2491 AC, Den Haag, Netherlands
B.V. Rentokil Funding
Ordinary A
100%
BET (Properties) B.V.
Ordinary
100%
BET Finance B.V.
Ordinary
100%
Holland Reconditionering B.V.
Ordinary
100%
Rentokil Initial Finance B.V.
Ordinary
100%
Rentokil Initial International B.V.
Ordinary
100%
Rentokil Initial Overseas (Holdings) B.V.
Ordinary
100%
Ravenswade 54-S, 3439, Nieuwegein, LD, Netherlands
Rentokil Initial B.V.
Ordinary
100%
New Zealand
Level 1, 89 Carbine Road, Mount Wellington, Auckland 1060,
New\u00a0Zealand
Rentokil Initial Limited
Ordinary
100%
16 Leonard Road, Mount Wellington, Auckland, 1060, New Zealand
Nitrogenx Limited
1
Ordinary
100%
Norway
Sanitetsveien 17, Postboks 84, Skjetten, 2026, Norway
Rentokil Initial Norge AS
Ordinary
100%
Rambergveien 1, T\u00f8nsberg, 3115, Norway
Skadedyrbutikken AS
Ordinary
100%
Pakistan
S-2 Commercial, 2nd Floor, Lalik Jan Chowk, Phase II, Lahore,
Cantonment, Punjab, Pakistan
C-Shine Sustainable Solutions (Private)
Ordinary
70%
Limited
Peru
Calle 23 Mza, Z-1 Lote 9, Villa El Salvador, Peru
Ingeclean Peru S.A.C
Ordinary
100%
Philippines
No 73 Elisco Road, Bo, Kalawaan, Pasig City, 1600, Philippines
Rentokil Initial (Philippines) Inc
Ordinary
100%
\n \n
% held by
Group
Company name
Share class
companies
Poland
Ul. Jana Pawla Woronicza, Nr 31, Lok. 78, 02-640, Warszawa, Poland
Rentokil Polska Sp. z o.o.
Ordinary
100%
Ul. D\u0105browskiego 44, 50-457, Wroc\u0142aw, Poland
Vaco sp. z o.o
Ordinary
100%
Portugal
EN 115, Km 78,67, 2664-502, S\u00e3o Juli\u00e3o do Tojal, Portugal
Rentokil Initial Portugal \u2013 Servi\u00e7os de
Ordinary
100%
Protec\u00e7\u00e3o Ambiental, Unipessoal, Lda
Republic of Korea
2nd Floor, Korea Disaster Relief Association, 371-19 Sinsu-Dong,
Mapo-Gu, Seoul, Korea, 121-856, Republic of Korea
Rentokil Initial Korea Ltd
Common
100%
Saudi Arabia
4477 King Abdul Aziz Road, Suleimaniya, Unit 2 Riyadh KSA,
Saudi\u00a0Arabia
BET Trading LLC
Ordinary
100%
Boecker Public Health Saudia Company
Ordinary
100%
Limited
PO Box 30164, Office No: 401, 4th Floor, Al Tamimi Building, Al Khobar
North, Al Khobar, 31952, Saudi Arabia
Rentokil Saudi Arabia Limited O.P.C
Ordinary
100%
Singapore
16 Jalan Mesin, 368815, Singapore
Rentokil Initial Asia Pacific Management Pte Ltd
Ordinary
100%
Rentokil Initial Singapore Private Limited
Ordinary
100%
Slovakia
Kopcianska 10, Bratislava, 851 01, Slovakia
Rentokil Initial s.r.o.
Ordinary
100%
South Africa
Unit D12 Connaught Park, Riley Road, Beaconvale, Parow, 7000,
South\u00a0Africa
Cannon Hygiene (SA) Proprietary Limited
Ordinary
100%
2 Stigant Road, Claremont, Cape Town, 7708, South Africa
Newshelf 1232 (Pty) Ltd
Preference
100%
Rentokil Initial (Proprietary) Limited
Ordinary
100%
Rentokil Initial Dikapi JV (Pty) Limited
Ordinary
59%
Spain
C/ Los Carros, 1 Bajo, Pobladura de Pelayo de Garc\u00eda, 24249, Leon,
Spain
Desinfeccion de Plagas S.L.
Ordinary
100%
C/ Monasterio de N\u00e1jera 1, 50002, Zaragoza, Spain
Desinfecciones Bionext, S.L.
Ordinary
100%
Pol. Ind. El Prado, Calle Bilbao, Nave 5, Parcel 17, 06800, M\u00e9rida,
Badajoz, Spain
Fumigaciones Extreme\u00f1as Merida, S.L.
Ordinary
100%
C/ Mar Mediiterr\u00e1neo 1 (entrada por Mar Adri\u00e1tico, San Fernando de
Henares), 28830, Madrid, Spain
Initial Gaviota S.A.U
Ordinary
100%
Rentokil Initial Espa\u00f1a SA
Ordinary A
100%
Ordinary B
Ordinary C
\n\n \n
% held by
Group
Company name
Share class
companies
Pol\u00edgono Industrial \u201cPla de Vallonga\u201d, Calle Meteorito, 59 \u2013 Alicante,
Spain
Lokimica S.A
Ordinary
100%
C/de la Nena Casas, 71, 08017, Barcelona, Spain
Servicios Depec S.L.
Ordinary
100%
C/ Palanca 34, 28045, Madrid, Spain
Tecnologia y Desarrollo Medioambiental, S.L.
Ordinary
100%
Sri Lanka
No. 307, Negombo Road, Peliyagoda, Sri Lanka
Rentokil Initial Ceylon (Private) Limited
Ordinary
100%
Sweden
Avestagatan 61, SE 163 53 Spanga, Sweden
Ambius AB
Ordinary
100%
Rent a Plant Interessenter AB
Ordinary
100%
Sweden Recycling AB
Ordinary
100%
c/o Nomor AB, Tusbystr\u00e5ket 1B, 191 61, Sollentuna, Sweden
Nomor AB
Ordinary
100%
Rentokil F\u00f6rs\u0103kring AB
Ordinary
100%
Nomor Holding AB
Ordinary
100%
Terminix Nomor AB
Ordinary
100%
Switzerland
Hauptstrasse 3, 4625 Oberbuchsiten, Oberbuchsiten, Switzerland
Rentokil Schweiz AG
Ordinary
100%
Taiwan (Province of China)
14F-1, No. 26, Ln. 61, Sec. 1, Guangfu Rd., Sanchong Dist., New Taipei
City, Taiwan (Province of China)
Initial Hygiene Co Ltd
Ordinary
100%
Rentokil Co., Limited
Ordinary
100%
Tanzania
1st Floor, Opal Place, 77 Haile Selassie Road, Masaki, P.O. Box 21184,
Dar es Salaam, Tanzania
Initial Hygiene (T) Limited
Ordinary
100%
Thailand
160 Vibhavadi Rangsit Road, Khwaeng Ratchadapisek, Khat Dindaeng,
Thailand, 10400, Thailand
Cannon Pest Management Co. Ltd
Ordinary
100%
Rentokil Initial (Thailand) Ltd
Ordinary
100%
Trinidad and Tobago
Field no. 82, KK-LL, Aranguez South, Trinidad and Tobago
Rentokil Initial (Trinidad) Limited
Ordinary
100%
Turkey
Tuna Mahallesi Sanat Caddesi No: 17 Daire: 121, Bornova, \u0130zmir, Turkey
Rentokil Initial \u00c7evre Sa\u011fl\u0131\u011f\u0131 Sistemleri
Ordinary
100%
Ticaret ve Sanayi A.\u015e
Uganda
Plot No 2012, Kalinabiri Road, Ntinda, Kampala, Uganda
Rentokil Initial Uganda Limited
Ordinary
100%
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
United Arab Emirates
\u00a0\u00a0
Office number 1403, PO Box 41999, TECOM, Al Barsha Heights, Dubai,
\u00a0\u00a0
United Arab Emirates
\u00a0\u00a0
Boecker Food Safety L.L.C.
Ordinary
100%
Al Shafar Tower 1, 14th Floor, Office No. 1401, TECOM, Al Barsha
\u00a0\u00a0
Heights, Dubai, United Arab Emirates
\u00a0\u00a0
Boecker Pest Control L.L.C.
Ordinary
100%
Boecker Public Health Pest Control
Ordinary
100%
Equipment Trading L.L.C.
\u00a0\u00a0
National Pest Control LLC
Ordinary
100%
Rentokil Initial Pest Control LLC
Ordinary
100%
Shop No.6, Jurf Industrial Zone 2, Ajman, United Arab Emirates
\u00a0\u00a0
Rentokil Initial Pest Control L.L.C.
Ordinary
100%
Al Suhyeen, Rolla, Office 205, Sharjah, United Arab Emirates
\u00a0\u00a0
Specialist Int. Pest Control LLC
Ordinary
100%
United Kingdom
\u00a0\u00a0
Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY,
\u00a0\u00a0
United Kingdom
\u00a0\u00a0
AW Limited
Ordinary
100%
B.E.T. Building Services Limited
Ordinary
100%
BET (No.18) Limited
Ordinary
100%
BET (No.68) Limited
2
Ordinary
100%
BET Environmental Services Ltd
Ordinary
100%
BET Pension Trust Limited
Ordinary
100%
BPS Offshore Services Limited
3
Ordinary
100%
Broadcast Relay Service (Overseas) Limited
3
Ordinary
100%
Castlefield House Limited
Ordinary
100%
Chard Services Limited
Ordinary
100%
CHL Legacy Limited
3
Ordinary
100%
Contemporary Plant Designs Limited
3
Ordinary
100%
DCUK (FM) Limited
Ordinary
100%
DCUKFM Holdings Limited
Ordinary
100%
DuctClean (UK) Limited
Ordinary
100%
Dudley Industries Limited
3
Ordinary
100%
Enigma Laundries Limited
Ordinary
100%
Enigma Services Group Limited
Ordinary
100%
Enviro-Fresh Limited
Ordinary
100%
Environmental Contract Services Limited
3
Ordinary
100%
Euroguard Technical Services Limited
Ordinary
100%
Grayston Central Services Limited
Ordinary
100%
Hometrust Limited
Ordinary
100%
Initial Limited
3
Ordinary
100%
Initial Medical Services Limited
Ordinary
100%
Interior Contracts (UK) Limited
3
Ordinary
100%
Kent Tropical Interiors Limited
3
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
Marlin Global Services Limited
1,3
Ordinary
100%
Manor Planting Ltd
3
Ordinary
100%
Nature At Work Limited
Ordinary
100%
Newman\u2019s Plants Limited
3
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
Opel Transport & Trading Company Limited
Ordinary
100%
Paul Lomax Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
Peter Cox Limited
Ordinary A
100%
Plant Nominees Limited
Ordinary
100%
Prime Projects International Limited
3
Ordinary
100%
Prokill (UK) Ltd
Ordinary A
100%
Prokill Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
\u00a0
Ordinary D
\u00a0
\n \n
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Rapid Washrooms Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
Rentokil Dormant (No.6) Ltd
Ordinary
100%
Rentokil Initial (1896) Limited
3
Ordinary
100%
Rentokil Initial (1993) Limited
3
Ordinary 6%
100%
\u00a0
Non-
\u00a0
\u00a0
Redeemable
\u00a0
\u00a0
Preference
\u00a0
Rentokil Initial 1927 plc
Ordinary
100%
\u00a0
Redeemable
\u00a0
\u00a0
Preference:
\u00a0
\u00a0
AUD, CAD,
\u00a0
\u00a0
CLP, DKK,
\u00a0
\u00a0
IDR,\u00a0ILS,
\u00a0
\u00a0
NOK,\u00a0NZD,
\u00a0
\u00a0
USD EUR
\u00a0
\u00a0
Cumulative
\u00a0
\u00a0
Preference
\u00a0
\u00a0
(Non-
\u00a0
\u00a0
Redeemable)
\u00a0
Rentokil Initial Americas Limited
3
Ordinary
100%
Rentokil Initial Asia Pacific Limited
3
Ordinary
100%
Rentokil Initial Brazil Limited
3
Ordinary
100%
Rentokil Initial Finance Limited
3
Ordinary
100%
Rentokil Initial Holdings Limited
3, 4
Ordinary
100%
Rentokil Initial Investments South Africa
3
Ordinary
100%
Rentokil Initial Pension Trustee Limited
Ordinary
100%
Rentokil Initial Services Limited
Ordinary
100%
Rentokil Initial UK Ltd
Ordinary
100%
Rentokil Insurance Limited
Ordinary
100%
Rentokil Limited
3
Ordinary
100%
Rentokil Overseas Holdings Limited
3
Ordinary
100%
Rentokil Property Care Limited
Ordinary
100%
Rentokil Property Holdings Limited
Ordinary
100%
RI Dormant No.18 Limited
Ordinary
100%
RI Dormant No.20 Limited
Ordinary
100%
Saaman Limited
3
Ordinary
100%
Stratton House Leasing Limited
3
Ordinary
100%
SVM International Services Limited
Ordinary
100%
Target Express Holdings Limited
Ordinary
100%
Target Express Limited
Ordinary
100%
Target Express Parcels Limited
Ordinary
100%
TEB Cleaning Services Limited
Ordinary
100%
The Palfreymans Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
\u00a0
Ordinary D
\u00a0
\u00a0
Ordinary E
\u00a0
Tropical Ambience Limited
Ordinary
100%
Tropical Innovation Limited
3
Ordinary
100%
Urban Planters Franchise Limited
3
Ordinary
100%
Waterized Limited
Ordinary
100%
Stephens & Carter Limited
2
Ordinary
100%
The Ca\u2019D\u2019Oro, 45 Gordon Street, Glasgow, Scotland, G1 3PE,
\u00a0\u00a0
United\u00a0Kingdom
\u00a0\u00a0
Duct Clean Services Ltd
3
Ordinary
100%
Industrial Clothing Services Limited
Ordinary
100%
Pest Protection Services (Scotland) Limited
Ordinary A
100%
RI Dormant No.12 Limited
Ordinary
100%
Wise Property Care Ltd.
Ordinary
100%
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
United States
\u00a0\u00a0
1125 Berkshire Blvd, Suite 150, Reading PA 19610, United States
\u00a0\u00a0
Cygnet Enterprises Northwest, Inc
Common
100%
Cygnet Enterprises West, Inc
Common
100%
Cygnet Enterprises, Inc
Common
100%
Medentex LLC
Common
100%
Oliver Exterminating Dominicana Corp
Common
100%
Rentokil Initial Environmental Services LLC
Interest
100%
Rentokil North America, Inc.
Ordinary
100%
Rentokil of Puerto Rico, Inc.
Common
100%
Solitude Lake Management, LLC
Common
100%
Vector Disease Acquisition, LLC
Series A
100%
\u00a0
shares
\u00a0
\u00a0
Series B
\u00a0
\u00a0
shares
\u00a0
\u00a0
Common
\u00a0
\u00a0
shares
\u00a0
Vector Disease Control International, LLC
Common
100%
2288 150th Street Halstad MN 56548, United States
\u00a0\u00a0
Airborne Vector Control LLC
Common
100%
The Corporation Trust Company, Corporation Trust Center,
\u00a0\u00a0
1209\u00a0Orange Street, Wilmington DE 19801, United States
\u00a0\u00a0
Anza, LLC
Ordinary
100%
Initial Contract Services LLC
Interest
100%
Ramac (US) LLC
Interest
100%
Rentokil Initial US Holdings, Inc.
Common
100%
Rentokil Terminix Funding, LLC
Interest
100%
Secure Monthly Affordable Credit
Common
100%
Corporation
\u00a0\u00a0
Secure Monthly Affordable Credit Limited
Ordinary
100%
Partnership
\u00a0\u00a0
SVM Honduran Service and Investments
Interest
100%
Company, LLC
\u00a0\u00a0
SVM Olympus Service Company, LLC
Interest
100%
SVM Progressive Service Company, LLC
Interest
100%
SVM Technicians Service Company, LLC
Interest
100%
SVM Vanguard Service Company, LLC
Interest
100%
Terminix Consumer Services, LLC
Interest
100%
Terminix Holdings, LLC
Interest
100%
Terminix International Holdings, Inc
Common
100%
Terminix Management Corporation
Interest
100%
Terminix Receivables Company LLC
Interest
100%
The Terminix Company, LLC
Interest
100%
TMX Holdco, LLC
Interest
100%
United Transport America LLC
Interest
100%
Virginia Properties Inc
Ordinary
100%
PO Box 4510 Ten Free Street, Portland ME 04112, United States
\u00a0\u00a0
Asiatic Investments, Inc.
Ordinary
100%
1000 Labarre Road, Metairie, LA 70001, United States
\u00a0\u00a0
Mississippi Mosquito Control, LLC
Interest
100%
Mosquito Control of Lafourche, LLC
Interest
100%
Mosquito Control Services of Florida, LLC
Interest
100%
Mosquito Control Services of Georgia, LLC
Interest
100%
Mosquito Control Services, L.L.C
Interest
100%
Rittiner Group, L.L.C.
Interest
100%
St. Charles Mosquito Control, L.L.C.
Interest
100%
St. John Mosquito Control, L.L.C.
Interest
100%
Terrebonne Mosquito Control, LLC
Interest
100%
1000 Satellite Blvd, Ste 101, Suwanee, Gwinnett County GA 30024,
\u00a0\u00a0
United States
\u00a0\u00a0
ProPest Products, Inc.
Ordinary
100%
2540, Lawrenceville Hwy, Lawrenceville, GA 30044, United States
\u00a0\u00a0
Steritech-Canada, Inc.
Common
100%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Asiatic Holdings LLC
Ordinary
100%
463 Mountain View Drive, Suite 301, 3rd Floor, Colchester VT 05446,
\u00a0\u00a0
United States
\u00a0\u00a0
Steward Insurance Company
Common
100%
860 Ridge Lake Blvd., Memphis TN 38120, United States
\u00a0\u00a0
Terminix Gift, L.L.C.
Interest
100%
150 Peabody Place, Memphis TN 38103, United States
\u00a0\u00a0
The Terminix International Company Limited
Ordinary
100%
Partnership
\u00a0\u00a0
The Terminix Foundation
Interest
100%
Uruguay
\u00a0\u00a0
Tom\u00e1s Giribaldi, apto 3, 2270, Uruguay
\u00a0\u00a0
Amalur Uruguay Sociedad An\u00f3nima
Ordinary
100%
Chana, 2033, Departmento de Montevideo, Uruguay
\u00a0\u00a0
La Sanitaria S.A.
Ordinary
100%
La Paz, 1227, Departamento de Montevideo, Uruguay
\u00a0\u00a0
Rentokil Uruguay S.A.
Ordinary
100%
Manuel Calleros 4918, Montevideo, Uruguay
\u00a0\u00a0
Control Productos y Servicios de Higiene
Ordinary
100%
Ambiental S.A.
1
\u00a0\u00a0
Vietnam
\u00a0\u00a0
54-56 Nguyen Trai Street, Ben Thanh Ward, District 1, Ho Chi Minh
\u00a0\u00a0
City, Vietnam
\u00a0\u00a0
Rentokil Initial (Vietnam) Company Limited
Ordinary
100%
Virgin Islands, US
\u00a0\u00a0
Merchants Financial Center, 4608 Tutu Park Mall, Suite 202,
\u00a0\u00a0
St\u00a0Thomas, Virgin Islands, 00802-1816, Virgin Islands, U.S.
\u00a0\u00a0
Terminix International USVI, LLC
Interest
100%
\n
Associated undertakings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
% held by
\u00a0 \u00a0
Group
Company name
Share class
companies
People\u2019s Republic of China
\u00a0 \u00a0
B3, Xunmei Industrial Zone, Fengze District, Quanzhou City, Fujian
\u00a0 \u00a0
Province, China
\u00a0 \u00a0
Fujian Xunke Pest Control Company Limited
Ordinary
30%
Room 1005, Unit 1, Building 1, No.1 Huangjin Road, Dongguan City,
\u00a0 \u00a0
Guangdong Province, China
\u00a0 \u00a0
Guangdong New Hope Environmental
\u00a0 \u00a0
Technology Co., Ltd.
Ordinary
30%
No.14 Wenguangtingjiao Road, Chaoyang District, Shantou City, China
\u00a0 \u00a0
Guangdong Vircon Pest Management
\u00a0 \u00a0
Company Limited
Ordinary A
30%
Egypt
\u00a0 \u00a0
Third floor, Jupiter Building, B3, Majara Compound, Sheikh Zayed,
\u00a0 \u00a0
Giza, Egypt
\u00a0 \u00a0
ServicePros S.A.E.
5
Ordinary
30%
Japan
\u00a0 \u00a0
Kudan Terrace, 1-6-5 Kudan Minami, Chiyoda-Ku, Tokyo, 102-0074,
\u00a0 \u00a0
Japan
\u00a0 \u00a0
Nippon Calmic Ltd
Ordinary
49%
Nigeria
\u00a0 \u00a0
Old Ojo Road, Off Badagry Expressway, Agboju, Lagos, 359/361,
\u00a0 \u00a0
Nigeria
\u00a0 \u00a0
Boecker Public Health Services Ltd
Ordinary
30%
Norway
\u00a0 \u00a0
Veverivegen 10, 2848 Skreia, Norway
\u00a0 \u00a0
Skadedyrkontrollen \u00f8st AS
Ordinary
40%
Qatar
\u00a0 \u00a0
16 A Al Mana Business Tower, Doha, Qatar
\u00a0 \u00a0
Boecker Public Safety Services \u2013 Qatar W.L.L.
Ordinary
24.5%
United Kingdom
\u00a0 \u00a0
Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY,
\u00a0 \u00a0
United Kingdom
\u00a0 \u00a0
Hometrust Kitchens Limited
Ordinary
25%
Torchsound Properties Limited
Ordinary
50%
\n
1.
Acquired or incorporated by the Group in 2025.
2. Temporary restoration.
3. As permitted by section 479A of the Companies Act 2006, the Company intends
to\u00a0take\u00a0advantage of the audit exemption in relation to the individual accounts
of\u00a0these\u00a0companies.
4. Held directly by Rentokil Initial plc.
5. This entity is non-operational and the Group does not carry out business in this
jurisdiction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "B6. Investments in associated undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Interest in Nippon Calmic Limited
\u00a035\u00a0
\u00a031\u00a0
Interest in individually immaterial associated undertakings
\u00a06\u00a0
\u00a015\u00a0
At 31 December
\u00a041\u00a0
\u00a046\u00a0
\n
Nippon Calmic Limited
Nippon Calmic Limited is an associated undertaking in Japan which provides hygiene services, in which the Group has a 49% interest.
The\u00a0associate is unlisted and the investment value 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
At 1 January
\u00a031\u00a0
\u00a040\u00a0
Exchange differences
(1)\u00a0
(4)\u00a0
Share of profit
1
\u00a09\u00a0
\u00a08\u00a0
Dividends received
(4)\u00a0
(13)\u00a0
At 31 December
\u00a035\u00a0
\u00a031\u00a0
\n
1.
Share of profit is net of tax of $5m (2024: $4m).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Assets
Liabilities
Revenue
Profit
Assets
Liabilities
Revenue
Profit
\u00a0
2025
2025
2025
2025
2024
2024
2024
2024
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
Nippon Calmic Ltd (49%)
\u00a078\u00a0
(40)\u00a0
\u00a073\u00a0
\u00a09\u00a0
\u00a073\u00a0
(41)\u00a0
\u00a067\u00a0
\u00a08\u00a0
Individually immaterial associates
In addition to the interest in associates disclosed above, the Group also has interests in a number of individually immaterial associates that are
accounted for using the equity method.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
At 1 January
\u00a015\u00a0
\u00a016\u00a0
Exchange differences
\u00a01\u00a0
(1)\u00a0
Write off
(8)\u00a0
\u00a0\u2013\u00a0
\u00a0
Other
(2)\u00a0
\u00a0
\u00a0
Share of profit
\u00a01\u00a0
\u00a01\u00a0
Dividends received
(1)\u00a0
(1)\u00a0
At 31 December
\u00a06\u00a0
\u00a015\u00a0
\nThere was no unrecognised share of losses related to associates (2024: $nil). Associated undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
% held by
\u00a0 \u00a0
Group
Company name
Share class
companies
People\u2019s Republic of China
\u00a0 \u00a0
B3, Xunmei Industrial Zone, Fengze District, Quanzhou City, Fujian
\u00a0 \u00a0
Province, China
\u00a0 \u00a0
Fujian Xunke Pest Control Company Limited
Ordinary
30%
Room 1005, Unit 1, Building 1, No.1 Huangjin Road, Dongguan City,
\u00a0 \u00a0
Guangdong Province, China
\u00a0 \u00a0
Guangdong New Hope Environmental
\u00a0 \u00a0
Technology Co., Ltd.
Ordinary
30%
No.14 Wenguangtingjiao Road, Chaoyang District, Shantou City, China
\u00a0 \u00a0
Guangdong Vircon Pest Management
\u00a0 \u00a0
Company Limited
Ordinary A
30%
Egypt
\u00a0 \u00a0
Third floor, Jupiter Building, B3, Majara Compound, Sheikh Zayed,
\u00a0 \u00a0
Giza, Egypt
\u00a0 \u00a0
ServicePros S.A.E.
5
Ordinary
30%
Japan
\u00a0 \u00a0
Kudan Terrace, 1-6-5 Kudan Minami, Chiyoda-Ku, Tokyo, 102-0074,
\u00a0 \u00a0
Japan
\u00a0 \u00a0
Nippon Calmic Ltd
Ordinary
49%
Nigeria
\u00a0 \u00a0
Old Ojo Road, Off Badagry Expressway, Agboju, Lagos, 359/361,
\u00a0 \u00a0
Nigeria
\u00a0 \u00a0
Boecker Public Health Services Ltd
Ordinary
30%
Norway
\u00a0 \u00a0
Veverivegen 10, 2848 Skreia, Norway
\u00a0 \u00a0
Skadedyrkontrollen \u00f8st AS
Ordinary
40%
Qatar
\u00a0 \u00a0
16 A Al Mana Business Tower, Doha, Qatar
\u00a0 \u00a0
Boecker Public Safety Services \u2013 Qatar W.L.L.
Ordinary
24.5%
United Kingdom
\u00a0 \u00a0
Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY,
\u00a0 \u00a0
United Kingdom
\u00a0 \u00a0
Hometrust Kitchens Limited
Ordinary
25%
Torchsound Properties Limited
Ordinary
50%
\n
1.
Acquired or incorporated by the Group in 2025.
2. Temporary restoration.
3. As permitted by section 479A of the Companies Act 2006, the Company intends
to\u00a0take\u00a0advantage of the audit exemption in relation to the individual accounts
of\u00a0these\u00a0companies.
4. Held directly by Rentokil Initial plc.
5. This entity is non-operational and the Group does not carry out business in this
jurisdiction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "B6. Investments in associated undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Interest in Nippon Calmic Limited
\u00a035\u00a0
\u00a031\u00a0
Interest in individually immaterial associated undertakings
\u00a06\u00a0
\u00a015\u00a0
At 31 December
\u00a041\u00a0
\u00a046\u00a0
\n
Nippon Calmic Limited
Nippon Calmic Limited is an associated undertaking in Japan which provides hygiene services, in which the Group has a 49% interest.
The\u00a0associate is unlisted and the investment value 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
At 1 January
\u00a031\u00a0
\u00a040\u00a0
Exchange differences
(1)\u00a0
(4)\u00a0
Share of profit
1
\u00a09\u00a0
\u00a08\u00a0
Dividends received
(4)\u00a0
(13)\u00a0
At 31 December
\u00a035\u00a0
\u00a031\u00a0
\n
1.
Share of profit is net of tax of $5m (2024: $4m).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Assets
Liabilities
Revenue
Profit
Assets
Liabilities
Revenue
Profit
\u00a0
2025
2025
2025
2025
2024
2024
2024
2024
\u00a0
$m
$m
$m
$m
$m
$m
$m
$m
Nippon Calmic Ltd (49%)
\u00a078\u00a0
(40)\u00a0
\u00a073\u00a0
\u00a09\u00a0
\u00a073\u00a0
(41)\u00a0
\u00a067\u00a0
\u00a08\u00a0
Individually immaterial associates
In addition to the interest in associates disclosed above, the Group also has interests in a number of individually immaterial associates that are
accounted for using the equity method.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
At 1 January
\u00a015\u00a0
\u00a016\u00a0
Exchange differences
\u00a01\u00a0
(1)\u00a0
Write off
(8)\u00a0
\u00a0\u2013\u00a0
\u00a0
Other
(2)\u00a0
\u00a0
\u00a0
Share of profit
\u00a01\u00a0
\u00a01\u00a0
Dividends received
(1)\u00a0
(1)\u00a0
At 31 December
\u00a06\u00a0
\u00a015\u00a0
\nThere was no unrecognised share of losses related to associates (2024: $nil).Associated undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
% held by
\u00a0 \u00a0
Group
Company name
Share class
companies
People\u2019s Republic of China
\u00a0 \u00a0
B3, Xunmei Industrial Zone, Fengze District, Quanzhou City, Fujian
\u00a0 \u00a0
Province, China
\u00a0 \u00a0
Fujian Xunke Pest Control Company Limited
Ordinary
30%
Room 1005, Unit 1, Building 1, No.1 Huangjin Road, Dongguan City,
\u00a0 \u00a0
Guangdong Province, China
\u00a0 \u00a0
Guangdong New Hope Environmental
\u00a0 \u00a0
Technology Co., Ltd.
Ordinary
30%
No.14 Wenguangtingjiao Road, Chaoyang District, Shantou City, China
\u00a0 \u00a0
Guangdong Vircon Pest Management
\u00a0 \u00a0
Company Limited
Ordinary A
30%
Egypt
\u00a0 \u00a0
Third floor, Jupiter Building, B3, Majara Compound, Sheikh Zayed,
\u00a0 \u00a0
Giza, Egypt
\u00a0 \u00a0
ServicePros S.A.E.
5
Ordinary
30%
Japan
\u00a0 \u00a0
Kudan Terrace, 1-6-5 Kudan Minami, Chiyoda-Ku, Tokyo, 102-0074,
\u00a0 \u00a0
Japan
\u00a0 \u00a0
Nippon Calmic Ltd
Ordinary
49%
Nigeria
\u00a0 \u00a0
Old Ojo Road, Off Badagry Expressway, Agboju, Lagos, 359/361,
\u00a0 \u00a0
Nigeria
\u00a0 \u00a0
Boecker Public Health Services Ltd
Ordinary
30%
Norway
\u00a0 \u00a0
Veverivegen 10, 2848 Skreia, Norway
\u00a0 \u00a0
Skadedyrkontrollen \u00f8st AS
Ordinary
40%
Qatar
\u00a0 \u00a0
16 A Al Mana Business Tower, Doha, Qatar
\u00a0 \u00a0
Boecker Public Safety Services \u2013 Qatar W.L.L.
Ordinary
24.5%
United Kingdom
\u00a0 \u00a0
Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY,
\u00a0 \u00a0
United Kingdom
\u00a0 \u00a0
Hometrust Kitchens Limited
Ordinary
25%
Torchsound Properties Limited
Ordinary
50%
\n
1.
Acquired or incorporated by the Group in 2025.
2. Temporary restoration.
3. As permitted by section 479A of the Companies Act 2006, the Company intends
to\u00a0take\u00a0advantage of the audit exemption in relation to the individual accounts
of\u00a0these\u00a0companies.
4. Held directly by Rentokil Initial plc.
5. This entity is non-operational and the Group does not carry out business in this
jurisdiction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "B7. Discontinued operations
Rentokil Initial plc announced that it entered into an agreement for the intended sale of its Workwear business in France with H.I.G. Capital (the
Proposed Transaction) on 28 May 2025 which was subsequently completed on 30 September 2025. Financial information relating to\u00a0the
discontinued operation to the date of disposal is set out below.
The financial performance and cash flow information presented below are for the nine months ended 30 September 2025, the year ended
31\u00a0December 2024, and the year ended 31 December 2023.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Revenue
\u00a0261\u00a0
\u00a0324\u00a0
\u00a0302\u00a0
Operating expenses
(186)\u00a0
(266)\u00a0
(252)\u00a0
Net impairment losses on financial assets
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
Operating profit
\u00a074\u00a0
\u00a057\u00a0
\u00a050\u00a0
Finance cost
(2)\u00a0
(2)\u00a0
(2)\u00a0
Profit before income tax
\u00a072\u00a0
\u00a055\u00a0
\u00a048\u00a0
Income tax expense
(16)\u00a0
(9)\u00a0
(11)\u00a0
Profit after income tax of discontinued operations
\u00a056\u00a0
\u00a046\u00a0
\u00a037\u00a0
Profit on sale of the subsidiary after income tax
\u00a0124\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Profit from discontinued operations
\u00a0180\u00a0
\u00a046\u00a0
\u00a037\u00a0
Profit for the period attributable to:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Equity holders of the Company
\u00a0180\u00a0
\u00a046\u00a0
\u00a037\u00a0
Other comprehensive income:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Items that may be reclassified subsequently to the income statement:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net exchange adjustments offset in reserves
\u00a038\u00a0
(12)\u00a0
\u00a07\u00a0
Net (loss)/gain on net investment hedge
(11)\u00a0
\u00a08\u00a0
(5)\u00a0
Other comprehensive income for the period
\u00a027\u00a0
(4)\u00a0
\u00a02\u00a0
Total comprehensive income for the period
\u00a0207\u00a0
\u00a042\u00a0
\u00a039\u00a0
Total comprehensive income for the period attributable to:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Equity holders of the Company
\u00a0207\u00a0
\u00a042\u00a0
\u00a039\u00a0
Net cash generated from operating activities
\u00a0100\u00a0
\u00a0125\u00a0
\u00a0114\u00a0
Net cash flows from investing activities
\u00a0318\u00a0
(85)\u00a0
(85)\u00a0
Net cash flows from financing activities
(6)\u00a0
(8)\u00a0
(7)\u00a0
Net increase in cash generated by discontinued operations
\u00a0412\u00a0
\u00a032\u00a0
\u00a022\u00a0
The carrying amounts of assets and liabilities as at the date of sale 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\t\n\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
At 30 September
\u00a0
2025
\u00a0
$m
Assets
\u00a0
Intangible assets
8
Property, plant and equipment
287
Right-of-use assets
22
Contract costs
20
Inventories
12
Trade and other receivables
82
Cash and cash equivalents
6
\u00a0
437
Liabilities
\u00a0
Trade and other payables
(112)
Lease liabilities
(20)
Deferred and current tax
(56)
Retirement benefit obligations
(8)
Provisions
(9)
\u00a0
(205)
Net assets and liabilities disposed
232
Cash consideration received
397\u00a0
Carrying amount of net assets sold
(232)
Gain on sale before income tax and reclassification of foreign currency translation reserve
165\u00a0
Cumulative exchange recycled from translation reserve
(38)
Cumulative reserve recycled from net investment hedge reserve
11\u00a0
Costs related to disposal
(14)
Net profit on disposal
124
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "B7. Discontinued operations
Rentokil Initial plc announced that it entered into an agreement for the intended sale of its Workwear business in France with H.I.G. Capital (the
Proposed Transaction) on 28 May 2025 which was subsequently completed on 30 September 2025. Financial information relating to\u00a0the
discontinued operation to the date of disposal is set out below.
The financial performance and cash flow information presented below are for the nine months ended 30 September 2025, the year ended
31\u00a0December 2024, and the year ended 31 December 2023.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Revenue
\u00a0261\u00a0
\u00a0324\u00a0
\u00a0302\u00a0
Operating expenses
(186)\u00a0
(266)\u00a0
(252)\u00a0
Net impairment losses on financial assets
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
Operating profit
\u00a074\u00a0
\u00a057\u00a0
\u00a050\u00a0
Finance cost
(2)\u00a0
(2)\u00a0
(2)\u00a0
Profit before income tax
\u00a072\u00a0
\u00a055\u00a0
\u00a048\u00a0
Income tax expense
(16)\u00a0
(9)\u00a0
(11)\u00a0
Profit after income tax of discontinued operations
\u00a056\u00a0
\u00a046\u00a0
\u00a037\u00a0
Profit on sale of the subsidiary after income tax
\u00a0124\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Profit from discontinued operations
\u00a0180\u00a0
\u00a046\u00a0
\u00a037\u00a0
Profit for the period attributable to:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Equity holders of the Company
\u00a0180\u00a0
\u00a046\u00a0
\u00a037\u00a0
Other comprehensive income:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Items that may be reclassified subsequently to the income statement:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net exchange adjustments offset in reserves
\u00a038\u00a0
(12)\u00a0
\u00a07\u00a0
Net (loss)/gain on net investment hedge
(11)\u00a0
\u00a08\u00a0
(5)\u00a0
Other comprehensive income for the period
\u00a027\u00a0
(4)\u00a0
\u00a02\u00a0
Total comprehensive income for the period
\u00a0207\u00a0
\u00a042\u00a0
\u00a039\u00a0
Total comprehensive income for the period attributable to:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Equity holders of the Company
\u00a0207\u00a0
\u00a042\u00a0
\u00a039\u00a0
Net cash generated from operating activities
\u00a0100\u00a0
\u00a0125\u00a0
\u00a0114\u00a0
Net cash flows from investing activities
\u00a0318\u00a0
(85)\u00a0
(85)\u00a0
Net cash flows from financing activities
(6)\u00a0
(8)\u00a0
(7)\u00a0
Net increase in cash generated by discontinued operations
\u00a0412\u00a0
\u00a032\u00a0
\u00a022\u00a0
The carrying amounts of assets and liabilities as at the date of sale 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\t\n\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
At 30 September
\u00a0
2025
\u00a0
$m
Assets
\u00a0
Intangible assets
8
Property, plant and equipment
287
Right-of-use assets
22
Contract costs
20
Inventories
12
Trade and other receivables
82
Cash and cash equivalents
6
\u00a0
437
Liabilities
\u00a0
Trade and other payables
(112)
Lease liabilities
(20)
Deferred and current tax
(56)
Retirement benefit obligations
(8)
Provisions
(9)
\u00a0
(205)
Net assets and liabilities disposed
232
Cash consideration received
397\u00a0
Carrying amount of net assets sold
(232)
Gain on sale before income tax and reclassification of foreign currency translation reserve
165\u00a0
Cumulative exchange recycled from translation reserve
(38)
Cumulative reserve recycled from net investment hedge reserve
11\u00a0
Costs related to disposal
(14)
Net profit on disposal
124
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "C. Financing
C1. Financial risk management
The Group\u2019s central treasury function manages cash, borrows on behalf of the Group, and provides finance to Group companies in their local
currencies. Treasury activity is governed by a Treasury Committee, which is chaired by the Chief Financial Officer.
The main financial risks faced by the Group are set out below.
(a) Liquidity risk
The Group is committed to ensuring it has sufficient liquidity to meet its business needs, and appropriate reserves to cover operational
underperformance or dislocation in the financial markets. It is the Group\u2019s policy to have headroom of unrestricted cash and available committed
facilities of at least $750m (2024: $750m), and the Treasury Committee manages financing requirements and associated headroom at least
12\u00a0months forward. Available commitments of $1,000m under the Group\u2019s committed debt facilities, together with unrestricted cash of $1,565m
(2024: $447m), gives the Group combined headroom of $2,565m at 31 December 2025 (2024: $1,499m).
The Group\u2019s debt facilities have no financial covenants and the Group is compliant with other terms, conditions, and undertakings of its debt
facilities.
The Group targets an investment grade credit rating for debt issuance of BBB over the medium term. Both S&P Global (S&P) and Fitch Ratings
(Fitch) rated the Group BBB. In line with ratings criteria, debt maturities are covered at least 12 months in advance using available cash or
committed facilities, or by issuance of new debt. Management maintains an active dialogue with both S&P and Fitch, as well as the Group\u2019s
relationship banks, to ensure that any changes to the Group\u2019s financing and acquisition strategies are understood.
The Group has one debt maturity of \u20ac500m falling due in May 2026. This was redeemed post balance sheet on 2 March 2026. The Group has
sufficient headroom to cover this maturity without issuing new debt.
The \u20ac500m bond due May 2026, and the \u20ac600m bond due October 2028, issued under the Group\u2019s Euro Medium-Term Notes (EMTN)
Programme, contain a coupon step-up which increases the coupon payable by 1.25% in the event that the Group is downgraded to BB+ or below
(sub-investment grade). The Group\u2019s bonds may be called by their investors at par in the event of a change of control of the Group. They may also
be called within 120 days if the Group\u2019s debt is downgraded below investment grade, or if the rating is withdrawn and the rating agency confirms
in writing, either publicly or to the Group or the Trustee, that the rating action occurred either wholly or in part due to a change of control. All other
bonds issued under the EMTN Programme do not contain the coupon step-up.
(b) Credit risk
The Group has no significant concentration of credit risk. Sales are typically low-value, high-volume, spreading the risk across a large number
of\u00a0customers and geographies. Policies are in place to ensure that credit sales are only made to customers with an appropriate credit history.
The\u00a0Group operates in some territories where there is increased exposure to trade credit risks and in those territories the Group puts in place
appropriate measures to manage its credit risk exposure.
In order to protect the liquid assets and funding relationships of the Group, management aims to maintain banking relationships with
counterparties that carry a long-term credit rating of at least A-, or equivalent rating, with one of the major credit rating agencies. In countries
where no banks are rated A- or above, balances are monitored monthly and kept to a minimum. In addition, funds held with all counterparties are
subject to limits. All exposures are monitored and reported to the Treasury Committee each month. The Group also monitors the creditworthiness
of its lenders to ensure that commitments under its facilities are available as needed.
At 31 December 2025 the Group had a total of $19m of cash held on bank accounts with banks rated below A- (2024: $16m). The highest
concentration with any single bank rated below A- was $2m (2024: $1m).
(c) Market risk
Foreign exchange risk
The Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
currency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling-denominated
profits from UK operations are exceeded by sterling-denominated Group central costs. This means that approximately 106% of Group operating
profit is generated in foreign currencies.
The Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
in\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
currency exposures in excess of $15m that are not covered by debt or assets in the same (or another highly correlated) currency, as long as
it\u00a0makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly basis.
Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
transactions are covered by ISDA documentation.
The most significant foreign currency groups are euros and US dollars, which make up 50% and 35% of Group operating profit respectively.
At 31 December 2025 the Group\u2019s net debt was approximately 69% US dollar (2024: 63%), 18% euro (2024: 26%) and 13% debt in other currencies,
including pound sterling (2024: 11%). The translation of the interest element of euro and US dollar debt provides a partial income statement offset
to the translation of earnings.
The Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
foreign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the euro. A 10% movement
in \u20ac/$ would result in a $39m increase/decrease in operating profit and a $58m increase/decrease in other comprehensive income. The other
comprehensive income impact also includes the offsetting impact from financial instruments used to hedge the retranslation of euro net
investment in subsidiaries, which is $51m. Where possible, currency cash flows are used to settle liabilities in the same currency in preference
to\u00a0selling currency in the market.
The results of the sensitivity analysis should not be considered as projections of likely future events, gains or losses as actual results in the future
may differ materially due to developments in the global financial markets which may cause fluctuations in exchange rates to vary from
hypothetical amounts disclosed above.
Comparative figures to foreign exchange risk sensitivity are not disclosed in the Annual Report 2025. Due to the presentational currency change
of the Group that is applied prospectively from 1 January 2025, it would not be practicable to compare the re-presented results of the data prior
to the presentational currency change with the results of the sensitivity analysis for the Annual Report 2025.
Interest rate risk
The Group seeks to manage interest rate risk to ensure reasonable certainty of its interest charge while allowing an element of risk exposure
consistent with the variability of its cash flows. Interest rate risk is managed by the use of fixed interest debt and interest rate derivatives, which
are approved in advance by the Treasury Committee. The Group policy is to fix a minimum of 50% of its estimated future interest rate exposures
(excluding pensions) for a minimum period of 12 months forward. The Treasury Committee reviews this exposure monthly.
A hypothetical 1.0% increase in euro interest rates would reduce the market value of the Group\u2019s bond liabilities by $61m at 31 December 2025
(2024: $76m). The income statement impact is $nil as changes in interest rates do not change the expected cash flows on the bonds.
A hypothetical 1.0% increase in pound sterling interest rates would reduce the market value of the Group\u2019s bond liabilities by $27m at
31\u00a0December 2025 (2024: $28m). The income statement impact is $nil (2024: $nil).
A hypothetical 1.0% increase in US dollar interest rates would reduce the market value of the Group\u2019s bond liabilities by $63m at 31 December
2025 (2024: $nil). The income statement impact is $3m (2024: $3m) as certain leases are denominated in US dollars with floating interest rates.
(Note that the $700m term loan was 37.5% hedged on a weighted average basis in 2024).
The Group had outstanding bond debt issues at 31 December 2025 with a fair market value of $4,814m (2024: $3,105m). This is above the book
value of $4,748m (2024: $3,122m) as a result of decreases in interest rates in the UK, USA, and Europe. There are no circumstances where the
Group would be obliged to pay the fair market value. The Group could however decide to redeem some or all of its bonds early and the fair
market value is indicative of the price that would be required to do so.
(d) Capital risk
The Group is committed to maintaining a debt/equity structure that allows continued access to a broad range of financing sources and sufficient
flexibility to pursue commercial opportunities as they present themselves, without onerous financing terms and conditions. The Group\u2019s policy is
to maintain a strong capital base so as to maintain investor, creditor, and market confidence and to support the Group\u2019s strategy. The Group uses
S&P\u2019s and Fitch\u2019s ratings methodologies for a BBB issuer to manage its capital risk. In the event that a ratings downgrade is likely, net debt can
be\u00a0managed by reducing or suspending dividends, M&A spend, and capital expenditure. The Group would also consider raising additional equity
to protect its BBB rating.
(e) Treasury risk
The Group\u2019s treasury activities are governed by a treasury policy, which is reviewed and approved by the Board on an annual basis. The treasury
policy covers all activities associated with managing the above risks. The policy requires that financial instruments are only utilised to manage
known financial exposures, and speculative derivative contracts are not entered into. The treasury policy requires that treasury must approve
opening and closing of all bank accounts, and that funds transfers and other payments are only made in accordance with bank mandates.
To ensure an appropriate control environment exists in the treasury function, duties are segregated between front and back office teams.
In\u00a0addition, a number of controls are in place to protect against potential cyber security and other risks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "(a) Liquidity risk
The Group is committed to ensuring it has sufficient liquidity to meet its business needs, and appropriate reserves to cover operational
underperformance or dislocation in the financial markets. It is the Group\u2019s policy to have headroom of unrestricted cash and available committed
facilities of at least $750m (2024: $750m), and the Treasury Committee manages financing requirements and associated headroom at least
12\u00a0months forward. Available commitments of $1,000m under the Group\u2019s committed debt facilities, together with unrestricted cash of $1,565m
(2024: $447m), gives the Group combined headroom of $2,565m at 31 December 2025 (2024: $1,499m).
The Group\u2019s debt facilities have no financial covenants and the Group is compliant with other terms, conditions, and undertakings of its debt
facilities.
The Group targets an investment grade credit rating for debt issuance of BBB over the medium term. Both S&P Global (S&P) and Fitch Ratings
(Fitch) rated the Group BBB. In line with ratings criteria, debt maturities are covered at least 12 months in advance using available cash or
committed facilities, or by issuance of new debt. Management maintains an active dialogue with both S&P and Fitch, as well as the Group\u2019s
relationship banks, to ensure that any changes to the Group\u2019s financing and acquisition strategies are understood.
The Group has one debt maturity of \u20ac500m falling due in May 2026. This was redeemed post balance sheet on 2 March 2026. The Group has
sufficient headroom to cover this maturity without issuing new debt.
The \u20ac500m bond due May 2026, and the \u20ac600m bond due October 2028, issued under the Group\u2019s Euro Medium-Term Notes (EMTN)
Programme, contain a coupon step-up which increases the coupon payable by 1.25% in the event that the Group is downgraded to BB+ or below
(sub-investment grade). The Group\u2019s bonds may be called by their investors at par in the event of a change of control of the Group. They may also
be called within 120 days if the Group\u2019s debt is downgraded below investment grade, or if the rating is withdrawn and the rating agency confirms
in writing, either publicly or to the Group or the Trustee, that the rating action occurred either wholly or in part due to a change of control. All other
bonds issued under the EMTN Programme do not contain the coupon step-up.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "(b) Credit risk
The Group has no significant concentration of credit risk. Sales are typically low-value, high-volume, spreading the risk across a large number
of\u00a0customers and geographies. Policies are in place to ensure that credit sales are only made to customers with an appropriate credit history.
The\u00a0Group operates in some territories where there is increased exposure to trade credit risks and in those territories the Group puts in place
appropriate measures to manage its credit risk exposure.
In order to protect the liquid assets and funding relationships of the Group, management aims to maintain banking relationships with
counterparties that carry a long-term credit rating of at least A-, or equivalent rating, with one of the major credit rating agencies. In countries
where no banks are rated A- or above, balances are monitored monthly and kept to a minimum. In addition, funds held with all counterparties are
subject to limits. All exposures are monitored and reported to the Treasury Committee each month. The Group also monitors the creditworthiness
of its lenders to ensure that commitments under its facilities are available as needed.
At 31 December 2025 the Group had a total of $19m of cash held on bank accounts with banks rated below A- (2024: $16m). The highest
concentration with any single bank rated below A- was $2m (2024: $1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "(c) Market risk
Foreign exchange risk
The Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
currency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling-denominated
profits from UK operations are exceeded by sterling-denominated Group central costs. This means that approximately 106% of Group operating
profit is generated in foreign currencies.
The Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
in\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
currency exposures in excess of $15m that are not covered by debt or assets in the same (or another highly correlated) currency, as long as
it\u00a0makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly basis.
Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
transactions are covered by ISDA documentation.
The most significant foreign currency groups are euros and US dollars, which make up 50% and 35% of Group operating profit respectively.
At 31 December 2025 the Group\u2019s net debt was approximately 69% US dollar (2024: 63%), 18% euro (2024: 26%) and 13% debt in other currencies,
including pound sterling (2024: 11%). The translation of the interest element of euro and US dollar debt provides a partial income statement offset
to the translation of earnings.
The Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
foreign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the euro. A 10% movement
in \u20ac/$ would result in a $39m increase/decrease in operating profit and a $58m increase/decrease in other comprehensive income. The other
comprehensive income impact also includes the offsetting impact from financial instruments used to hedge the retranslation of euro net
investment in subsidiaries, which is $51m. Where possible, currency cash flows are used to settle liabilities in the same currency in preference
to\u00a0selling currency in the market.
The results of the sensitivity analysis should not be considered as projections of likely future events, gains or losses as actual results in the future
may differ materially due to developments in the global financial markets which may cause fluctuations in exchange rates to vary from
hypothetical amounts disclosed above.
Comparative figures to foreign exchange risk sensitivity are not disclosed in the Annual Report 2025. Due to the presentational currency change
of the Group that is applied prospectively from 1 January 2025, it would not be practicable to compare the re-presented results of the data prior
to the presentational currency change with the results of the sensitivity analysis for the Annual Report 2025.
Interest rate risk
The Group seeks to manage interest rate risk to ensure reasonable certainty of its interest charge while allowing an element of risk exposure
consistent with the variability of its cash flows. Interest rate risk is managed by the use of fixed interest debt and interest rate derivatives, which
are approved in advance by the Treasury Committee. The Group policy is to fix a minimum of 50% of its estimated future interest rate exposures
(excluding pensions) for a minimum period of 12 months forward. The Treasury Committee reviews this exposure monthly.
A hypothetical 1.0% increase in euro interest rates would reduce the market value of the Group\u2019s bond liabilities by $61m at 31 December 2025
(2024: $76m). The income statement impact is $nil as changes in interest rates do not change the expected cash flows on the bonds.
A hypothetical 1.0% increase in pound sterling interest rates would reduce the market value of the Group\u2019s bond liabilities by $27m at
31\u00a0December 2025 (2024: $28m). The income statement impact is $nil (2024: $nil).
A hypothetical 1.0% increase in US dollar interest rates would reduce the market value of the Group\u2019s bond liabilities by $63m at 31 December
2025 (2024: $nil). The income statement impact is $3m (2024: $3m) as certain leases are denominated in US dollars with floating interest rates.
(Note that the $700m term loan was 37.5% hedged on a weighted average basis in 2024).
The Group had outstanding bond debt issues at 31 December 2025 with a fair market value of $4,814m (2024: $3,105m). This is above the book
value of $4,748m (2024: $3,122m) as a result of decreases in interest rates in the UK, USA, and Europe. There are no circumstances where the
Group would be obliged to pay the fair market value. The Group could however decide to redeem some or all of its bonds early and the fair
market value is indicative of the price that would be required to do so.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Foreign exchange risk
The Group\u2019s worldwide operations generate profits and cash flows in foreign currencies. Sales and purchases are typically denominated in the
currency of the country in which they are transacted, and the Group\u2019s cross-border procurement is considered insignificant. Sterling-denominated
profits from UK operations are exceeded by sterling-denominated Group central costs. This means that approximately 106% of Group operating
profit is generated in foreign currencies.
The Group\u2019s primary exposure to foreign exchange risk is in relation to the translation of assets and liabilities, and the Group aims to hold debt
in\u00a0currencies in proportion to its forecast foreign currency profits and cash flows. Foreign exchange derivatives are used to manage foreign
currency exposures in excess of $15m that are not covered by debt or assets in the same (or another highly correlated) currency, as long as
it\u00a0makes sense from an economic perspective to do so. The Treasury Committee monitors foreign exchange exposures on a monthly basis.
Dealing in foreign exchange products is controlled by dealing mandates approved by the Treasury Committee and all foreign exchange
transactions are covered by ISDA documentation.
The most significant foreign currency groups are euros and US dollars, which make up 50% and 35% of Group operating profit respectively.
At 31 December 2025 the Group\u2019s net debt was approximately 69% US dollar (2024: 63%), 18% euro (2024: 26%) and 13% debt in other currencies,
including pound sterling (2024: 11%). The translation of the interest element of euro and US dollar debt provides a partial income statement offset
to the translation of earnings.
The Group calculates a hypothetical foreign exchange impact on the income statement and foreign currency translation of net investments in
foreign subsidiaries for a 10% movement in foreign exchange rates. The Group\u2019s principal foreign currency exposure is the euro. A 10% movement
in \u20ac/$ would result in a $39m increase/decrease in operating profit and a $58m increase/decrease in other comprehensive income. The other
comprehensive income impact also includes the offsetting impact from financial instruments used to hedge the retranslation of euro net
investment in subsidiaries, which is $51m. Where possible, currency cash flows are used to settle liabilities in the same currency in preference
to\u00a0selling currency in the market.
The results of the sensitivity analysis should not be considered as projections of likely future events, gains or losses as actual results in the future
may differ materially due to developments in the global financial markets which may cause fluctuations in exchange rates to vary from
hypothetical amounts disclosed above.
Comparative figures to foreign exchange risk sensitivity are not disclosed in the Annual Report 2025. Due to the presentational currency change
of the Group that is applied prospectively from 1 January 2025, it would not be practicable to compare the re-presented results of the data prior
to the presentational currency change with the results of the sensitivity analysis for the Annual Report 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "(d) Capital risk
The Group is committed to maintaining a debt/equity structure that allows continued access to a broad range of financing sources and sufficient
flexibility to pursue commercial opportunities as they present themselves, without onerous financing terms and conditions. The Group\u2019s policy is
to maintain a strong capital base so as to maintain investor, creditor, and market confidence and to support the Group\u2019s strategy. The Group uses
S&P\u2019s and Fitch\u2019s ratings methodologies for a BBB issuer to manage its capital risk. In the event that a ratings downgrade is likely, net debt can
be\u00a0managed by reducing or suspending dividends, M&A spend, and capital expenditure. The Group would also consider raising additional equity
to protect its BBB rating.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "C2. Net debt
Net debt is used to assess the Group\u2019s financial capacity. Net debt is not a measure defined by IFRS. Management defines net debt as the total\u00a0of
bank and other borrowings, lease liabilities, other investments, fair value of debt-related derivatives, and cash and cash equivalents (as\u00a0presented
in the Consolidated Balance Sheet).
Closing net debt comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
\u00a0
Notes
$m
$m
Current
\u00a0\u00a0\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
C3
\u00a02,319\u00a0
\u00a01,158\u00a0
Other investments
1
C4
\u00a02\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a056\u00a0
(3)\u00a0
Bank and other short-term borrowings
2
\u00a0
(1,411)\u00a0
(1,460)\u00a0
Lease liabilities
B4
(171)\u00a0
(163)\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a0103\u00a0
(29)\u00a0
Bank and other long-term borrowings
3
\u00a0
(4,156)\u00a0
(3,127)\u00a0
Lease liabilities
B4
(392)\u00a0
(394)\u00a0
Total net debt
\u00a0
(3,650)\u00a0
(4,017)\u00a0
\n
1.
Net debt excludes other investments which are non-cash, such as the investment in unlisted shares.
2. Bank and other short-term borrowings consists of $586m bond debt (2024: $nil), $730m overdraft (2024: $692m), $30m\u00a0loans (2024:\u00a0$720m), and $65m bond accruals (2024: $48m).
3.
Bank and other long-term borrowings consists of $4,155m bond debt (2024: $3,122m) and $1m loans (2024:\u00a0$5m).
The currency split and cash flows of bank, other borrowings, and debt-related derivatives are as follows:
\n\n \n
2025
2024
$m
$m
Pound sterling
\u00a01,265\u00a0
\u00a01,153\u00a0
Euro
\u00a01,243\u00a0
\u00a01,093\u00a0
US dollar
\u00a02,860\u00a0
\u00a02,362\u00a0
Other currencies
\u00a040\u00a0
\u00a011\u00a0
Carrying value
\u00a05,408\u00a0
\u00a04,619\u00a0
Effect of discounting
\u00a0844\u00a0
\u00a0484\u00a0
Undiscounted value
\u00a06,252\u00a0
\u00a05,103\u00a0
Analysis of undiscounted cash flows of bank and other borrowings:
Less than one year
\u00a01,461\u00a0
\u00a01,565\u00a0
Between one and five years
\u00a03,573\u00a0
\u00a02,314\u00a0
More than five years
\u00a01,218\u00a0
\u00a01,224\u00a0
Future minimum payments
\u00a06,252\u00a0
\u00a05,103\u00a0
\n
Reconciliation of net change in cash and cash equivalents to net debt:
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2025
flows
acquisitions)
and other)
2025
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,460)\u00a0
\u00a0700\u00a0
(65)\u00a0
(586)\u00a0
(1,411)\u00a0
Bank and other long-term borrowings
(3,127)\u00a0
(1,232)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0203\u00a0
(4,156)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0223\u00a0
(176)\u00a0
(53)\u00a0
(563)\u00a0
Other investments
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Fair value of debt-related derivatives
(32)\u00a0
\u00a039\u00a0
(58)\u00a0
\u00a0210\u00a0
\u00a0159\u00a0
Gross debt
(5,175)\u00a0
(269)\u00a0
(299)\u00a0
(226)\u00a0
(5,969)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,158\u00a0
\u00a01,161\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
Net debt
(4,017)\u00a0
\u00a0892\u00a0
(299)\u00a0
(226)\u00a0
(3,650)\u00a0
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2024
flows
acquisitions)
and other)
2024
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,444)\u00a0
\u00a0769\u00a0
(126)\u00a0
(659)\u00a0
(1,460)\u00a0
Bank and other long-term borrowings
(4,016)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0889\u00a0
(3,127)\u00a0
Lease liabilities
B4
(567)\u00a0
\u00a0216\u00a0
(186)\u00a0
(20)\u00a0
(557)\u00a0
Other investments
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(0)\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a029\u00a0
\u00a087\u00a0
(9)\u00a0
(139)\u00a0
(32)\u00a0
Gross debt
(5,997)\u00a0
\u00a01,072\u00a0
(321)\u00a0
\u00a071\u00a0
(5,175)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,989\u00a0
(814)\u00a0
\u00a0\u2013\u00a0
\u00a0
(17)\u00a0
\u00a01,158\u00a0
Net debt
(4,008)\u00a0
\u00a0258\u00a0
(321)\u00a0
\u00a054\u00a0
(4,017)\u00a0
\n
Included within the net decrease in cash and cash equivalents is $9m (2024: $11m) cash paid on debt-related foreign exchange forward contracts
\n
(which is included within financing activities in\u00a0the\u00a0Consolidated Cash Flow Statement).
\n
The total cash inflow in borrowings of $532m (2024: $464m outflow) includes $1,232m proceeds from new debt (included in financing activities)
\n
(2024:$nil) and $700m debt repayment (included in financing activities) (2024: $464m).
\n
The derivatives cash outflow of $39m (2024: $85m outflow) includes $9m (2024: $49m outflow) of cash paid on debt-related foreign exchange
\n
swaps (included in financing activities) and $30m (2024: $36m) interest paid (included in operating activities).
\n
The cash outflow of $223m from lease liabilities (2024: $216m) includes $192m (2024: $185m) capital paid (included within financing activities)
\n
and $31m (2024: $31m) interest paid (included in operating activities).
\n
Fair value is equal to carrying value for all elements of net debt with the exception of bond debt which has a carrying value of $4,748m
\n
(2024:\u00a0$3,122m) and a fair value of $4,814m (2024: $3,105m).
The Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset.
Derivative financial instruments held with the same bank and have a legal right to offset are shown net. The following table shows the effect of
offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2025
2025
2025
2025
2025
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a02,319\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
(730)\u00a0
\u00a01,589\u00a0
Trade and other receivables
1
A3
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
Other financial assets
C4
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Derivative financial instruments
C6
\u00a0182\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0182\u00a0
(21)\u00a0
\u00a0161\u00a0
Total
\u00a0
\u00a03,622\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03,622\u00a0
(751)\u00a0
\u00a02,871\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
Borrowings
C2
(5,567)\u00a0
\u00a0\u2013\u00a0
\u00a0
(5,567)\u00a0
\u00a0730\u00a0
(4,837)\u00a0
Lease liabilities
B4
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
Derivative financial instruments
C6
(23)\u00a0
\u00a0\u2013\u00a0
\u00a0
(23)\u00a0
\u00a021\u00a0
(2)\u00a0
Total
\u00a0
(7,190)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7,190)\u00a0
\u00a0751\u00a0
(6,439)\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2024
2024
2024
2024
2024
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a01,158\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,158\u00a0
(691)\u00a0
\u00a0467\u00a0
Trade and other receivables
1
A3
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
Other financial assets
C4
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Derivative financial instruments
C6
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
(2)\u00a0
\u00a06\u00a0
Total
\u00a0
\u00a02,278\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,278\u00a0
(693)\u00a0
\u00a01,585\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
Borrowings
C2
(4,587)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4,587)\u00a0
\u00a0691\u00a0
(3,896)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
Derivative financial instruments
C6
(40)\u00a0
\u00a0\u2013\u00a0
\u00a0
(40)\u00a0
\u00a02\u00a0
(38)\u00a0
Total
\u00a0
(6,244)\u00a0
\u00a0\u2013\u00a0
\u00a0
(6,244)\u00a0
\u00a0693\u00a0
(5,551)\u00a0
\n
1.
Trade and other receivables exclude prepayments of $84m (2024: $96m).
2. Trade and other payables exclude social security and other taxes of $109m (2024: $114m) and contract liabilities of $292m (2024: $312m). ", "dimensions": { "concept": "rto:DisclosureOfNetDebtTextBlock", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "C2. Net debt
Net debt is used to assess the Group\u2019s financial capacity. Net debt is not a measure defined by IFRS. Management defines net debt as the total\u00a0of
bank and other borrowings, lease liabilities, other investments, fair value of debt-related derivatives, and cash and cash equivalents (as\u00a0presented
in the Consolidated Balance Sheet).
Closing net debt comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
\u00a0
Notes
$m
$m
Current
\u00a0\u00a0\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
C3
\u00a02,319\u00a0
\u00a01,158\u00a0
Other investments
1
C4
\u00a02\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a056\u00a0
(3)\u00a0
Bank and other short-term borrowings
2
\u00a0
(1,411)\u00a0
(1,460)\u00a0
Lease liabilities
B4
(171)\u00a0
(163)\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a0103\u00a0
(29)\u00a0
Bank and other long-term borrowings
3
\u00a0
(4,156)\u00a0
(3,127)\u00a0
Lease liabilities
B4
(392)\u00a0
(394)\u00a0
Total net debt
\u00a0
(3,650)\u00a0
(4,017)\u00a0
\n
1.
Net debt excludes other investments which are non-cash, such as the investment in unlisted shares.
2. Bank and other short-term borrowings consists of $586m bond debt (2024: $nil), $730m overdraft (2024: $692m), $30m\u00a0loans (2024:\u00a0$720m), and $65m bond accruals (2024: $48m).
3.
Bank and other long-term borrowings consists of $4,155m bond debt (2024: $3,122m) and $1m loans (2024:\u00a0$5m).
The currency split and cash flows of bank, other borrowings, and debt-related derivatives are as follows:
\n\n \n
2025
2024
$m
$m
Pound sterling
\u00a01,265\u00a0
\u00a01,153\u00a0
Euro
\u00a01,243\u00a0
\u00a01,093\u00a0
US dollar
\u00a02,860\u00a0
\u00a02,362\u00a0
Other currencies
\u00a040\u00a0
\u00a011\u00a0
Carrying value
\u00a05,408\u00a0
\u00a04,619\u00a0
Effect of discounting
\u00a0844\u00a0
\u00a0484\u00a0
Undiscounted value
\u00a06,252\u00a0
\u00a05,103\u00a0
Analysis of undiscounted cash flows of bank and other borrowings:
Less than one year
\u00a01,461\u00a0
\u00a01,565\u00a0
Between one and five years
\u00a03,573\u00a0
\u00a02,314\u00a0
More than five years
\u00a01,218\u00a0
\u00a01,224\u00a0
Future minimum payments
\u00a06,252\u00a0
\u00a05,103\u00a0
\n
Reconciliation of net change in cash and cash equivalents to net debt:
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2025
flows
acquisitions)
and other)
2025
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,460)\u00a0
\u00a0700\u00a0
(65)\u00a0
(586)\u00a0
(1,411)\u00a0
Bank and other long-term borrowings
(3,127)\u00a0
(1,232)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0203\u00a0
(4,156)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0223\u00a0
(176)\u00a0
(53)\u00a0
(563)\u00a0
Other investments
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Fair value of debt-related derivatives
(32)\u00a0
\u00a039\u00a0
(58)\u00a0
\u00a0210\u00a0
\u00a0159\u00a0
Gross debt
(5,175)\u00a0
(269)\u00a0
(299)\u00a0
(226)\u00a0
(5,969)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,158\u00a0
\u00a01,161\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
Net debt
(4,017)\u00a0
\u00a0892\u00a0
(299)\u00a0
(226)\u00a0
(3,650)\u00a0
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2024
flows
acquisitions)
and other)
2024
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,444)\u00a0
\u00a0769\u00a0
(126)\u00a0
(659)\u00a0
(1,460)\u00a0
Bank and other long-term borrowings
(4,016)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0889\u00a0
(3,127)\u00a0
Lease liabilities
B4
(567)\u00a0
\u00a0216\u00a0
(186)\u00a0
(20)\u00a0
(557)\u00a0
Other investments
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(0)\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a029\u00a0
\u00a087\u00a0
(9)\u00a0
(139)\u00a0
(32)\u00a0
Gross debt
(5,997)\u00a0
\u00a01,072\u00a0
(321)\u00a0
\u00a071\u00a0
(5,175)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,989\u00a0
(814)\u00a0
\u00a0\u2013\u00a0
\u00a0
(17)\u00a0
\u00a01,158\u00a0
Net debt
(4,008)\u00a0
\u00a0258\u00a0
(321)\u00a0
\u00a054\u00a0
(4,017)\u00a0
\n
Included within the net decrease in cash and cash equivalents is $9m (2024: $11m) cash paid on debt-related foreign exchange forward contracts
\n
(which is included within financing activities in\u00a0the\u00a0Consolidated Cash Flow Statement).
\n
The total cash inflow in borrowings of $532m (2024: $464m outflow) includes $1,232m proceeds from new debt (included in financing activities)
\n
(2024:$nil) and $700m debt repayment (included in financing activities) (2024: $464m).
\n
The derivatives cash outflow of $39m (2024: $85m outflow) includes $9m (2024: $49m outflow) of cash paid on debt-related foreign exchange
\n
swaps (included in financing activities) and $30m (2024: $36m) interest paid (included in operating activities).
\n
The cash outflow of $223m from lease liabilities (2024: $216m) includes $192m (2024: $185m) capital paid (included within financing activities)
\n
and $31m (2024: $31m) interest paid (included in operating activities).
\n
Fair value is equal to carrying value for all elements of net debt with the exception of bond debt which has a carrying value of $4,748m
\n
(2024:\u00a0$3,122m) and a fair value of $4,814m (2024: $3,105m).
The Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset.
Derivative financial instruments held with the same bank and have a legal right to offset are shown net. The following table shows the effect of
offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2025
2025
2025
2025
2025
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a02,319\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
(730)\u00a0
\u00a01,589\u00a0
Trade and other receivables
1
A3
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
Other financial assets
C4
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Derivative financial instruments
C6
\u00a0182\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0182\u00a0
(21)\u00a0
\u00a0161\u00a0
Total
\u00a0
\u00a03,622\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03,622\u00a0
(751)\u00a0
\u00a02,871\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
Borrowings
C2
(5,567)\u00a0
\u00a0\u2013\u00a0
\u00a0
(5,567)\u00a0
\u00a0730\u00a0
(4,837)\u00a0
Lease liabilities
B4
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
Derivative financial instruments
C6
(23)\u00a0
\u00a0\u2013\u00a0
\u00a0
(23)\u00a0
\u00a021\u00a0
(2)\u00a0
Total
\u00a0
(7,190)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7,190)\u00a0
\u00a0751\u00a0
(6,439)\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2024
2024
2024
2024
2024
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a01,158\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,158\u00a0
(691)\u00a0
\u00a0467\u00a0
Trade and other receivables
1
A3
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
Other financial assets
C4
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Derivative financial instruments
C6
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
(2)\u00a0
\u00a06\u00a0
Total
\u00a0
\u00a02,278\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,278\u00a0
(693)\u00a0
\u00a01,585\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
Borrowings
C2
(4,587)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4,587)\u00a0
\u00a0691\u00a0
(3,896)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
Derivative financial instruments
C6
(40)\u00a0
\u00a0\u2013\u00a0
\u00a0
(40)\u00a0
\u00a02\u00a0
(38)\u00a0
Total
\u00a0
(6,244)\u00a0
\u00a0\u2013\u00a0
\u00a0
(6,244)\u00a0
\u00a0693\u00a0
(5,551)\u00a0
\n
1.
Trade and other receivables exclude prepayments of $84m (2024: $96m).
2. Trade and other payables exclude social security and other taxes of $109m (2024: $114m) and contract liabilities of $292m (2024: $312m). C7. Analysis of bank and bond debt
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group
has a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.
The Group\u2019s bank debt facilities 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Facility
Drawn at
\u00a0
Interest rate
Facility
Drawn at
\u00a0
Interest rate
\u00a0
amount
year end
Headroom
at year end
amount
year end
Headroom
at year end
\u00a0
2025
2025
2025
2025
2024
2024
2024
2024
\u00a0
$m
$m
$m
%
$m
$m
$m
%
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
$700m term Loan due October\u00a02025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(repaid April 2025)
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0700\u00a0
\u00a0700\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a05.18\u00a0
$50m term loan due May 2025
(ended
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
April 2025)
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a050\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a050\u00a0
\u00a00.21\u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
$1.0bn RCF due October 2029
\u00a01,000\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,000\u00a0
\u00a00.14\u00a0
\u00a01,000\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,000\u00a0
\u00a00.14\u00a0
\n
During April 2025, the Group fully repaid the $700m term loan with proceeds from new bonds (totalling $1.25bn) issued and terminated the $50m
term loan.
The Revolving Credit Facility (RCF) remained undrawn throughout 2024 and 2025. There are no financial covenants associated with the RCF
or\u00a0any other debt facility.
Medium-term notes and bond debt comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Bond interest
Effective hedged
Bond interest
Effective hedged
\u00a0
coupon
interest rate
coupon
interest rate
\u00a0
2025
2025
2024
2024
Current
\u00a0\u00a0\u00a0\u00a0
\u20ac500m bond due May 2026
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 2.73%\u00a0
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 2.72%\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20ac850m bond due June 2027
\u00a0Fixed 3.875%\u00a0
\u00a0Fixed 4.81%\u00a0
\u00a0Fixed 3.875%\u00a0
\u00a0Fixed 5.05%\u00a0
\u20ac600m bond due October 2028
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 2.17%\u00a0
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 2.17%\u00a0
\u20ac600m bond due June 2030
1
\u00a0Fixed 4.375%\u00a0
\u00a0Fixed 4.55%\u00a0
\u00a0Fixed 4.375%\u00a0
\u00a0Fixed 4.67%\u00a0
\u00a3400m bond due June 2032
1
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.35%\u00a0
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.30%\u00a0
$750m bond due April 2030\u00b2
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.20%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
$500m
bond due April 2035\u00b2
\u00a0Fixed 5.625%\u00a0
\u00a0Fixed 5.73%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Average cost of bond debt at year-end rates
\u00a0
\u00a0
4.38%
\u00a0
4.16%
\n
1.
Bonds not in hedging relationship in 2024.
2. Bonds not in hedging relationship in 2025.
During April 2025, the Group issued two new bonds totalling $1.25bn, consisting of $750m due 2030 and $500m due 2035. Part of the proceeds
was used to settle the $700m term loan.
On 2 March 2026, Rentokil Initial plc redeemed in full the \u20ac500m 0.8750% Senior Unsecured Notes due 30 May 2026, at their principal amount
together with accrued interest. The redemption was carried out in accordance with the terms and conditions of the notes.
The effective hedged interest rate reflects the interest rate payable after the impact of interest due from cross-currency swaps. The Group\u2019s
hedging strategy is to hold foreign currency debt in proportion to foreign currency profit and cash flows, which are mainly in euro and US dollar.
As a result, the Group has swapped a portion of the bonds it has issued into US dollars, thus increasing the effective hedged interest rate.
The Group considers the fair value of other current liabilities to be equal to the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "C2. Net debt
Net debt is used to assess the Group\u2019s financial capacity. Net debt is not a measure defined by IFRS. Management defines net debt as the total\u00a0of
bank and other borrowings, lease liabilities, other investments, fair value of debt-related derivatives, and cash and cash equivalents (as\u00a0presented
in the Consolidated Balance Sheet).
Closing net debt comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
\u00a0
Notes
$m
$m
Current
\u00a0\u00a0\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
C3
\u00a02,319\u00a0
\u00a01,158\u00a0
Other investments
1
C4
\u00a02\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a056\u00a0
(3)\u00a0
Bank and other short-term borrowings
2
\u00a0
(1,411)\u00a0
(1,460)\u00a0
Lease liabilities
B4
(171)\u00a0
(163)\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Fair value of debt-related derivatives
\u00a0
\u00a0103\u00a0
(29)\u00a0
Bank and other long-term borrowings
3
\u00a0
(4,156)\u00a0
(3,127)\u00a0
Lease liabilities
B4
(392)\u00a0
(394)\u00a0
Total net debt
\u00a0
(3,650)\u00a0
(4,017)\u00a0
\n
1.
Net debt excludes other investments which are non-cash, such as the investment in unlisted shares.
2. Bank and other short-term borrowings consists of $586m bond debt (2024: $nil), $730m overdraft (2024: $692m), $30m\u00a0loans (2024:\u00a0$720m), and $65m bond accruals (2024: $48m).
3.
Bank and other long-term borrowings consists of $4,155m bond debt (2024: $3,122m) and $1m loans (2024:\u00a0$5m).
The currency split and cash flows of bank, other borrowings, and debt-related derivatives are as follows:
\n\n \n
2025
2024
$m
$m
Pound sterling
\u00a01,265\u00a0
\u00a01,153\u00a0
Euro
\u00a01,243\u00a0
\u00a01,093\u00a0
US dollar
\u00a02,860\u00a0
\u00a02,362\u00a0
Other currencies
\u00a040\u00a0
\u00a011\u00a0
Carrying value
\u00a05,408\u00a0
\u00a04,619\u00a0
Effect of discounting
\u00a0844\u00a0
\u00a0484\u00a0
Undiscounted value
\u00a06,252\u00a0
\u00a05,103\u00a0
Analysis of undiscounted cash flows of bank and other borrowings:
Less than one year
\u00a01,461\u00a0
\u00a01,565\u00a0
Between one and five years
\u00a03,573\u00a0
\u00a02,314\u00a0
More than five years
\u00a01,218\u00a0
\u00a01,224\u00a0
Future minimum payments
\u00a06,252\u00a0
\u00a05,103\u00a0
\n
Reconciliation of net change in cash and cash equivalents to net debt:
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2025
flows
acquisitions)
and other)
2025
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,460)\u00a0
\u00a0700\u00a0
(65)\u00a0
(586)\u00a0
(1,411)\u00a0
Bank and other long-term borrowings
(3,127)\u00a0
(1,232)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0203\u00a0
(4,156)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0223\u00a0
(176)\u00a0
(53)\u00a0
(563)\u00a0
Other investments
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Fair value of debt-related derivatives
(32)\u00a0
\u00a039\u00a0
(58)\u00a0
\u00a0210\u00a0
\u00a0159\u00a0
Gross debt
(5,175)\u00a0
(269)\u00a0
(299)\u00a0
(226)\u00a0
(5,969)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,158\u00a0
\u00a01,161\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
Net debt
(4,017)\u00a0
\u00a0892\u00a0
(299)\u00a0
(226)\u00a0
(3,650)\u00a0
\n\n \n
Non-cash
Non-cash
(fair value
(foreign
changes,
exchange,
Opening
Cash
accruals and
additions
Closing
2024
flows
acquisitions)
and other)
2024
Notes
$m
$m
$m
$m
$m
Bank and other short-term borrowings
(1,444)\u00a0
\u00a0769\u00a0
(126)\u00a0
(659)\u00a0
(1,460)\u00a0
Bank and other long-term borrowings
(4,016)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0889\u00a0
(3,127)\u00a0
Lease liabilities
B4
(567)\u00a0
\u00a0216\u00a0
(186)\u00a0
(20)\u00a0
(557)\u00a0
Other investments
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(0)\u00a0
\u00a01\u00a0
Fair value of debt-related derivatives
\u00a029\u00a0
\u00a087\u00a0
(9)\u00a0
(139)\u00a0
(32)\u00a0
Gross debt
(5,997)\u00a0
\u00a01,072\u00a0
(321)\u00a0
\u00a071\u00a0
(5,175)\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a01,989\u00a0
(814)\u00a0
\u00a0\u2013\u00a0
\u00a0
(17)\u00a0
\u00a01,158\u00a0
Net debt
(4,008)\u00a0
\u00a0258\u00a0
(321)\u00a0
\u00a054\u00a0
(4,017)\u00a0
\n
Included within the net decrease in cash and cash equivalents is $9m (2024: $11m) cash paid on debt-related foreign exchange forward contracts
\n
(which is included within financing activities in\u00a0the\u00a0Consolidated Cash Flow Statement).
\n
The total cash inflow in borrowings of $532m (2024: $464m outflow) includes $1,232m proceeds from new debt (included in financing activities)
\n
(2024:$nil) and $700m debt repayment (included in financing activities) (2024: $464m).
\n
The derivatives cash outflow of $39m (2024: $85m outflow) includes $9m (2024: $49m outflow) of cash paid on debt-related foreign exchange
\n
swaps (included in financing activities) and $30m (2024: $36m) interest paid (included in operating activities).
\n
The cash outflow of $223m from lease liabilities (2024: $216m) includes $192m (2024: $185m) capital paid (included within financing activities)
\n
and $31m (2024: $31m) interest paid (included in operating activities).
\n
Fair value is equal to carrying value for all elements of net debt with the exception of bond debt which has a carrying value of $4,748m
\n
(2024:\u00a0$3,122m) and a fair value of $4,814m (2024: $3,105m).
The Group operates notional pooling arrangements whereby cash balances and overdrafts held within the same bank have a legal right of offset.
Derivative financial instruments held with the same bank and have a legal right to offset are shown net. The following table shows the effect of
offsetting in the balance sheet due to financial instruments subject to enforceable netting arrangements:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2025
2025
2025
2025
2025
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a02,319\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,319\u00a0
(730)\u00a0
\u00a01,589\u00a0
Trade and other receivables
1
A3
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,119\u00a0
Other financial assets
C4
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
Derivative financial instruments
C6
\u00a0182\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0182\u00a0
(21)\u00a0
\u00a0161\u00a0
Total
\u00a0
\u00a03,622\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03,622\u00a0
(751)\u00a0
\u00a02,871\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,037)\u00a0
Borrowings
C2
(5,567)\u00a0
\u00a0\u2013\u00a0
\u00a0
(5,567)\u00a0
\u00a0730\u00a0
(4,837)\u00a0
Lease liabilities
B4
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
\u00a0\u2013\u00a0
\u00a0
(563)\u00a0
Derivative financial instruments
C6
(23)\u00a0
\u00a0\u2013\u00a0
\u00a0
(23)\u00a0
\u00a021\u00a0
(2)\u00a0
Total
\u00a0
(7,190)\u00a0
\u00a0\u2013\u00a0
\u00a0
(7,190)\u00a0
\u00a0751\u00a0
(6,439)\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Gross amounts
Net amounts
Amount subject
\u00a0
\u00a0 \u00a0 \u00a0
set off in the
presented in the
to master netting
\u00a0
\u00a0 \u00a0
Gross amount
balance sheet
balance sheet
arrangement
Net amount
\u00a0 \u00a0
2024
2024
2024
2024
2024
\u00a0
Notes
$m
$m
$m
$m
$m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
C3
\u00a01,158\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,158\u00a0
(691)\u00a0
\u00a0467\u00a0
Trade and other receivables
1
A3
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,112\u00a0
Other financial assets
C4
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Derivative financial instruments
C6
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
(2)\u00a0
\u00a06\u00a0
Total
\u00a0
\u00a02,278\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,278\u00a0
(693)\u00a0
\u00a01,585\u00a0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade and other payables
2
A5
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
\u00a0\u2013\u00a0
\u00a0
(1,060)\u00a0
Borrowings
C2
(4,587)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4,587)\u00a0
\u00a0691\u00a0
(3,896)\u00a0
Lease liabilities
B4
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
\u00a0\u2013\u00a0
\u00a0
(557)\u00a0
Derivative financial instruments
C6
(40)\u00a0
\u00a0\u2013\u00a0
\u00a0
(40)\u00a0
\u00a02\u00a0
(38)\u00a0
Total
\u00a0
(6,244)\u00a0
\u00a0\u2013\u00a0
\u00a0
(6,244)\u00a0
\u00a0693\u00a0
(5,551)\u00a0
\n
1.
Trade and other receivables exclude prepayments of $84m (2024: $96m).
2. Trade and other payables exclude social security and other taxes of $109m (2024: $114m) and contract liabilities of $292m (2024: $312m). C7. Analysis of bank and bond debt
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group
has a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.
The Group\u2019s bank debt facilities 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\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Facility
Drawn at
\u00a0
Interest rate
Facility
Drawn at
\u00a0
Interest rate
\u00a0
amount
year end
Headroom
at year end
amount
year end
Headroom
at year end
\u00a0
2025
2025
2025
2025
2024
2024
2024
2024
\u00a0
$m
$m
$m
%
$m
$m
$m
%
Current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
$700m term Loan due October\u00a02025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(repaid April 2025)
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0700\u00a0
\u00a0700\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a05.18\u00a0
$50m term loan due May 2025
(ended
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
April 2025)
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a050\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a050\u00a0
\u00a00.21\u00a0
Non-current
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
$1.0bn RCF due October 2029
\u00a01,000\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,000\u00a0
\u00a00.14\u00a0
\u00a01,000\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,000\u00a0
\u00a00.14\u00a0
\n
During April 2025, the Group fully repaid the $700m term loan with proceeds from new bonds (totalling $1.25bn) issued and terminated the $50m
term loan.
The Revolving Credit Facility (RCF) remained undrawn throughout 2024 and 2025. There are no financial covenants associated with the RCF
or\u00a0any other debt facility.
Medium-term notes and bond debt comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Bond interest
Effective hedged
Bond interest
Effective hedged
\u00a0
coupon
interest rate
coupon
interest rate
\u00a0
2025
2025
2024
2024
Current
\u00a0\u00a0\u00a0\u00a0
\u20ac500m bond due May 2026
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 2.73%\u00a0
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 2.72%\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u20ac850m bond due June 2027
\u00a0Fixed 3.875%\u00a0
\u00a0Fixed 4.81%\u00a0
\u00a0Fixed 3.875%\u00a0
\u00a0Fixed 5.05%\u00a0
\u20ac600m bond due October 2028
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 2.17%\u00a0
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 2.17%\u00a0
\u20ac600m bond due June 2030
1
\u00a0Fixed 4.375%\u00a0
\u00a0Fixed 4.55%\u00a0
\u00a0Fixed 4.375%\u00a0
\u00a0Fixed 4.67%\u00a0
\u00a3400m bond due June 2032
1
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.35%\u00a0
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.30%\u00a0
$750m bond due April 2030\u00b2
\u00a0Fixed 5.000%\u00a0
\u00a0Fixed 5.20%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
$500m
bond due April 2035\u00b2
\u00a0Fixed 5.625%\u00a0
\u00a0Fixed 5.73%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Average cost of bond debt at year-end rates
\u00a0
\u00a0
4.38%
\u00a0
4.16%
\n
1.
Bonds not in hedging relationship in 2024.
2. Bonds not in hedging relationship in 2025.
During April 2025, the Group issued two new bonds totalling $1.25bn, consisting of $750m due 2030 and $500m due 2035. Part of the proceeds
was used to settle the $700m term loan.
On 2 March 2026, Rentokil Initial plc redeemed in full the \u20ac500m 0.8750% Senior Unsecured Notes due 30 May 2026, at their principal amount
together with accrued interest. The redemption was carried out in accordance with the terms and conditions of the notes.
The effective hedged interest rate reflects the interest rate payable after the impact of interest due from cross-currency swaps. The Group\u2019s
hedging strategy is to hold foreign currency debt in proportion to foreign currency profit and cash flows, which are mainly in euro and US dollar.
As a result, the Group has swapped a portion of the bonds it has issued into US dollars, thus increasing the effective hedged interest rate.
The Group considers the fair value of other current liabilities to be equal to the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "C3. Cash and cash equivalents
Cash and cash equivalents include cash in hand, short-term bank deposits, and other short-term, highly liquid investments with original maturities
of three months or less (and subject to insignificant changes in value). In the cash flow statement, cash and cash equivalents are shown net
of\u00a0bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.
Cash at bank and in hand includes $25m (2024: $20m) of restricted cash. This cash is held in respect of specific contracts and can only be utilised
in line with terms under the contractual arrangements.
Cash at bank and in hand also includes $99m (2024: $89m) of cash held in countries with foreign exchange regulations. This cash is repatriated
to the UK where possible, if not required for operational purposes in country.
Fair value is equal to carrying value for all cash and cash equivalents.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Gross amounts
Gross amounts
\u00a0
2025
2024
\u00a0
$m
$m
Cash at bank and in hand
\u00a01,390\u00a0
\u00a0997\u00a0
Money market funds
\u00a0144\u00a0
\u00a030\u00a0
Short-term bank deposits
\u00a0785\u00a0
\u00a0131\u00a0
Cash and cash equivalents in the Consolidated Balance Sheet
\u00a02,319\u00a0
\u00a01,158\u00a0
Bank overdraft
(730)\u00a0
(691)\u00a0
Cash and cash equivalents in the Consolidated Cash Flow Statement
\u00a01,589\u00a0
\u00a0467\u00a0
\n
As far as it is practical to do so, cash balances are held centrally and are used first to repay borrowings under the Group\u2019s banking facilities before
being placed on deposit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00723": { "value": "Cash and cash equivalents include cash in hand, short-term bank deposits, and other short-term, highly liquid investments with original maturities
of three months or less (and subject to insignificant changes in value). In the cash flow statement, cash and cash equivalents are shown net
of\u00a0bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Cash at bank and in hand includes $25m (2024: $20m) of restricted cash. This cash is held in respect of specific contracts and can only be utilised in line with terms under the contractual arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "C4. Other investments
Other investments held at year end mainly comprised investments in unlisted shares in a joint venture based in the Cayman Islands and term
deposits maturing in more than three months from the date that the deposit was placed. The weighted average effective interest rate earned is
4.2% (2024: 6.3%), with $nil fixed for six months (2024: $1m) and $2m fixed for\u00a0six months to one year (2024: $1m). Fair value is equal to carrying
value for all other investments.
Financial assets are denominated in the following currencies:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Pound sterling
\u00a02\u00a0
\u00a01\u00a0
Other
\u00a025\u00a0
\u00a026\u00a0
\u00a0
\u00a027\u00a0
\u00a027\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a02\u00a0
\u00a01\u00a0
Non-current portion
\u00a025\u00a0
\u00a026\u00a0
\u00a0
\u00a027\u00a0
\u00a027\u00a0
\nNone of the financial assets are either past due or impaired in 2025 (2024: none). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "C5. Derivative \ufb01nancial instruments
Accounting for derivative \ufb01nancial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
are\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
Certain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
instruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
Changes in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
instruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge, or cash flow hedge.
When designating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value
related\u00a0to the cost of hedging is deferred in equity and amortised over the life of the hedged item.
(a) Fair value hedge
These instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
of\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in
the\u00a0fair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were two fair value hedges as at the year end date
(2024: nil).
The following fair value hedges were designated in June 2025 and remain in place as at 31 December 2025:
\u20ac600m bond (maturity June 2030) and \u00a3400m bond (maturity June 2032); the notional value of the hedging instruments designated equals the
notional of the hedged items, therefore the hedge ratio is considered to be 1:1. The carrying amount of the hedged items is included within
borrowings in the Consolidated Balance Sheet.
The fair value loss on the derivative recognised in the income statement during the year amounted to $5m; this is offset by the gain on the fair
value of the hedged items of $7m, resulting in a net fair value hedge gain of $2m.
(b) Net investment hedge
These instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
instrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
portion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated
in\u00a0other comprehensive income are recycled through the income statement. All currencies are directly hedged, therefore the hedge ratio
is\u00a0considered to be 1:1.
The Group expects that the values of the hedged item and hedging instrument will move in opposite directions in response to movements in the
same hedged risk. Where there are sufficient levels of denominated net assets, the critical terms are deemed to match.
The following net investment hedges were in place at 31 December 2025:
US dollar net investment hedge relationship: $1,627m (2024: $1,627m) cross-currency swaps notional, $nil (2024: $547m) loan notional and
$85m\u00a0(2024: $137m) cross-currency swaps future interest cash flows have been used to hedge $1,712m (2024: $2,310m) of the net assets of the
US operating subsidiaries. The movement in the cross-currency swaps due to changes in $/\u00a3 exchange rates are in the opposite direction of the
changes due to $/\u00a3 in the subsidiaries assets. As the critical terms match, their values will systematically change in the opposite direction of each
other. Thus we consider that this demonstrates the existence of an economic relationship.
Euro net investment hedge relationship: \u20ac434m (2024: \u20ac315m) bonds are used to hedge the net assets of the euro operating subsidiaries
totalling \u20ac434m (2024: \u20ac315m). The movement in the bonds due to changes in \u20ac/\u00a3 exchange rates are in the opposite direction of the changes
due to \u20ac/\u00a3 in the subsidiaries assets. As the critical terms match, their values will systematically change in the opposite direction of each other.
Thus we consider that this demonstrates the existence of an economic relationship.
Japanese yen (JPY) net investment hedge relationship: JPY2,000m (2024: JPY2,000m) cross-currency swap notional and JPY55m (2024:
JPY55m) cross-currency swaps future interest cash outflows have been used to hedge JPY2,055m (2024: JPY2,055m) of the net assets of the
Japanese associate. The movement in the cross-currency swaps due to changes in JPY/GBP exchange rates are in the opposite direction of the
changes due to JPY/GBP in the associate\u2019s assets. As the critical terms match, their values will systematically change in the opposite direction
of\u00a0each other. Thus we consider that this demonstrates the existence of an economic relationship.
During the year there was no gain or loss (2024: $nil) relating to ineffectiveness of net investment in foreign entity hedges. The main source of
ineffectiveness of the net investment hedge is the off-market value of the cross-currency swaps used to hedge US dollar net assets at the hedge
designation date. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and is expected to remain so due
to\u00a0the Group\u2019s policy of only using counterparties with a credit rating of A- and above.
For the year ended 31 December 2025, the amount in other comprehensive income related to net investment hedge accounting was a gain
of\u00a0$129m (2024: $22m loss; 2023: $136m gain).
The effect of the foreign currency-related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0USD\u00a0
\u00a0133\u00a0
(1,627)\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
\u00a0127\u00a0
\u00a0127\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.266\u00a0
October 2028\u00a0
Cross-currency swaps
\u00a0JPY\u00a0
\u00a01\u00a0
(13)\u00a0
\u00a0June 2027\u00a0
\u00a01:1\u00a0
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a0197.620\u00a0
Bonds
\u00a0EUR\u00a0
(518)\u00a0
(509)\u00a0\u00a0June 2027 \u2013 June
\u00a01:1\u00a0
(22)\u00a0
(22)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.162\u00a0
2030\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n\n \u00a0 \u00a0 \u00a0 \n \n
2024
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0USD\u00a0
\u00a06\u00a0
(1,627)\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
(6)\u00a0
(6)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.241\u00a0
October 2028\u00a0
Cross-currency swaps
\u00a0JPY\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
\u00a0June 2027\u00a0
\u00a01:1\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0169.747\u00a0
Bonds
\u00a0EUR\u00a0
(327)\u00a0
(327)\u00a0
\u00a0June 2027 \u2013 June
\u00a01:1\u00a0
\u00a020\u00a0
\u00a020\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.162\u00a0
2030\u00a0
Term loan
\u00a0USD\u00a0
(547)\u00a0
(547)\u00a0
\u00a0October 2025\u00a0
\u00a01:1\u00a0
\u00a08\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.110\u00a0
\n
The change in fair value of the outstanding hedging instrument differs from the amount recognised in other comprehensive income during the
year due to the impact of currency basis (excluded from the hedge relationship) and the foreign exchange impact of realised interest on the
hedging instrument (not reflected in the fair value change).
(c) Cash \ufb02ow hedge
These instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability.
The\u00a0portion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive
income. Any ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in other comprehensive
income are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event
that\u00a0the hedged item occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately
recognised in the income statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge
accounting, accumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the
forecast transaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all
currencies were directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019) in the table on page 188 in accordance with IFRS 9.
Where no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
The hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
same dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match
(i.e.\u00a0matching currencies, payment dates, and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative,
excluding any basis risk, will be considered to completely offset the changes in the hedged cash flow.
Any ineffectiveness on the cash flow hedge is taken directly to finance costs. During the year there was nil ineffectiveness (2024: $2m gain) from
those derivatives in a cash flow hedge relationship. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and
is expected to remain the same because the Group\u2019s counterparties credit rating is A- and above.
Cash flow hedge accounting has been applied to \u20ac500m (2024: \u20ac500m) of the \u20ac500m 2026 bond, \u20ac421m (2024: \u20ac421m) of the \u20ac850m 2027
bond and \u20ac600m (2024: \u20ac600m) of the \u20ac600m 2028 bond. The cross-currency interest rate swaps are used as hedging instruments to hedge
the volatility in the \u00a3/\u20ac exchange rate of the bonds. Partial cash flow hedge accounting (to June 2028) has also been applied to \u20ac600m (2024: nil)
of the \u20ac600m 2030 bond and \u00a3400m (2024: nil) of the \u00a3400m 2032 bond. The interest rate swaps are used as hedging instruments to hedge the
volatility in floating rate interest rates associated to swaps directly hedging the bond coupon payments. For the year ended 31 December 2025,
the amount in other comprehensive income related to cash flow hedge accounting was a loss of $31m (2024: $35m gain; 2023: $4m gain).
The effect of the foreign currency related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0EUR\u00a0
\u00a025\u00a0
\u00a01,785\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
\u00a061\u00a0
\u00a061\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.150\u00a0
October 2028\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n\n \u00a0 \u00a0 \u00a0 \n \n
2024
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
\u00a0Cross-currency swaps\u00a0
\u00a0EUR\u00a0
(34)\u00a0
\u00a01,574\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
(50)\u00a0
(47)\u00a0
(3)\u00a0
\u00a01.133\u00a0
October 2028\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n
Amount in cash flow hedge reserves related to continuing hedges is a gain of $12m (2024: $44m gain; 2023: $8m gain), and the amount related
to\u00a0discontinued hedges is $nil (2024: $nil; 2023: $nil).
The change in fair value of the outstanding hedging instrument differs from the amount recognised in other comprehensive income during the
year due to the impact of currency basis (excluded from the hedge relationship) and the spot retranslation element of the fair value movement
(which offsets the hedged item in the income statement).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "C5. Derivative \ufb01nancial instruments
Accounting for derivative \ufb01nancial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
are\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
Certain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
instruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
Changes in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
instruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge, or cash flow hedge.
When designating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value
related\u00a0to the cost of hedging is deferred in equity and amortised over the life of the hedged item.
(a) Fair value hedge
These instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
of\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in
the\u00a0fair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were two fair value hedges as at the year end date
(2024: nil).
The following fair value hedges were designated in June 2025 and remain in place as at 31 December 2025:
\u20ac600m bond (maturity June 2030) and \u00a3400m bond (maturity June 2032); the notional value of the hedging instruments designated equals the
notional of the hedged items, therefore the hedge ratio is considered to be 1:1. The carrying amount of the hedged items is included within
borrowings in the Consolidated Balance Sheet.
The fair value loss on the derivative recognised in the income statement during the year amounted to $5m; this is offset by the gain on the fair
value of the hedged items of $7m, resulting in a net fair value hedge gain of $2m.
(b) Net investment hedge
These instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
instrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
portion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated
in\u00a0other comprehensive income are recycled through the income statement. All currencies are directly hedged, therefore the hedge ratio
is\u00a0considered to be 1:1.
The Group expects that the values of the hedged item and hedging instrument will move in opposite directions in response to movements in the
same hedged risk. Where there are sufficient levels of denominated net assets, the critical terms are deemed to match.
The following net investment hedges were in place at 31 December 2025:
US dollar net investment hedge relationship: $1,627m (2024: $1,627m) cross-currency swaps notional, $nil (2024: $547m) loan notional and
$85m\u00a0(2024: $137m) cross-currency swaps future interest cash flows have been used to hedge $1,712m (2024: $2,310m) of the net assets of the
US operating subsidiaries. The movement in the cross-currency swaps due to changes in $/\u00a3 exchange rates are in the opposite direction of the
changes due to $/\u00a3 in the subsidiaries assets. As the critical terms match, their values will systematically change in the opposite direction of each
other. Thus we consider that this demonstrates the existence of an economic relationship.
Euro net investment hedge relationship: \u20ac434m (2024: \u20ac315m) bonds are used to hedge the net assets of the euro operating subsidiaries
totalling \u20ac434m (2024: \u20ac315m). The movement in the bonds due to changes in \u20ac/\u00a3 exchange rates are in the opposite direction of the changes
due to \u20ac/\u00a3 in the subsidiaries assets. As the critical terms match, their values will systematically change in the opposite direction of each other.
Thus we consider that this demonstrates the existence of an economic relationship.
Japanese yen (JPY) net investment hedge relationship: JPY2,000m (2024: JPY2,000m) cross-currency swap notional and JPY55m (2024:
JPY55m) cross-currency swaps future interest cash outflows have been used to hedge JPY2,055m (2024: JPY2,055m) of the net assets of the
Japanese associate. The movement in the cross-currency swaps due to changes in JPY/GBP exchange rates are in the opposite direction of the
changes due to JPY/GBP in the associate\u2019s assets. As the critical terms match, their values will systematically change in the opposite direction
of\u00a0each other. Thus we consider that this demonstrates the existence of an economic relationship.
During the year there was no gain or loss (2024: $nil) relating to ineffectiveness of net investment in foreign entity hedges. The main source of
ineffectiveness of the net investment hedge is the off-market value of the cross-currency swaps used to hedge US dollar net assets at the hedge
designation date. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and is expected to remain so due
to\u00a0the Group\u2019s policy of only using counterparties with a credit rating of A- and above.
For the year ended 31 December 2025, the amount in other comprehensive income related to net investment hedge accounting was a gain
of\u00a0$129m (2024: $22m loss; 2023: $136m gain).
The effect of the foreign currency-related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0USD\u00a0
\u00a0133\u00a0
(1,627)\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
\u00a0127\u00a0
\u00a0127\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.266\u00a0
October 2028\u00a0
Cross-currency swaps
\u00a0JPY\u00a0
\u00a01\u00a0
(13)\u00a0
\u00a0June 2027\u00a0
\u00a01:1\u00a0
\u00a01\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0\u00a0197.620\u00a0
Bonds
\u00a0EUR\u00a0
(518)\u00a0
(509)\u00a0\u00a0June 2027 \u2013 June
\u00a01:1\u00a0
(22)\u00a0
(22)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.162\u00a0
2030\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n\n \u00a0 \u00a0 \u00a0 \n \n
2024
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0USD\u00a0
\u00a06\u00a0
(1,627)\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
(6)\u00a0
(6)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.241\u00a0
October 2028\u00a0
Cross-currency swaps
\u00a0JPY\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
\u00a0June 2027\u00a0
\u00a01:1\u00a0
(1)\u00a0
(1)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0169.747\u00a0
Bonds
\u00a0EUR\u00a0
(327)\u00a0
(327)\u00a0
\u00a0June 2027 \u2013 June
\u00a01:1\u00a0
\u00a020\u00a0
\u00a020\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.162\u00a0
2030\u00a0
Term loan
\u00a0USD\u00a0
(547)\u00a0
(547)\u00a0
\u00a0October 2025\u00a0
\u00a01:1\u00a0
\u00a08\u00a0
\u00a08\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.110\u00a0
\n
The change in fair value of the outstanding hedging instrument differs from the amount recognised in other comprehensive income during the
year due to the impact of currency basis (excluded from the hedge relationship) and the foreign exchange impact of realised interest on the
hedging instrument (not reflected in the fair value change).
(c) Cash \ufb02ow hedge
These instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability.
The\u00a0portion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive
income. Any ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in other comprehensive
income are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event
that\u00a0the hedged item occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately
recognised in the income statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge
accounting, accumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the
forecast transaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all
currencies were directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019) in the table on page 188 in accordance with IFRS 9.
Where no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
The hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
same dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match
(i.e.\u00a0matching currencies, payment dates, and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative,
excluding any basis risk, will be considered to completely offset the changes in the hedged cash flow.
Any ineffectiveness on the cash flow hedge is taken directly to finance costs. During the year there was nil ineffectiveness (2024: $2m gain) from
those derivatives in a cash flow hedge relationship. Ineffectiveness due to changes in the counterparty credit risk was not material in the year and
is expected to remain the same because the Group\u2019s counterparties credit rating is A- and above.
Cash flow hedge accounting has been applied to \u20ac500m (2024: \u20ac500m) of the \u20ac500m 2026 bond, \u20ac421m (2024: \u20ac421m) of the \u20ac850m 2027
bond and \u20ac600m (2024: \u20ac600m) of the \u20ac600m 2028 bond. The cross-currency interest rate swaps are used as hedging instruments to hedge
the volatility in the \u00a3/\u20ac exchange rate of the bonds. Partial cash flow hedge accounting (to June 2028) has also been applied to \u20ac600m (2024: nil)
of the \u20ac600m 2030 bond and \u00a3400m (2024: nil) of the \u00a3400m 2032 bond. The interest rate swaps are used as hedging instruments to hedge the
volatility in floating rate interest rates associated to swaps directly hedging the bond coupon payments. For the year ended 31 December 2025,
the amount in other comprehensive income related to cash flow hedge accounting was a loss of $31m (2024: $35m gain; 2023: $4m gain).
The effect of the foreign currency related hedging instruments on the Group\u2019s financial position and performance is shown in the table below:
\n\n \u00a0 \u00a0 \u00a0 \n \n
2025
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
Cross-currency swaps
\u00a0EUR\u00a0
\u00a025\u00a0
\u00a01,785\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
\u00a061\u00a0
\u00a061\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01.150\u00a0
October 2028\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n\n \u00a0 \u00a0 \u00a0 \n \n
2024
Change in
Weighted
Carrying
fair value of
Change in fair
average
amount at
Notional
outstanding
value of
hedged
year end date
amount
Maturity
Hedge
instrument
hedged item
Ineffectiveness
foreign
Hedging instruments
Currency
$m
$m
date
ratio
$m
$m
$m
exchange rate
\u00a0Cross-currency swaps\u00a0
\u00a0EUR\u00a0
(34)\u00a0
\u00a01,574\u00a0
\u00a0May 2026 \u2013
\u00a01:1\u00a0
(50)\u00a0
(47)\u00a0
(3)\u00a0
\u00a01.133\u00a0
October 2028\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0\n
Amount in cash flow hedge reserves related to continuing hedges is a gain of $12m (2024: $44m gain; 2023: $8m gain), and the amount related
to\u00a0discontinued hedges is $nil (2024: $nil; 2023: $nil).
The change in fair value of the outstanding hedging instrument differs from the amount recognised in other comprehensive income during the
year due to the impact of currency basis (excluded from the hedge relationship) and the spot retranslation element of the fair value movement
(which offsets the hedged item in the income statement).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00724": { "value": "Accounting for derivative \ufb01nancial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
are\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
Certain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
instruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
Changes in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
instruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge, or cash flow hedge.
When designating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value
related\u00a0to the cost of hedging is deferred in equity and amortised over the life of the hedged item.
(a) Fair value hedge
These instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
of\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in
the\u00a0fair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were two fair value hedges as at the year end date
(2024: nil).
The following fair value hedges were designated in June 2025 and remain in place as at 31 December 2025:
\u20ac600m bond (maturity June 2030) and \u00a3400m bond (maturity June 2032); the notional value of the hedging instruments designated equals the
notional of the hedged items, therefore the hedge ratio is considered to be 1:1. The carrying amount of the hedged items is included within
borrowings in the Consolidated Balance Sheet.
The fair value loss on the derivative recognised in the income statement during the year amounted to $5m; this is offset by the gain on the fair
value of the hedged items of $7m, resulting in a net fair value hedge gain of $2m.
(b) Net investment hedge
These instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
instrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
portion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated
in\u00a0other comprehensive income are recycled through the income statement. All currencies are directly hedged, therefore the hedge ratio
is\u00a0considered to be 1:1.(c) Cash \ufb02ow hedge
These instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability.
The\u00a0portion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive
income. Any ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in other comprehensive
income are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event
that\u00a0the hedged item occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately
recognised in the income statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge
accounting, accumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the
forecast transaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all
currencies were directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019) in the table on page 188 in accordance with IFRS 9.
Where no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
The hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
same dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match
(i.e.\u00a0matching currencies, payment dates, and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative,
excluding any basis risk, will be considered to completely offset the changes in the hedged cash flow.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00725": { "value": "Accounting for derivative \ufb01nancial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
are\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
Certain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
instruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
Changes in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
instruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge, or cash flow hedge.
When designating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value
related\u00a0to the cost of hedging is deferred in equity and amortised over the life of the hedged item.
(a) Fair value hedge
These instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
of\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in
the\u00a0fair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were two fair value hedges as at the year end date
(2024: nil).
The following fair value hedges were designated in June 2025 and remain in place as at 31 December 2025:
\u20ac600m bond (maturity June 2030) and \u00a3400m bond (maturity June 2032); the notional value of the hedging instruments designated equals the
notional of the hedged items, therefore the hedge ratio is considered to be 1:1. The carrying amount of the hedged items is included within
borrowings in the Consolidated Balance Sheet.
The fair value loss on the derivative recognised in the income statement during the year amounted to $5m; this is offset by the gain on the fair
value of the hedged items of $7m, resulting in a net fair value hedge gain of $2m.
(b) Net investment hedge
These instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
instrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
portion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated
in\u00a0other comprehensive income are recycled through the income statement. All currencies are directly hedged, therefore the hedge ratio
is\u00a0considered to be 1:1.(c) Cash \ufb02ow hedge
These instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability.
The\u00a0portion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive
income. Any ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in other comprehensive
income are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event
that\u00a0the hedged item occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately
recognised in the income statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge
accounting, accumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the
forecast transaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all
currencies were directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019) in the table on page 188 in accordance with IFRS 9.
Where no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
The hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
same dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match
(i.e.\u00a0matching currencies, payment dates, and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative,
excluding any basis risk, will be considered to completely offset the changes in the hedged cash flow.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00726": { "value": "Accounting for derivative \ufb01nancial instruments and hedging activities
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair
value at the balance sheet date. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a
hedging instrument and, if so, the nature of the item being hedged. At the inception of the transaction, the Group documents the relationship
between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that
are\u00a0used in hedging transactions are effective in offsetting changes in fair values of hedged items.
Certain financial instruments are not designated or do not qualify for hedge accounting. Typically the Group will not designate financial
instruments for hedge accounting where a perfect or near perfect offset is expected between the change in value of assets and liabilities.
Changes in the fair value of any derivative instruments in this category are immediately recognised in the income statement. Where financial
instruments are designated for hedge accounting they are designated as either fair value hedge, net investment hedge, or cash flow hedge.
When designating cross-currency swaps, the cost of hedging has been excluded from the relationship and any movement in the fair value
related\u00a0to the cost of hedging is deferred in equity and amortised over the life of the hedged item.
(a) Fair value hedge
These instruments are used to hedge exposure to changes in the fair value of recognised assets or liabilities. Changes in the fair value
of\u00a0derivatives that are designated and qualify as fair value hedges are recognised in the income statement, together with any changes in
the\u00a0fair\u00a0value of the hedged asset or liability that are attributable to the hedged risk. There were two fair value hedges as at the year end date
(2024: nil).
The following fair value hedges were designated in June 2025 and remain in place as at 31 December 2025:
\u20ac600m bond (maturity June 2030) and \u00a3400m bond (maturity June 2032); the notional value of the hedging instruments designated equals the
notional of the hedged items, therefore the hedge ratio is considered to be 1:1. The carrying amount of the hedged items is included within
borrowings in the Consolidated Balance Sheet.
The fair value loss on the derivative recognised in the income statement during the year amounted to $5m; this is offset by the gain on the fair
value of the hedged items of $7m, resulting in a net fair value hedge gain of $2m.
(b) Net investment hedge
These instruments are used to hedge exposure on translation of net investments in foreign operations. Any gain or loss on the hedging
instrument related to the effective portion of the hedge is recognised in other comprehensive income; the gain or loss related to the ineffective
portion is recognised immediately in the income statement. In the event of disposal of a foreign operation, the gains and losses accumulated
in\u00a0other comprehensive income are recycled through the income statement. All currencies are directly hedged, therefore the hedge ratio
is\u00a0considered to be 1:1.(c) Cash \ufb02ow hedge
These instruments are used to hedge a highly probable forecast transaction, or a change in the cash flows of a recognised asset or liability.
The\u00a0portion of the gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive
income. Any ineffective portion is immediately recognised in the income statement. The gains or losses that are recognised in other comprehensive
income are transferred to the income statement in the same period in which the hedged cash flows affect the income statement. In the event
that\u00a0the hedged item occurs or is no longer expected to occur, accumulated gains or losses held in the cash flow hedge reserve are immediately
recognised in the income statement. In the event that the hedged item is expected to occur but no longer meets the requirements of hedge
accounting, accumulated gains or losses remain in other comprehensive income and are only recognised in the income statement when the
forecast transaction occurs or is no longer expected to occur. All cash flow hedge relationships are hedges of a foreign currency risk and all
currencies were directly hedged, therefore the hedge ratio is considered to be 1:1.
Cash flow hedge accounting has been applied to derivatives (marked as \u2018cash flow hedge\u2019) in the table on page 188 in accordance with IFRS 9.
Where no hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019.
The hedged item, a euro bond, creates an exposure to pay interest annually and the principal at maturity. By receiving the same amount at the
same dates through a cross-currency swap, this exposure is eliminated. Since the critical terms of the derivative and the hedged debt match
(i.e.\u00a0matching currencies, payment dates, and interest rate on the leg of the swap offsetting the bond), the change in value of the derivative,
excluding any basis risk, will be considered to completely offset the changes in the hedged cash flow.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "C6. Fair value estimation
All financial instruments held at fair value are classified by reference to the source of inputs used to derive the fair value. The following hierarchy
is used:
Level 1
\u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2
\u2013
inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly through modelling
based on prices; and
Level 3
\u2013
inputs for the asset or liability that are not based on observable market data.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Hierarchy
\u00a0
Financial instrument
level
Valuation method
Financial assets traded in active markets
1
Current bid price
Financial liabilities traded in active markets
1
Current ask price
Listed bonds
1
Quoted market prices
Money market funds
1
Quoted market prices
Interest rate/currency swaps
2
Discounted cash flow based on market swap rates
Forward foreign exchange contracts
2
Forward exchange market rates
Borrowings not traded in active markets (term loans and
\u00a0 \u00a0
uncommitted facilities)
2
Nominal value
Money market deposits
2
Nominal value
Trade payables and receivables
2
Nominal value less estimated credit adjustments
Contingent consideration (including put option liability)
3
Discounted cash flow using weighted average cost of capital
\n \n
Fair value
Fair value
Fair value
Fair value
assets
liabilities
assets
liabilities
2025
2025
2024
2024
$m
$m
$m
$m
Cross currency interest rate swaps and interest rate swaps (level 2):
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 net investment hedge
\u00a0144\u00a0
(10)\u00a0
\u00a029\u00a0
(23)\u00a0
\u2013 cash flow hedge
\u00a029\u00a0
(7)\u00a0
\u00a01\u00a0
(35)\u00a0
\u2013 fair value hedge
\u00a04\u00a0
(6)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Foreign exchange swaps (level 2):
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 non-hedge
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
\u00a0182\u00a0
(23)\u00a0
\u00a030\u00a0
(62)\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a061\u00a0
(5)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
Non-current portion
\u00a0121\u00a0
(18)\u00a0
\u00a030\u00a0
(58)\u00a0
Derivative financial instruments
\u00a0182\u00a0
(23)\u00a0
\u00a030\u00a0
(62)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contingent consideration (including put option liability) (level 3)
\u00a0\u2013\u00a0
\u00a0
(70)\u00a0
\u00a0\u2013\u00a0
\u00a0
(94)\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a0\u2013\u00a0
\u00a0
(49)\u00a0
\u00a0\u2013\u00a0
\u00a0
(47)\u00a0
Non-current portion
\u00a0\u2013\u00a0
\u00a0
(21)\u00a0
\u00a0\u2013\u00a0
\u00a0
(47)\u00a0
Other payables\u00a0
\u00a0\u2013\u00a0
\u00a0
(70)\u00a0
\u00a0\u2013\u00a0
\u00a0
(94)\u00a0
\n
Certain interest rate swaps have been bifurcated to manage different foreign exchange risks. The interest rate swaps are shown on the balance
\n
sheet as net derivative assets of $182m (2024: $8m) and net derivative liabilities of $22m (2024: $40m).
\n
Given the volume of acquisitions and the variety of inputs to the valuation of contingent consideration (depending on each transaction), there are
\n
not considered to be any changes in input that would have a material impact on the contingent consideration liability.
\n\n \n
Contingent
Contingent
consideration
consideration
2025
2024
$m
$m
At 1 January
\u00a094\u00a0
\u00a097\u00a0
Exchange differences
\u00a07\u00a0
(3)\u00a0
Acquisitions
\u00a013\u00a0
\u00a039\u00a0
Payments
(17)\u00a0
(32)\u00a0
Unused amount reversed
(25)\u00a0
(9)\u00a0
Revaluation of put option
(2)\u00a0
\u00a02\u00a0
At 31 December\u00a0
\u00a070\u00a0
\u00a094\u00a0
\n
Fair value is equal to carrying value for all other trade and other payables.
The table below analyses the Group\u2019s undiscounted cash flows on borrowings and derivative financial instruments that will be settled on a gross
basis, into relevant maturity groupings based on the remaining period to the contractual maturity date at the balance sheet date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Less than
Between
More than
\u00a0
\u00a0
1 year
1 and 5 years
5 years
Total
\u00a0
$m
$m
$m
$m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0
Non-derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,518)\u00a0
(3,676)\u00a0
(1,217)\u00a0
(6,411)\u00a0
\u00a0
(1,518)\u00a0
(3,676)\u00a0
(1,217)\u00a0
(6,411)\u00a0
Derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Cross-currency interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(802)\u00a0
(1,349)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2,151)\u00a0
\u2013 inflow
\u00a0836\u00a0
\u00a01,444\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,280\u00a0
Interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(3)\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(10)\u00a0
\u2013 inflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a08\u00a0
Foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(284)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(284)\u00a0
\u2013 inflow
\u00a0289\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0289\u00a0
Foreign exchange forwards:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(48)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(48)\u00a0
\u2013 inflow
\u00a048\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a048\u00a0
\u00a0
\u00a035\u00a0
\u00a088\u00a0
\u00a08\u00a0
\u00a0131\u00a0
Net outflow
(1,483)\u00a0
(3,588)\u00a0
(1,209)\u00a0
(6,280)\u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Non-derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,534)\u00a0
(2,314)\u00a0
(1,224)\u00a0
(5,072)\u00a0
\u00a0
(1,534)\u00a0
(2,314)\u00a0
(1,224)\u00a0
(5,072)\u00a0
Derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Cross-currency interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(59)\u00a0
(2,122)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2,181)\u00a0
\u2013 inflow
\u00a031\u00a0
\u00a02,032\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,063\u00a0
Interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u2013 inflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
Foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(455)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(455)\u00a0
\u2013 inflow
\u00a0451\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0451\u00a0
Foreign exchange forwards:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(13)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
\u2013 inflow
\u00a013\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
\u00a0
(32)\u00a0
(90)\u00a0
\u00a0\u2013\u00a0
\u00a0
(122)\u00a0
Net outflow
(1,566)\u00a0
(2,404)\u00a0
(1,224)\u00a0
(5,194)\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "C6. Fair value estimation
All financial instruments held at fair value are classified by reference to the source of inputs used to derive the fair value. The following hierarchy
is used:
Level 1
\u2013 unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2
\u2013
inputs other than quoted prices that are observable for the asset or liability, either directly as prices or indirectly through modelling
based on prices; and
Level 3
\u2013
inputs for the asset or liability that are not based on observable market data.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Hierarchy
\u00a0
Financial instrument
level
Valuation method
Financial assets traded in active markets
1
Current bid price
Financial liabilities traded in active markets
1
Current ask price
Listed bonds
1
Quoted market prices
Money market funds
1
Quoted market prices
Interest rate/currency swaps
2
Discounted cash flow based on market swap rates
Forward foreign exchange contracts
2
Forward exchange market rates
Borrowings not traded in active markets (term loans and
\u00a0 \u00a0
uncommitted facilities)
2
Nominal value
Money market deposits
2
Nominal value
Trade payables and receivables
2
Nominal value less estimated credit adjustments
Contingent consideration (including put option liability)
3
Discounted cash flow using weighted average cost of capital
\n \n
Fair value
Fair value
Fair value
Fair value
assets
liabilities
assets
liabilities
2025
2025
2024
2024
$m
$m
$m
$m
Cross currency interest rate swaps and interest rate swaps (level 2):
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 net investment hedge
\u00a0144\u00a0
(10)\u00a0
\u00a029\u00a0
(23)\u00a0
\u2013 cash flow hedge
\u00a029\u00a0
(7)\u00a0
\u00a01\u00a0
(35)\u00a0
\u2013 fair value hedge
\u00a04\u00a0
(6)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
Foreign exchange swaps (level 2):
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u2013 non-hedge
\u00a05\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
\u00a0182\u00a0
(23)\u00a0
\u00a030\u00a0
(62)\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a061\u00a0
(5)\u00a0
\u00a0\u2013\u00a0
\u00a0
(4)\u00a0
Non-current portion
\u00a0121\u00a0
(18)\u00a0
\u00a030\u00a0
(58)\u00a0
Derivative financial instruments
\u00a0182\u00a0
(23)\u00a0
\u00a030\u00a0
(62)\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Contingent consideration (including put option liability) (level 3)
\u00a0\u2013\u00a0
\u00a0
(70)\u00a0
\u00a0\u2013\u00a0
\u00a0
(94)\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a0\u2013\u00a0
\u00a0
(49)\u00a0
\u00a0\u2013\u00a0
\u00a0
(47)\u00a0
Non-current portion
\u00a0\u2013\u00a0
\u00a0
(21)\u00a0
\u00a0\u2013\u00a0
\u00a0
(47)\u00a0
Other payables\u00a0
\u00a0\u2013\u00a0
\u00a0
(70)\u00a0
\u00a0\u2013\u00a0
\u00a0
(94)\u00a0
\n
Certain interest rate swaps have been bifurcated to manage different foreign exchange risks. The interest rate swaps are shown on the balance
\n
sheet as net derivative assets of $182m (2024: $8m) and net derivative liabilities of $22m (2024: $40m).
\n
Given the volume of acquisitions and the variety of inputs to the valuation of contingent consideration (depending on each transaction), there are
\n
not considered to be any changes in input that would have a material impact on the contingent consideration liability.
\n\n \n
Contingent
Contingent
consideration
consideration
2025
2024
$m
$m
At 1 January
\u00a094\u00a0
\u00a097\u00a0
Exchange differences
\u00a07\u00a0
(3)\u00a0
Acquisitions
\u00a013\u00a0
\u00a039\u00a0
Payments
(17)\u00a0
(32)\u00a0
Unused amount reversed
(25)\u00a0
(9)\u00a0
Revaluation of put option
(2)\u00a0
\u00a02\u00a0
At 31 December\u00a0
\u00a070\u00a0
\u00a094\u00a0
\n
Fair value is equal to carrying value for all other trade and other payables.
The table below analyses the Group\u2019s undiscounted cash flows on borrowings and derivative financial instruments that will be settled on a gross
basis, into relevant maturity groupings based on the remaining period to the contractual maturity date at the balance sheet date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Less than
Between
More than
\u00a0
\u00a0
1 year
1 and 5 years
5 years
Total
\u00a0
$m
$m
$m
$m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0
Non-derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,518)\u00a0
(3,676)\u00a0
(1,217)\u00a0
(6,411)\u00a0
\u00a0
(1,518)\u00a0
(3,676)\u00a0
(1,217)\u00a0
(6,411)\u00a0
Derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Cross-currency interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(802)\u00a0
(1,349)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2,151)\u00a0
\u2013 inflow
\u00a0836\u00a0
\u00a01,444\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,280\u00a0
Interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(3)\u00a0
(7)\u00a0
\u00a0\u2013\u00a0
\u00a0
(10)\u00a0
\u2013 inflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
\u00a08\u00a0
Foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(284)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(284)\u00a0
\u2013 inflow
\u00a0289\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0289\u00a0
Foreign exchange forwards:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(48)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(48)\u00a0
\u2013 inflow
\u00a048\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a048\u00a0
\u00a0
\u00a035\u00a0
\u00a088\u00a0
\u00a08\u00a0
\u00a0131\u00a0
Net outflow
(1,483)\u00a0
(3,588)\u00a0
(1,209)\u00a0
(6,280)\u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0
Non-derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,534)\u00a0
(2,314)\u00a0
(1,224)\u00a0
(5,072)\u00a0
\u00a0
(1,534)\u00a0
(2,314)\u00a0
(1,224)\u00a0
(5,072)\u00a0
Derivative financial instruments
\u00a0 \u00a0 \u00a0 \u00a0
Cross-currency interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(59)\u00a0
(2,122)\u00a0
\u00a0\u2013\u00a0
\u00a0
(2,181)\u00a0
\u2013 inflow
\u00a031\u00a0
\u00a02,032\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02,063\u00a0
Interest rate swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u2013 inflow
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
Foreign exchange swaps:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(455)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(455)\u00a0
\u2013 inflow
\u00a0451\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0451\u00a0
Foreign exchange forwards:
\u00a0 \u00a0 \u00a0 \u00a0
\u2013 outflow
(13)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(13)\u00a0
\u2013 inflow
\u00a013\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a013\u00a0
\u00a0
(32)\u00a0
(90)\u00a0
\u00a0\u2013\u00a0
\u00a0
(122)\u00a0
Net outflow
(1,566)\u00a0
(2,404)\u00a0
(1,224)\u00a0
(5,194)\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00727": { "value": "Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has a continuing right to defer settlement of the liability for at least 12 months after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "C8. Finance cost \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
2023
\u00a0
Note
$m
$m
$m
Hedged interest payable on medium-term notes issued
1
\u00a0
\u00a0127\u00a0
\u00a077\u00a0
\u00a076\u00a0
Interest payable on bank loans and overdrafts
1
\u00a0
\u00a027\u00a0
\u00a064\u00a0
\u00a050\u00a0
Interest payable on RCF
1
\u00a0
\u00a02\u00a0
\u00a01\u00a0
\u00a04\u00a0
Interest payable on foreign exchange swaps
2
\u00a0
\u00a050\u00a0
\u00a056\u00a0
\u00a054\u00a0
Interest payable on leases
B4
\u00a031\u00a0
\u00a031\u00a0
\u00a030\u00a0
Amortisation of discount on provisions
A6
\u00a013\u00a0
\u00a014\u00a0
\u00a018\u00a0
Foreign exchange loss on translation of foreign assets/liabilities
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
Total finance cost
\u00a0
\u00a0250\u00a0
\u00a0250\u00a0
\u00a0232\u00a0
\n
1.
Interest expense on financial liabilities held at amortised cost.
2. Interest payable on foreign exchange swaps including coupon interest payable for the year was $56m (2024: $69m). $6m has been reported in other comprehensive income due
to\u00a0hedge accounting (2024: $13m).
C9. Finance 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Bank interest received
\u00a031\u00a0
\u00a046\u00a0
\u00a031\u00a0
Fair value gain on hedge ineffectiveness
\u00a02\u00a0
\u00a04\u00a0
\u00a03\u00a0
Foreign exchange gain on translation of foreign assets/liabilities
\u00a010\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a012\u00a0
Hyperinflation accounting adjustment
\u00a03\u00a0
\u00a09\u00a0
\u00a014\u00a0
Total finance income
\u00a046\u00a0
\u00a059\u00a0
\u00a060\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "C8. Finance cost \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
2023
\u00a0
Note
$m
$m
$m
Hedged interest payable on medium-term notes issued
1
\u00a0
\u00a0127\u00a0
\u00a077\u00a0
\u00a076\u00a0
Interest payable on bank loans and overdrafts
1
\u00a0
\u00a027\u00a0
\u00a064\u00a0
\u00a050\u00a0
Interest payable on RCF
1
\u00a0
\u00a02\u00a0
\u00a01\u00a0
\u00a04\u00a0
Interest payable on foreign exchange swaps
2
\u00a0
\u00a050\u00a0
\u00a056\u00a0
\u00a054\u00a0
Interest payable on leases
B4
\u00a031\u00a0
\u00a031\u00a0
\u00a030\u00a0
Amortisation of discount on provisions
A6
\u00a013\u00a0
\u00a014\u00a0
\u00a018\u00a0
Foreign exchange loss on translation of foreign assets/liabilities
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
Total finance cost
\u00a0
\u00a0250\u00a0
\u00a0250\u00a0
\u00a0232\u00a0
\n
1.
Interest expense on financial liabilities held at amortised cost.
2. Interest payable on foreign exchange swaps including coupon interest payable for the year was $56m (2024: $69m). $6m has been reported in other comprehensive income due
to\u00a0hedge accounting (2024: $13m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "C8. Finance cost \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
2023
\u00a0
Note
$m
$m
$m
Hedged interest payable on medium-term notes issued
1
\u00a0
\u00a0127\u00a0
\u00a077\u00a0
\u00a076\u00a0
Interest payable on bank loans and overdrafts
1
\u00a0
\u00a027\u00a0
\u00a064\u00a0
\u00a050\u00a0
Interest payable on RCF
1
\u00a0
\u00a02\u00a0
\u00a01\u00a0
\u00a04\u00a0
Interest payable on foreign exchange swaps
2
\u00a0
\u00a050\u00a0
\u00a056\u00a0
\u00a054\u00a0
Interest payable on leases
B4
\u00a031\u00a0
\u00a031\u00a0
\u00a030\u00a0
Amortisation of discount on provisions
A6
\u00a013\u00a0
\u00a014\u00a0
\u00a018\u00a0
Foreign exchange loss on translation of foreign assets/liabilities
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
Total finance cost
\u00a0
\u00a0250\u00a0
\u00a0250\u00a0
\u00a0232\u00a0
\n
1.
Interest expense on financial liabilities held at amortised cost.
2. Interest payable on foreign exchange swaps including coupon interest payable for the year was $56m (2024: $69m). $6m has been reported in other comprehensive income due
to\u00a0hedge accounting (2024: $13m).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "C8. Finance cost \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
2023
\u00a0
Note
$m
$m
$m
Hedged interest payable on medium-term notes issued
1
\u00a0
\u00a0127\u00a0
\u00a077\u00a0
\u00a076\u00a0
Interest payable on bank loans and overdrafts
1
\u00a0
\u00a027\u00a0
\u00a064\u00a0
\u00a050\u00a0
Interest payable on RCF
1
\u00a0
\u00a02\u00a0
\u00a01\u00a0
\u00a04\u00a0
Interest payable on foreign exchange swaps
2
\u00a0
\u00a050\u00a0
\u00a056\u00a0
\u00a054\u00a0
Interest payable on leases
B4
\u00a031\u00a0
\u00a031\u00a0
\u00a030\u00a0
Amortisation of discount on provisions
A6
\u00a013\u00a0
\u00a014\u00a0
\u00a018\u00a0
Foreign exchange loss on translation of foreign assets/liabilities
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a07\u00a0
\u00a0\u2013\u00a0
\u00a0
Total finance cost
\u00a0
\u00a0250\u00a0
\u00a0250\u00a0
\u00a0232\u00a0
\n
1.
Interest expense on financial liabilities held at amortised cost.
2. Interest payable on foreign exchange swaps including coupon interest payable for the year was $56m (2024: $69m). $6m has been reported in other comprehensive income due
to\u00a0hedge accounting (2024: $13m).
C9. Finance 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Bank interest received
\u00a031\u00a0
\u00a046\u00a0
\u00a031\u00a0
Fair value gain on hedge ineffectiveness
\u00a02\u00a0
\u00a04\u00a0
\u00a03\u00a0
Foreign exchange gain on translation of foreign assets/liabilities
\u00a010\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a012\u00a0
Hyperinflation accounting adjustment
\u00a03\u00a0
\u00a09\u00a0
\u00a014\u00a0
Total finance income
\u00a046\u00a0
\u00a059\u00a0
\u00a060\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "C9. 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Bank interest received
\u00a031\u00a0
\u00a046\u00a0
\u00a031\u00a0
Fair value gain on hedge ineffectiveness
\u00a02\u00a0
\u00a04\u00a0
\u00a03\u00a0
Foreign exchange gain on translation of foreign assets/liabilities
\u00a010\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a012\u00a0
Hyperinflation accounting adjustment
\u00a03\u00a0
\u00a09\u00a0
\u00a014\u00a0
Total finance income
\u00a046\u00a0
\u00a059\u00a0
\u00a060\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "C9. 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Bank interest received
\u00a031\u00a0
\u00a046\u00a0
\u00a031\u00a0
Fair value gain on hedge ineffectiveness
\u00a02\u00a0
\u00a04\u00a0
\u00a03\u00a0
Foreign exchange gain on translation of foreign assets/liabilities
\u00a010\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a012\u00a0
Hyperinflation accounting adjustment
\u00a03\u00a0
\u00a09\u00a0
\u00a014\u00a0
Total finance income
\u00a046\u00a0
\u00a059\u00a0
\u00a060\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "D. Other
D1. Dividends
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Consolidated Financial Statements in the period in which
the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid.
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
2022 final dividend paid \u2013 6.50 cents per share
1
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0165\u00a0
2023 interim dividend paid \u2013 3.44 cents per share
2
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a087\u00a0
2023 final dividend paid \u2013 7.41 cents per share
1
\u00a0\u2013\u00a0
\u00a0
\u00a0186\u00a0
\u00a0\u2013\u00a0
\u00a0
2024 interim dividend paid \u2013 4.15 cents per share
2
\u00a0\u2013\u00a0
\u00a0
\u00a0106\u00a0
\u00a0\u2013\u00a0
\u00a0
2024 final dividend paid \u2013 7.91 cents per share
1
\u00a0198\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
2025 interim dividend paid \u2013 4.15 cents per share
\u00a0106\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0
\u00a0304\u00a0
\u00a0292\u00a0
\u00a0252\u00a0
\n
1.
Represented at exchange rate prevailing at AGM\u2019s date (2024: 5.93 pence per share; 2023: 5.93 pence per share).
2. Represented at exchange rate prevailing at date of announcement (2024: 3.16 pence per share; 2023: 2.75 pence per share).
An interim dividend of 4.15 cents per share was paid on 22 September 2025, amounting to $106m. A final dividend in respect of 2025
of\u00a08.24\u00a0cents per share is to be proposed at the Annual General Meeting on\u00a07 May 2026.
The aggregate amount of the proposed dividend to be paid out of retained earnings at 31 December 2025, but not recognised as a liability
at\u00a0year\u00a0end, is $208m (2024: $198m; 2023: $186m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00839": { "value": "Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Consolidated Financial Statements in the period in which the dividends are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "0.0824", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "208000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "198000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "186000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "D2. Share capital
The Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation.
At\u00a0the year end, the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
The Company does not have a limited amount of authorised capital and does not hold any shares in treasury.
During the year, 1,500,000 new shares were issued in relation to employee share schemes.
\u00a0
2025
2024
\u00a0
$m
$m
Issued and fully paid
\u00a0 \u00a0
At 31 December 2025 \u2013 2,526,039,885 shares (2024: 2,524,539,885)
41
41
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "D2. Share capital
The Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation.
At\u00a0the year end, the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
The Company does not have a limited amount of authorised capital and does not hold any shares in treasury.
During the year, 1,500,000 new shares were issued in relation to employee share schemes.
\u00a0
2025
2024
\u00a0
$m
$m
Issued and fully paid
\u00a0 \u00a0
At 31 December 2025 \u2013 2,526,039,885 shares (2024: 2,524,539,885)
41
41
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00840": { "value": "The Company\u2019s share capital is made up of the shares that have been issued to its members, whether on, or subsequent to, its incorporation.
At\u00a0the year end, the Company\u2019s issued share capital consisted of ordinary shares of 1p each, with one voting right per share, as\u00a0detailed\u00a0below.
The Company does not have a limited amount of authorised capital and does not hold any shares in treasury.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "D3. Contingent liabilities
The Group has contingent liabilities relating to guarantees in respect of leasehold properties, pensions, third parties, tax, and litigation.
The\u00a0Group also has contingent liabilities for the management or remediation of environmental issues. These issues tend to be complex to
determine and resolve and may be material, although it is often not possible to accurately predict future costs reliably. The possibility of any
significant outflows in respect of these items is considered to be remote.
In November 2024, a purported class action lawsuit was filed on behalf of shareholders who purchased American Depositary Shares in the
US\u00a0between 1 December 2023 and 10 September 2024. The defendants are the Company and three current and former senior executives,
Andy\u00a0Ransom, Stuart Ingall-Tombs, and Bradley Paulsen. The complaint alleges that management made false statements about the progress
of\u00a0the integration of Rentokil and Terminix and its impact upon growth in the US and seeks relief under sections 10(b) and 20(a) of the Securities
Exchange Act and SEC rule 10(b)5. The Company and the individual defendants intend to vigorously defend the lawsuit.
In April 2025, a purported class action lawsuit was filed in state court in California alleging misrepresentation in the registration statement and
prospectuses for the securities issued as part of the acquisition of Terminix. The defendants are the Company, former senior executives Brett
Ponton and John Myers, and members of the Company\u2019s Board of Directors. The complaint alleges that the Company made false and misleading
statements in the registration and prospectuses in relation to the securities offered as part of the acquisition of Terminix and seeks relief under
Sections 11, 12(a)(2), and 15 of the US Securities Act of 1933. The Company and the individual defendants intend to vigorously defend the lawsuit.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "D4. Related party transactions
Subsidiaries
All transactions between Group subsidiaries were transacted at arm\u2019s length during the ordinary course of business and have been eliminated
on\u00a0consolidation, along with any outstanding balances, and accordingly are not disclosed in this note.
Key management personnel
The Group\u2019s strategy and policy are managed by the Board and Executive Leadership Team. Their compensation 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Salaries and other short-term employee benefits
\u00a015\u00a0
\u00a010\u00a0
\u00a012\u00a0
Post-employment benefits
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03\u00a0
Share-based payments
\u00a02\u00a0
\u00a04\u00a0
\u00a05\u00a0
\u00a0
\u00a018\u00a0
\u00a014\u00a0
\u00a020\u00a0
\n
A list of joint ventures and associate entities can be found in the related undertakings disclosures. There are no significant transactions between
associate entities and other Group companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "Key management personnel
The Group\u2019s strategy and policy are managed by the Board and Executive Leadership Team. Their compensation 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
2023
\u00a0
$m
$m
$m
Salaries and other short-term employee benefits
\u00a015\u00a0
\u00a010\u00a0
\u00a012\u00a0
Post-employment benefits
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a03\u00a0
Share-based payments
\u00a02\u00a0
\u00a04\u00a0
\u00a05\u00a0
\u00a0
\u00a018\u00a0
\u00a014\u00a0
\u00a020\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00604": { "value": "D5. Post balance sheet events
On 2 March 2026, Rentokil Initial plc redeemed in full the \u20ac500m 0.8750% Senior Unsecured Notes due 30 May 2026, at their principal amount
together with accrued interest. The redemption was carried out in accordance with the terms and conditions of the notes. There\u00a0were no other
significant events between 31 December 2025 and the date of approval of these accounts that would require amendments to or additional
disclosures in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00605": { "value": "Subsidiaries and other associated undertakings at 31 December 2025.
All undertakings are indirectly owned by the Company unless otherwise stated.
Subsidiaries
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Argentina
\u00a0\u00a0
Calle 70 No. 2720, Necochea city, Province of Buenos Aires, Argentina
\u00a0\u00a0
Ecotec Interoc\u00e9anica S.A.
Ordinary
100%
Aruba
\u00a0\u00a0
Avenida Milio Croes 92, Oranjestad, Aruba
\u00a0\u00a0
R&M Professional Pest Control N.V.
1
Ordinary
100%
Australia
\u00a0\u00a0
c/\u2013 Edwards Marshall, level 3/153 Flinders St, Flinders Street, Adelaide
\u00a0\u00a0
SA 5000, Australia
\u00a0\u00a0
Allstate Holdings (SA) Pty Ltd
Ordinary
100%
Allstate Pest Control Pty Ltd
Ordinary
100%
Allstate Services Pty Ltd
Ordinary
100%
Unit A1, 3-29 Birnie Ave, Lidcombe Business Park, Lidcombe NSW
\u00a0\u00a0
2141, Australia
\u00a0\u00a0
Cannon Hygiene Australia Pty Limited
Ordinary
100%
Geelong Pest Control Pty Ltd
Ordinary
100%
Green Fingers Plant Hire Pty Limited
Ordinary
100%
Knock Out Pest Control Pty Limited
Ordinary
100%
Pest Away Australia Pty Limited
Ordinary
100%
Rentokil Australia Pty Limited
Ordinary
100%
Rentokil Initial Asia Pacific Pty Limited
Ordinary
100%
Rentokil Initial Pty Limited
Ordinary
100%
Rentokil Initial Track Spray Pty Ltd
Ordinary
100%
Rentokil Pest Control (QLD) Pty Limited
Ordinary
100%
Rentokil Pest Holdings Pty Limited
Ordinary
100%
Rentokil Pty Ltd
Ordinary
100%
\u00a0
Preference
100%
Austria
\u00a0\u00a0
Brown-Boveri-Stra\u00dfe 8/2/8, 2351, Wiener Neudorf, Austria
\u00a0\u00a0
Rentokil Initial GmbH
Ordinary
100%
Bahamas
\u00a0\u00a0
Corporate Services International, 308 East Bay Street, Nassau,
\u00a0\u00a0
PO\u00a0BOX N-7527, Bahamas
\u00a0\u00a0
Rentokil Initial (Bahamas) Limited
Ordinary
100%
5th Terrace Centreville, P.O. Box N-1388, Nassau, New Providence,
\u00a0\u00a0
Bahamas
\u00a0\u00a0
Tropical Exterminators (Holdings) Limited
Common
100%
Tropical Exterminators Limited
Common
100%
Barbados
\u00a0\u00a0
One Welches, Welches St. Thomas, Barbados
\u00a0\u00a0
Rentokil Initial (Barbados) Limited
Ordinary
100%
Belgium
\u00a0\u00a0
Brandekensweg 2, Schelle, 2627, Belgium
\u00a0\u00a0
Ambius N.V.
Ordinary
100%
Bug Busters B.V.
1
Ordinary
100%
Initial Belux NV
Ordinary
100%
Rentokil N.V.
Ordinary
100%
Brazil
\u00a0\u00a0
Rua Maria Braga Lima Dias, Alto Cajueiros, Maca\u00e9, Rio de Janeiro, 120,
\u00a0\u00a0
Brazil
\u00a0\u00a0
Ativa Controle Ambiental Ltda
Ordinary
100%
Avenida Afonso Pena, n\u00ba 808, Santos, 11020-004, Brazil
\u00a0\u00a0
Ecotec Brasil Tratamentos Fitossanit\u00e1rios
Ordinary
100%
Ltda
\u00a0\u00a0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Rua Professor Jos\u00e9 Vieira de Mendon\u00e7a, 770, Sala 308, Belo
\u00a0\u00a0
Horizonte, Estado de Minas Gerais, Brazil
\u00a0\u00a0
Ecovec Comercio E Licenciamento De
Ordinary
100%
Tecnologias Ltda
\u00a0\u00a0
Torrinha Street 171, Bairro Parque da Figueira, Campinas, CEP
\u00a0\u00a0
13040-310, Brazil
\u00a0\u00a0
Impacto Controle de Pragas Ltda.
Ordinary
100%
Celido Utz, 66, Igrejinha, Rio Grande do Sul, Brazil
\u00a0\u00a0
Imunizadora Hoffmann Ltda
Ordinary
100%
Rua Francisco Gon\u00e7alo, 16, Loja A, Bairro Pires Fa\u00e7anha, Eus\u00e9bio,
\u00a0\u00a0
Cear\u00e1, CEP 61775-070, Brazil
\u00a0\u00a0
Protecta Manejo Integrado de Pragas Ltda
Ordinary
100%
Avenida Ceci, 348, Fundos, Centro Empresarial Tambore, CEP
\u00a0\u00a0
06460-120, Barueri -SP, Brazil
\u00a0\u00a0
Rentokil Initial Do Brasil Ltda
Ordinary
100%
Rua Cancioneiro Popular, 456, Chacara, Santo Antonio, SP, Brazil
\u00a0\u00a0
Tecnomad Ltda.
1
Ordinary
100%
Rua Pesqueira, 59 e 59 Fundos, CEP 22.250-145, Bonsucesso, Brazil
\u00a0\u00a0
Techvet Servi\u00e7os Ltda.
1
Ordinary
100%
R. Alagoas, 3098, Rua Alagoas, Curitiba, PR, 80630-050, Brazil
\u00a0\u00a0
Uni\u00e3o Sul Controle de Pragas Ltda ME
Ordinary
100%
Brunei Darussalam
\u00a0\u00a0
Unit D1 & D1-1 Block D, Bgn Hj Lajim & Anak-Anak, Kg Kiarong, Gadong
\u00a0\u00a0
B, Brunei Muara, BE1318, Brunei Darussalam
\u00a0\u00a0
Rentokil Initial (B) Sdn Bhd
Non-
100%
\u00a0
redeemable
\u00a0
\u00a0
preference
\u00a0
\u00a0
shares
\u00a0
\u00a0
Ordinary
90%
Unit D3, Bgn Hj Lajim & Anak-Anak, Kg Kiarong, Bandar Seri Begawan,
\u00a0\u00a0
Brunei Muara, BE1318, Brunei Darussalam
\u00a0\u00a0
Rentokil Initial South East Asia Sdn Bhd
Ordinary
90%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Canada
\u00a0\u00a0
Suite 900, 1959 Upper Water Street, Halifax NS B3J 2X2, Canada
\u00a0\u00a0
Rentokil Canada Corporation
Common
100%
\u00a0
Class A
\u00a0
\u00a0
Common
\u00a0
\u00a0
Class B
\u00a0
415 Villa Dr, Villa Drive, Little Bras D\u2019or, Cape Breton Regional NS B1Y
\u00a0\u00a0
2Z2, Canada
\u00a0\u00a0
Cape Breton Pest Control Limited
1
Class A
100%
\u00a0
Preferred
\u00a0
\u00a0
Class B
\u00a0
\u00a0
Common
\u00a0
\u00a0
Class C
\u00a0
\u00a0
Common
\u00a0
Chile
\u00a0\u00a0
Galvarino 8481, Bodega 3, Quilicura, Santiago, Chile
\u00a0\u00a0
Comercializadora de Insumos y Servicios
Social Rights
100%
Mauco Limitada
\u00a0\u00a0
El Trapiche No.1322, Galp\u00f3n No 4, Codominio Pacific, Coquimbo, Chile
\u00a0\u00a0
Control De Plagas Hidalgo Y Rodriguez
Ordinary
100%
Limitada
\u00a0\u00a0
\n\n\n \n
% held by
Group
Company name
Share class
companies
Av. El Bosque PC 12 Lo Boza dpto, B05 Pudahuel, Santiago, Chile
Desan SPA
Ordinary
100%
Av. V\u00edctor Uribe No. 2080 Quilicura, Santiago, Chile
Ingeclean S.A
Ordinary
100%
Rentokil Initial Chile SpA
Ordinary
100%
Av. El Salto, Santiago, 4001, Chile
Ingenier\u00eda en Sanitizaci\u00f3n S.A
Ordinary
100%
San Martin, Los \u00c1ngeles, N\u00b0 399, Chile
Plaguisur Limitada
Ordinary
100%
Av. Pdte Iba\u00f1ez 352, Puerto Montt, Chile
Sociedad Comercial 7 Plagas Limitada
Ordinary
100%
Calle Montreal 4566, San Miguel, Santiago, Chile
Comercial Mauco SpA
1
Ordinary
100%
Av. Cuatro Esquinas 1529, 1722215 La Serena, Coquimbo, Chile
Fumigaciones y Servicios Ambientales SpA
1
Ordinary
100%
People\u2019s Republic of China
Room 1001, Yijingyuan Comprehensive Building, Hang Zhou Shi,
Zhe\u00a0Jiang Sheng, 310013, China
Hangzhou Research Institute of Profume
Ordinary
80%
Fumigation Co. Ltd.
Room 103, Building 2, Yuzhongxili #42, Beijing, China
Rentokil Initial (China) Ltd
Ordinary
100%
Room (2-1), Unit19, Xindian Xingzuo, Haishu district, Ningbo City,
Zhejiang Province, China
Ningbo Yuying Pest Control Technology
Ordinary
95%
Co.,\u00a0Ltd
1
Room 4600, Floor 1, Building 8, No. 33 Guangshun Rd, Changning
District, Shanghai City, China
Shanghai Boecker Environmental
Ordinary
100%
Technology Co. Ltd
1
Colombia
Balor Medell\u00edn, Carrera 65A #34A-09, Balor Bogot\u00e1 Calle 82 #22-06,
Medell\u00edn, Colombia
Balor S.A.S.
Ordinary
100%
Cr 42A 80B 07, Barranquilla, Colombia
Colplagas S.A.S
Ordinary
100%
Calle 162# 20-08, Bogota, Colombia
Continental De Fumigaciones S.A.S
Ordinary
100%
Cr 20 No 162-11, Colombia
Fumigaciones Young S.A.S
Ordinary
100%
Calle 15 Sur, No 48-130 Medellin, Antioquia, Colombia
Fumigax SAS
Ordinary
100%
Carrera 19B\u00a0
No 164A-81, Bogota, Colombia
Rentokil Initial Colombia S.A.S.
Common
100%
Costa Rica
San Jose-Escazu San Rafael, Terraforte Building Second Floor,
Cordero, Cordero Abogados, Costa Rica
Decolim Limitada
Common
100%
San Pedro de Montes de Oca, de la Fuente de la Hispanidad,
San\u00a0Jos\u00e9, Costa Rica
Fumigadora Control Tecnico De Plagas S.A.
Common
100%
\n\n \n
% held by
Group
Company name
Share class
companies
Cura\u00e7ao
Parke Komersial Korsou, A 24 Veeris, Cura\u00e7ao
Chuchubi Pest Control N.V.
Common
100%
Czech Republic
Praha 2, Vy\u0161ehradsk\u00e1 1349/2, Prague, PS\u010c 12800, Czech Republic
Rentokil Initial s.r.o.
Ordinary
100%
Denmark
Paul Bergsoes Vej 22, 2600 Glostrup, Denmark
Rentokil Initial A/S
Ordinary
100%
G\u00f8ngehusvej 253, 2790 H\u00f8rsholm, Denmark
Deichmann Planter ApS
Ordinary
100%
El Salvador
Avenida Sur, Calle Poniente 12, 2526 Edificio Villa Galicia, San
Salvador, El Salvador
Clean Air, S.A. de C. V.
Ordinary
100%
Avenida Calzada Guarda Barranco Urbanizacion, Lomas de Altamira,
#14 Pasaje Clarineros, San Salvador, El Salvador
SAGRIP, S.A. DE C.V.
Ordinary
100%
Estonia
Turi Str. 3/1, 11313 , Tallinn, Estonia
Rentokil O\u00dc
Ordinary
100%
Eswatini
Umkhiwa House Lot 195, Karl Grant Street, Mbabane, Eswatini
RI Swaziland (Pty) Ltd
Ordinary
100%
Fiji
Lot 5, Kaua Road, Suva, Fiji
Rentokil Initial Pte Limited
Ordinary
100%
Finland
Tikkurilantie 10 Vantaa, Finland, 01380, Finland
Rentokil Initial Oy
Ordinary
100%
Kimokatu 5, Turku, 20380, Finland
Antitec Oy
1
Ordinary
100%
France
209 rue de la Belle Etoile, 95700, Roissy-en-France, France
Ambius SAS
Ordinary
100%
145, rue de Billancourt, 92100, Boulogne Billancourt, France
Initial Hygiene Services SAS
Ordinary
100%
39-53 boulevard Ornano Immeuble Pleyad 3, 93200, Saint-Dennis,
France
Rentokil Initial Environmental Services S.A.S. Ordinary
100%
Rentokil Initial SAS
Ordinary
100%
20 B rue Louis-Philippe, 92200, Neuilly-sur-Seine, France
Skillpro SAS
1
Ordinary
100%
ZAC des Epineaux 7, avenue Louis Bl\u00e9riot 95740 Fr\u00e9pillon, France
Technivap SAS
Ordinary
100%
French Guiana
PAE de Degrad des cannes, Remire-Montjoly, 97354, French Guiana
Rentokil Initial Guyane SARL
Ordinary
100%
\n \n
% held by
Group
Company name
Share class
companies
Germany
Blierweg 2/Saarstra\u00dfe, 65201, Wiesbaden, Germany
Baumhaus GmbH
Ordinary
100%
Laufer Stra\u00dfe 3, 90571, Schwaig bei N\u00fcrnberg, Mittelfranken, BY,
Germany
IHD Dienstleistungen KG
Interest
100%
Piderits Bleiche 11, 33689, Bielefeld, Germany
Medentex GmbH
Ordinary
100%
Rentokil Dental GmbH
Ordinary
100%
Heuesch 1, 49808, Lingen, Germany
Rentokil Holdings GmbH
Ordinary
100%
Rentokil Initial Beteiligungs GmbH
Ordinary
100%
Rentokil Initial GmbH & Co. KG
Ordinary
100%
An der Ziegelei, 47 27383, Schee\u00dfel-Westerholz, Germany
S & A Service und Anwendungstechnik
Ordinary
100%
GmbH
Ghana
43 Cashew Road, Okpoi Gonno, Park Street, Accra, P. O. BOX 8747,
Ghana
Rentokil Initial Ghana Limited
Ordinary
100%
Greece
7 Aristotelous Street, Tavros, Athens, 177 78, Greece
Rentokil Initial Hellas EPE
Ordinary
100%
Guadeloupe
7 Allee des Papillons, Dothemare, Abymes, 97139, Guadeloupe
Pole Hygiene et Recyclage Group
Ordinary
100%
Rentokil Initial Guadeloupe Sarl
Ordinary
100%
131 ZA de Calbassier, Basse-Terre, 97100, Guadeloupe
SOS Guadeloupe Traitement
Ordinary
100%
Guatemala
9 Av. 39-97, Zone 8, Guatemala
Servicios Agricolas Profesionales Sociedad
Ordinary
100%
Anonima
Guernsey
P O Box 155, Mill Court, La Charroterie, St Peter Port, GY1 4ET,
Guernsey
Felcourt Insurance Company Limited
Ordinary
100%
Guyana
Lot 8, Charles and Drysdale Streets, Charlestown, Georgetown,
Guyana
Rentokil Initial Guyana Limited
Ordinary
100%
\n\n \n
Honduras
Colonia Palmira, Avenida Republica de Argentina, N 2017, Tegucigalpa
Honduras, 11101, Honduras
Compania de Servicios e Inversiones SVM
Ordinary
100%
Honduras, S. de R.L.
Compania de Servicios SVM Olympus,
Ordinary
100%
S. de R.L.
Compania de Servicios SVM Progressive,
Ordinary
100%
S. de R.L.
Compania de Servicios SVM Technicians,
Ordinary
100%
S. de R.L.
Compania de Servicios SVM Vanguard,
Ordinary
100%
S. de R.L.
\n\n \n
% held by
Group
Company name
Share class
companies
San Pedro Sula, Departamento de Cortes, San Pedro Sula, Honduras
Sagrip Honduras S.A.
Nominative
100%
Hong Kong
23/F, Westin Centre, 26 Hung to Road, Kwun Tong, Kowloon,
Hong\u00a0Kong
Rentokil Hong Kong Investment Limited
Ordinary
100%
Rentokil Initial Hong Kong Limited
Ordinary
100%
India
2nd Floor, Narayani, Ambabai Temple Compound, Aarey Road,
Goregaon West, Mumbai , Maharashtra, 400104, India
Corporate Millennium Hygiene Solutions
Ordinary
100%
Private Limited
Rentokil Initial Hygiene India Private Limited
Ordinary
100%
Office No. 301, 3rd Floor, L. D. Building, Mehra Industrial Estate, LBS
Marg, Vikhroli (West), Mumbai City, Mumbai, Maharashtra, 400079,
India
HiCare Services Private Limited
Ordinary
73%
Villa No.3, Crescent Villa, Candolim, Goa, 403515, India
PCI Pest Control Private Limited
Ordinary
73%
Indonesia
South Quarter Tower B, Lantai 21, Unit E,F,G,H. JI. R.A., Kartini Kav. 8,
RT. 010/RW. 004 Kel., Cilandak Barat, Kec Cilandak, Jakarta, Selatan,
Indonesia
PT. Calmic Indonesia
Ordinary A
100%
Ordinary B
PT. Rentokil Indonesia
Ordinary A
100%
Ordinary B
Gedung JDC Lt.6, Jl. Gatot Subroto Kav. 53 Petamburan, Tanah,
Abang, Jakarta Pusat, Indonesia
PT. Wesen Indonesia
Ordinary
100%
Ireland
Hazel House, Millennium Park, Naas, County Kildare, Ireland
Cannon Hygiene International Limited
Ordinary
100%
Initial Medical Services (Ireland) Limited (t/a
Ordinary
100%
Healthcare Waste Mgt Servs)
Pest Pulse Limited
\u20ac0.0075
100%
Ordinary A
\u20ac0.0075
Ordinary \u20ac0.01
Ordinary
Rentokil Initial Holdings (Ireland) Limited
Ordinary
100%
Rentokil Initial Limited
Ordinary
100%
Ronaldon Limited
Ordinary
100%
Israel
13 Hadid 7313500, Israel
Eitan Amichai Pest Management IPM Ltd
Ordinary
100%
Yarokology Ltd.
Ordinary
100%
Italy
Via Paolo Frisi, 4/A, 48124, Ravenna, RA, Italy
Evoluzione Servizi Srl
1
Ordinary
100%
Via Laurentina km. 26,500, 157 a/c, 00071, Pomezia, Italy
Rentokil Initial Italia SpA
Ordinary
100%
Contrada S. Giovanni in Golfo, 221, Contrada San Giovanni, 86100, CB,
Molise, Italy
SOGESsp S.R.L.
Ordinary
100%
\n\n\n \n
% held by
Group
Company name
Share class
companies
Jamaica
39-41 Second Street, Newport West, Kingston 13, Jamaica
Rentokil Initial (Jamaica) Limited
Ordinary
100%
Jordan
Amman, Jabal AlHussien, Al Lud Str. 37 \u2013 1st floor, Jordan
Arena Public Health Co.
Ordinary
100%
Kenya
Unit 5 Sameer Industrial Park, Road C, Off Enterprise Road Industrial
Area, Nairobi, Kenya
Rentokil Initial Kenya Limited
Ordinary
100%
Lebanon
Boecker Building, Plot no. 3309, Ain El Remmaneh, Beirut, Lebanon
Boecker International SAL (Offshore)
Ordinary
100%
Boecker World (Holding) s.a.l.
Ordinary
100%
Adonis Building, Bechara el Khoury, Beirut, Lebanon
Boecker Public Health s.a.l
Ordinary
100%
Libya
Janzour, Tripoli, Libya
Rentokil Delta Libya for Environmental
Ordinary
65%
Protection JSCO
Lithuania
Drob\u0117s g. 62, LT-45181, Kaunas, Lithuania
Dezinfa, UAB
Ordinary
100%
Luxembourg
Rue de la Chapelle 47, 4967, Clemency, Luxembourg
Rentokil Luxembourg Sarl
Ordinary
100%
6 Rue Eugene Ruppert, Luxembourg, 2453, Luxembourg
SVM Finance Luxembourg 1 S.a.r.l.
Ordinary
100%
SVM Finance Luxembourg 2 S.a.r.l.
Ordinary
100%
Malawi
Plot No. LE 377, Patridge Avenue, Limbe, P O BOX 5135, Malawi
Rentokil Initial Limited
Ordinary
100%
Malaysia
Level 8 Symphony House, Block D13, Pusat Dagangan Dana, 47301
Jalan PJU 1A/46, Petaling Jaya, Selangor Darul Ehsan, Malaysia
Rentokil Initial (M) Sdn Bhd
Ordinary
100%
UFTC Sdn Bhd
Ordinary
100%
Maldives
No. 6-A, Faamudheyrige Building, Orchid Magu, Repu, Mal\u00e9, Maldives
Rentokil Initial Maldives (Pvt) Ltd
Preferential
100%
shares
Martinique
Zone Industrielle de Champigny, Ducos, Le Marin, 97224, Martinique
Rentokil Initial Martinique Sarl
Ordinary
100%
Mexico
Juan \u00c1lvarez #482, Colonia Centro, Monterrey, N.L., 64000, Mexico
Balance Urbano Control de Plagas S.A. de CV
Ordinary
100%
\n\n \n
% held by
Group
Company name
Share class
companies
Sauce 29, Col. Santa Maria La Ribera, Cuauhtemoc, CDMX, 06400,
Mexico
Control Vifer, S.A. de C.V.
Ordinary A
100%
Ordinary B
Servicios de Plagas Terminix, S.A. de C.V.
Ordinary A
100%
Ordinary B
Terminix International S.A. de C.V.
Ordinary A
100%
Ordinary B
Calle 29, No. 210 Col. Garcia Gineres, Merida, Yucat\u00e1n, 97070, Mexico
Personal Profesional de Pesticidas S.A. de C.V. Ordinary
100%
Mozambique
Avenida da Namaacha, kilometro 6, Residencial Mutateia, Cidade da
Matola, Mozambique
Rentokil Initial Mozambique Limitada
Ordinary
100%
Netherlands
Impact 6, 6921 RZ, Duiven, Netherlands
Ambius B.V.
Ordinary
100%
Oude Middenweg 77, 2491 AC, Den Haag, Netherlands
B.V. Rentokil Funding
Ordinary A
100%
BET (Properties) B.V.
Ordinary
100%
BET Finance B.V.
Ordinary
100%
Holland Reconditionering B.V.
Ordinary
100%
Rentokil Initial Finance B.V.
Ordinary
100%
Rentokil Initial International B.V.
Ordinary
100%
Rentokil Initial Overseas (Holdings) B.V.
Ordinary
100%
Ravenswade 54-S, 3439, Nieuwegein, LD, Netherlands
Rentokil Initial B.V.
Ordinary
100%
New Zealand
Level 1, 89 Carbine Road, Mount Wellington, Auckland 1060,
New\u00a0Zealand
Rentokil Initial Limited
Ordinary
100%
16 Leonard Road, Mount Wellington, Auckland, 1060, New Zealand
Nitrogenx Limited
1
Ordinary
100%
Norway
Sanitetsveien 17, Postboks 84, Skjetten, 2026, Norway
Rentokil Initial Norge AS
Ordinary
100%
Rambergveien 1, T\u00f8nsberg, 3115, Norway
Skadedyrbutikken AS
Ordinary
100%
Pakistan
S-2 Commercial, 2nd Floor, Lalik Jan Chowk, Phase II, Lahore,
Cantonment, Punjab, Pakistan
C-Shine Sustainable Solutions (Private)
Ordinary
70%
Limited
Peru
Calle 23 Mza, Z-1 Lote 9, Villa El Salvador, Peru
Ingeclean Peru S.A.C
Ordinary
100%
Philippines
No 73 Elisco Road, Bo, Kalawaan, Pasig City, 1600, Philippines
Rentokil Initial (Philippines) Inc
Ordinary
100%
\n \n
% held by
Group
Company name
Share class
companies
Poland
Ul. Jana Pawla Woronicza, Nr 31, Lok. 78, 02-640, Warszawa, Poland
Rentokil Polska Sp. z o.o.
Ordinary
100%
Ul. D\u0105browskiego 44, 50-457, Wroc\u0142aw, Poland
Vaco sp. z o.o
Ordinary
100%
Portugal
EN 115, Km 78,67, 2664-502, S\u00e3o Juli\u00e3o do Tojal, Portugal
Rentokil Initial Portugal \u2013 Servi\u00e7os de
Ordinary
100%
Protec\u00e7\u00e3o Ambiental, Unipessoal, Lda
Republic of Korea
2nd Floor, Korea Disaster Relief Association, 371-19 Sinsu-Dong,
Mapo-Gu, Seoul, Korea, 121-856, Republic of Korea
Rentokil Initial Korea Ltd
Common
100%
Saudi Arabia
4477 King Abdul Aziz Road, Suleimaniya, Unit 2 Riyadh KSA,
Saudi\u00a0Arabia
BET Trading LLC
Ordinary
100%
Boecker Public Health Saudia Company
Ordinary
100%
Limited
PO Box 30164, Office No: 401, 4th Floor, Al Tamimi Building, Al Khobar
North, Al Khobar, 31952, Saudi Arabia
Rentokil Saudi Arabia Limited O.P.C
Ordinary
100%
Singapore
16 Jalan Mesin, 368815, Singapore
Rentokil Initial Asia Pacific Management Pte Ltd
Ordinary
100%
Rentokil Initial Singapore Private Limited
Ordinary
100%
Slovakia
Kopcianska 10, Bratislava, 851 01, Slovakia
Rentokil Initial s.r.o.
Ordinary
100%
South Africa
Unit D12 Connaught Park, Riley Road, Beaconvale, Parow, 7000,
South\u00a0Africa
Cannon Hygiene (SA) Proprietary Limited
Ordinary
100%
2 Stigant Road, Claremont, Cape Town, 7708, South Africa
Newshelf 1232 (Pty) Ltd
Preference
100%
Rentokil Initial (Proprietary) Limited
Ordinary
100%
Rentokil Initial Dikapi JV (Pty) Limited
Ordinary
59%
Spain
C/ Los Carros, 1 Bajo, Pobladura de Pelayo de Garc\u00eda, 24249, Leon,
Spain
Desinfeccion de Plagas S.L.
Ordinary
100%
C/ Monasterio de N\u00e1jera 1, 50002, Zaragoza, Spain
Desinfecciones Bionext, S.L.
Ordinary
100%
Pol. Ind. El Prado, Calle Bilbao, Nave 5, Parcel 17, 06800, M\u00e9rida,
Badajoz, Spain
Fumigaciones Extreme\u00f1as Merida, S.L.
Ordinary
100%
C/ Mar Mediiterr\u00e1neo 1 (entrada por Mar Adri\u00e1tico, San Fernando de
Henares), 28830, Madrid, Spain
Initial Gaviota S.A.U
Ordinary
100%
Rentokil Initial Espa\u00f1a SA
Ordinary A
100%
Ordinary B
Ordinary C
\n\n \n
% held by
Group
Company name
Share class
companies
Pol\u00edgono Industrial \u201cPla de Vallonga\u201d, Calle Meteorito, 59 \u2013 Alicante,
Spain
Lokimica S.A
Ordinary
100%
C/de la Nena Casas, 71, 08017, Barcelona, Spain
Servicios Depec S.L.
Ordinary
100%
C/ Palanca 34, 28045, Madrid, Spain
Tecnologia y Desarrollo Medioambiental, S.L.
Ordinary
100%
Sri Lanka
No. 307, Negombo Road, Peliyagoda, Sri Lanka
Rentokil Initial Ceylon (Private) Limited
Ordinary
100%
Sweden
Avestagatan 61, SE 163 53 Spanga, Sweden
Ambius AB
Ordinary
100%
Rent a Plant Interessenter AB
Ordinary
100%
Sweden Recycling AB
Ordinary
100%
c/o Nomor AB, Tusbystr\u00e5ket 1B, 191 61, Sollentuna, Sweden
Nomor AB
Ordinary
100%
Rentokil F\u00f6rs\u0103kring AB
Ordinary
100%
Nomor Holding AB
Ordinary
100%
Terminix Nomor AB
Ordinary
100%
Switzerland
Hauptstrasse 3, 4625 Oberbuchsiten, Oberbuchsiten, Switzerland
Rentokil Schweiz AG
Ordinary
100%
Taiwan (Province of China)
14F-1, No. 26, Ln. 61, Sec. 1, Guangfu Rd., Sanchong Dist., New Taipei
City, Taiwan (Province of China)
Initial Hygiene Co Ltd
Ordinary
100%
Rentokil Co., Limited
Ordinary
100%
Tanzania
1st Floor, Opal Place, 77 Haile Selassie Road, Masaki, P.O. Box 21184,
Dar es Salaam, Tanzania
Initial Hygiene (T) Limited
Ordinary
100%
Thailand
160 Vibhavadi Rangsit Road, Khwaeng Ratchadapisek, Khat Dindaeng,
Thailand, 10400, Thailand
Cannon Pest Management Co. Ltd
Ordinary
100%
Rentokil Initial (Thailand) Ltd
Ordinary
100%
Trinidad and Tobago
Field no. 82, KK-LL, Aranguez South, Trinidad and Tobago
Rentokil Initial (Trinidad) Limited
Ordinary
100%
Turkey
Tuna Mahallesi Sanat Caddesi No: 17 Daire: 121, Bornova, \u0130zmir, Turkey
Rentokil Initial \u00c7evre Sa\u011fl\u0131\u011f\u0131 Sistemleri
Ordinary
100%
Ticaret ve Sanayi A.\u015e
Uganda
Plot No 2012, Kalinabiri Road, Ntinda, Kampala, Uganda
Rentokil Initial Uganda Limited
Ordinary
100%
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
United Arab Emirates
\u00a0\u00a0
Office number 1403, PO Box 41999, TECOM, Al Barsha Heights, Dubai,
\u00a0\u00a0
United Arab Emirates
\u00a0\u00a0
Boecker Food Safety L.L.C.
Ordinary
100%
Al Shafar Tower 1, 14th Floor, Office No. 1401, TECOM, Al Barsha
\u00a0\u00a0
Heights, Dubai, United Arab Emirates
\u00a0\u00a0
Boecker Pest Control L.L.C.
Ordinary
100%
Boecker Public Health Pest Control
Ordinary
100%
Equipment Trading L.L.C.
\u00a0\u00a0
National Pest Control LLC
Ordinary
100%
Rentokil Initial Pest Control LLC
Ordinary
100%
Shop No.6, Jurf Industrial Zone 2, Ajman, United Arab Emirates
\u00a0\u00a0
Rentokil Initial Pest Control L.L.C.
Ordinary
100%
Al Suhyeen, Rolla, Office 205, Sharjah, United Arab Emirates
\u00a0\u00a0
Specialist Int. Pest Control LLC
Ordinary
100%
United Kingdom
\u00a0\u00a0
Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY,
\u00a0\u00a0
United Kingdom
\u00a0\u00a0
AW Limited
Ordinary
100%
B.E.T. Building Services Limited
Ordinary
100%
BET (No.18) Limited
Ordinary
100%
BET (No.68) Limited
2
Ordinary
100%
BET Environmental Services Ltd
Ordinary
100%
BET Pension Trust Limited
Ordinary
100%
BPS Offshore Services Limited
3
Ordinary
100%
Broadcast Relay Service (Overseas) Limited
3
Ordinary
100%
Castlefield House Limited
Ordinary
100%
Chard Services Limited
Ordinary
100%
CHL Legacy Limited
3
Ordinary
100%
Contemporary Plant Designs Limited
3
Ordinary
100%
DCUK (FM) Limited
Ordinary
100%
DCUKFM Holdings Limited
Ordinary
100%
DuctClean (UK) Limited
Ordinary
100%
Dudley Industries Limited
3
Ordinary
100%
Enigma Laundries Limited
Ordinary
100%
Enigma Services Group Limited
Ordinary
100%
Enviro-Fresh Limited
Ordinary
100%
Environmental Contract Services Limited
3
Ordinary
100%
Euroguard Technical Services Limited
Ordinary
100%
Grayston Central Services Limited
Ordinary
100%
Hometrust Limited
Ordinary
100%
Initial Limited
3
Ordinary
100%
Initial Medical Services Limited
Ordinary
100%
Interior Contracts (UK) Limited
3
Ordinary
100%
Kent Tropical Interiors Limited
3
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
Marlin Global Services Limited
1,3
Ordinary
100%
Manor Planting Ltd
3
Ordinary
100%
Nature At Work Limited
Ordinary
100%
Newman\u2019s Plants Limited
3
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
Opel Transport & Trading Company Limited
Ordinary
100%
Paul Lomax Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
Peter Cox Limited
Ordinary A
100%
Plant Nominees Limited
Ordinary
100%
Prime Projects International Limited
3
Ordinary
100%
Prokill (UK) Ltd
Ordinary A
100%
Prokill Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
\u00a0
Ordinary D
\u00a0
\n \n
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Rapid Washrooms Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
Rentokil Dormant (No.6) Ltd
Ordinary
100%
Rentokil Initial (1896) Limited
3
Ordinary
100%
Rentokil Initial (1993) Limited
3
Ordinary 6%
100%
\u00a0
Non-
\u00a0
\u00a0
Redeemable
\u00a0
\u00a0
Preference
\u00a0
Rentokil Initial 1927 plc
Ordinary
100%
\u00a0
Redeemable
\u00a0
\u00a0
Preference:
\u00a0
\u00a0
AUD, CAD,
\u00a0
\u00a0
CLP, DKK,
\u00a0
\u00a0
IDR,\u00a0ILS,
\u00a0
\u00a0
NOK,\u00a0NZD,
\u00a0
\u00a0
USD EUR
\u00a0
\u00a0
Cumulative
\u00a0
\u00a0
Preference
\u00a0
\u00a0
(Non-
\u00a0
\u00a0
Redeemable)
\u00a0
Rentokil Initial Americas Limited
3
Ordinary
100%
Rentokil Initial Asia Pacific Limited
3
Ordinary
100%
Rentokil Initial Brazil Limited
3
Ordinary
100%
Rentokil Initial Finance Limited
3
Ordinary
100%
Rentokil Initial Holdings Limited
3, 4
Ordinary
100%
Rentokil Initial Investments South Africa
3
Ordinary
100%
Rentokil Initial Pension Trustee Limited
Ordinary
100%
Rentokil Initial Services Limited
Ordinary
100%
Rentokil Initial UK Ltd
Ordinary
100%
Rentokil Insurance Limited
Ordinary
100%
Rentokil Limited
3
Ordinary
100%
Rentokil Overseas Holdings Limited
3
Ordinary
100%
Rentokil Property Care Limited
Ordinary
100%
Rentokil Property Holdings Limited
Ordinary
100%
RI Dormant No.18 Limited
Ordinary
100%
RI Dormant No.20 Limited
Ordinary
100%
Saaman Limited
3
Ordinary
100%
Stratton House Leasing Limited
3
Ordinary
100%
SVM International Services Limited
Ordinary
100%
Target Express Holdings Limited
Ordinary
100%
Target Express Limited
Ordinary
100%
Target Express Parcels Limited
Ordinary
100%
TEB Cleaning Services Limited
Ordinary
100%
The Palfreymans Limited
Ordinary A
100%
\u00a0
Ordinary B
\u00a0
\u00a0
Ordinary C
\u00a0
\u00a0
Ordinary D
\u00a0
\u00a0
Ordinary E
\u00a0
Tropical Ambience Limited
Ordinary
100%
Tropical Innovation Limited
3
Ordinary
100%
Urban Planters Franchise Limited
3
Ordinary
100%
Waterized Limited
Ordinary
100%
Stephens & Carter Limited
2
Ordinary
100%
The Ca\u2019D\u2019Oro, 45 Gordon Street, Glasgow, Scotland, G1 3PE,
\u00a0\u00a0
United\u00a0Kingdom
\u00a0\u00a0
Duct Clean Services Ltd
3
Ordinary
100%
Industrial Clothing Services Limited
Ordinary
100%
Pest Protection Services (Scotland) Limited
Ordinary A
100%
RI Dormant No.12 Limited
Ordinary
100%
Wise Property Care Ltd.
Ordinary
100%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
United States
\u00a0\u00a0
1125 Berkshire Blvd, Suite 150, Reading PA 19610, United States
\u00a0\u00a0
Cygnet Enterprises Northwest, Inc
Common
100%
Cygnet Enterprises West, Inc
Common
100%
Cygnet Enterprises, Inc
Common
100%
Medentex LLC
Common
100%
Oliver Exterminating Dominicana Corp
Common
100%
Rentokil Initial Environmental Services LLC
Interest
100%
Rentokil North America, Inc.
Ordinary
100%
Rentokil of Puerto Rico, Inc.
Common
100%
Solitude Lake Management, LLC
Common
100%
Vector Disease Acquisition, LLC
Series A
100%
\u00a0
shares
\u00a0
\u00a0
Series B
\u00a0
\u00a0
shares
\u00a0
\u00a0
Common
\u00a0
\u00a0
shares
\u00a0
Vector Disease Control International, LLC
Common
100%
2288 150th Street Halstad MN 56548, United States
\u00a0\u00a0
Airborne Vector Control LLC
Common
100%
The Corporation Trust Company, Corporation Trust Center,
\u00a0\u00a0
1209\u00a0Orange Street, Wilmington DE 19801, United States
\u00a0\u00a0
Anza, LLC
Ordinary
100%
Initial Contract Services LLC
Interest
100%
Ramac (US) LLC
Interest
100%
Rentokil Initial US Holdings, Inc.
Common
100%
Rentokil Terminix Funding, LLC
Interest
100%
Secure Monthly Affordable Credit
Common
100%
Corporation
\u00a0\u00a0
Secure Monthly Affordable Credit Limited
Ordinary
100%
Partnership
\u00a0\u00a0
SVM Honduran Service and Investments
Interest
100%
Company, LLC
\u00a0\u00a0
SVM Olympus Service Company, LLC
Interest
100%
SVM Progressive Service Company, LLC
Interest
100%
SVM Technicians Service Company, LLC
Interest
100%
SVM Vanguard Service Company, LLC
Interest
100%
Terminix Consumer Services, LLC
Interest
100%
Terminix Holdings, LLC
Interest
100%
Terminix International Holdings, Inc
Common
100%
Terminix Management Corporation
Interest
100%
Terminix Receivables Company LLC
Interest
100%
The Terminix Company, LLC
Interest
100%
TMX Holdco, LLC
Interest
100%
United Transport America LLC
Interest
100%
Virginia Properties Inc
Ordinary
100%
PO Box 4510 Ten Free Street, Portland ME 04112, United States
\u00a0\u00a0
Asiatic Investments, Inc.
Ordinary
100%
1000 Labarre Road, Metairie, LA 70001, United States
\u00a0\u00a0
Mississippi Mosquito Control, LLC
Interest
100%
Mosquito Control of Lafourche, LLC
Interest
100%
Mosquito Control Services of Florida, LLC
Interest
100%
Mosquito Control Services of Georgia, LLC
Interest
100%
Mosquito Control Services, L.L.C
Interest
100%
Rittiner Group, L.L.C.
Interest
100%
St. Charles Mosquito Control, L.L.C.
Interest
100%
St. John Mosquito Control, L.L.C.
Interest
100%
Terrebonne Mosquito Control, LLC
Interest
100%
1000 Satellite Blvd, Ste 101, Suwanee, Gwinnett County GA 30024,
\u00a0\u00a0
United States
\u00a0\u00a0
ProPest Products, Inc.
Ordinary
100%
2540, Lawrenceville Hwy, Lawrenceville, GA 30044, United States
\u00a0\u00a0
Steritech-Canada, Inc.
Common
100%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
% held by
\u00a0\u00a0
Group
Company name
Share class
companies
Asiatic Holdings LLC
Ordinary
100%
463 Mountain View Drive, Suite 301, 3rd Floor, Colchester VT 05446,
\u00a0\u00a0
United States
\u00a0\u00a0
Steward Insurance Company
Common
100%
860 Ridge Lake Blvd., Memphis TN 38120, United States
\u00a0\u00a0
Terminix Gift, L.L.C.
Interest
100%
150 Peabody Place, Memphis TN 38103, United States
\u00a0\u00a0
The Terminix International Company Limited
Ordinary
100%
Partnership
\u00a0\u00a0
The Terminix Foundation
Interest
100%
Uruguay
\u00a0\u00a0
Tom\u00e1s Giribaldi, apto 3, 2270, Uruguay
\u00a0\u00a0
Amalur Uruguay Sociedad An\u00f3nima
Ordinary
100%
Chana, 2033, Departmento de Montevideo, Uruguay
\u00a0\u00a0
La Sanitaria S.A.
Ordinary
100%
La Paz, 1227, Departamento de Montevideo, Uruguay
\u00a0\u00a0
Rentokil Uruguay S.A.
Ordinary
100%
Manuel Calleros 4918, Montevideo, Uruguay
\u00a0\u00a0
Control Productos y Servicios de Higiene
Ordinary
100%
Ambiental S.A.
1
\u00a0\u00a0
Vietnam
\u00a0\u00a0
54-56 Nguyen Trai Street, Ben Thanh Ward, District 1, Ho Chi Minh
\u00a0\u00a0
City, Vietnam
\u00a0\u00a0
Rentokil Initial (Vietnam) Company Limited
Ordinary
100%
Virgin Islands, US
\u00a0\u00a0
Merchants Financial Center, 4608 Tutu Park Mall, Suite 202,
\u00a0\u00a0
St\u00a0Thomas, Virgin Islands, 00802-1816, Virgin Islands, U.S.
\u00a0\u00a0
Terminix International USVI, LLC
Interest
100%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Compass House, Manor Royal, Crawley, West Sussex, RH10 9PY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00606": { "value": "Parent Company Balance Sheet
At 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2025
2024
\u00a0
Notes
\u00a3m
\u00a3m
Non-current assets
\u00a0\u00a0\u00a0
Investments
3
\u00a04,470\u00a0
\u00a04,454\u00a0
Debtors \u2013 amounts falling due after more than one year
4
\u00a0\u2013\u00a0
\u00a0
\u00a02,750\u00a0
Deferred tax assets
5
\u00a026\u00a0
\u00a021\u00a0
Derivative financial instruments
6
\u00a090\u00a0
\u00a06\u00a0
\u00a0\u00a0
\u00a04,586\u00a0
\u00a07,231\u00a0
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Debtors \u2013 amounts falling due within one year
4
\u00a04,894\u00a0
\u00a02,749\u00a0
Cash and cash equivalents
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Derivative financial instruments
6
\u00a041\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u00a0
\u00a04,935\u00a0
\u00a02,750\u00a0
Current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Creditors \u2013 amounts falling due within one year
7
(2,753)\u00a0
(3,483)\u00a0
Bank and other borrowings
8
(442)\u00a0
(564)\u00a0
Derivative financial instruments
6
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u00a0
(3,198)\u00a0
(4,047)\u00a0
Net current assets/(liabilities)
\u00a0
\u00a01,737\u00a0
(1,297)\u00a0
Non-current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Bank and other borrowings
8
(2,187)\u00a0
(2,503)\u00a0
Derivative financial instruments
6
(13)\u00a0
(29)\u00a0
\u00a0\u00a0
(2,200)\u00a0
(2,532)\u00a0
Net assets
\u00a0
\u00a04,123\u00a0
\u00a03,402\u00a0
Equity capital and reserves
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Share capital
9
\u00a025\u00a0
\u00a025\u00a0
Share premium
10
\u00a015\u00a0
\u00a015\u00a0
Merger relief reserve
\u00a0
\u00a02,998\u00a0
\u00a02,998\u00a0
Cash flow hedge reserve
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a08\u00a0
Retained earnings
\u00a0
\u00a01,085\u00a0
\u00a0356\u00a0
Total equity
\u00a0
\u00a04,123\u00a0
\u00a03,402\u00a0
\n
Under section 408 of the Companies Act 2006, the Company is exempt from the requirement to present its own Statement of Comprehensive
Income. The Company reported a profit for the year ended 31 December 2025 of \u00a3931m (2024: loss of \u00a344m), following the dividends received
from subsidiaries of \u00a31,000m.
The Financial Statements on pages 201 to 206 were approved by the Board of Directors and were signed on its behalf by Andy Ransom and
Paul\u00a0Edgecliffe-Johnson on 5 March 2025.
Andy Ransom
Paul Edgecliffe-Johnson
Chief Executive
Chief Financial Officer
Registered number: 05393279
Parent Company Statement of Changes in Equity
\n
For the year ended 31 December
\n\n \n
Cash flow
Share
Share
Merger relief
hedge
Retained
Total
capital
premium
reserve
reserve
earnings
equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2024
\u00a025\u00a0
\u00a014\u00a0
\u00a02,998\u00a0
\u00a02\u00a0
\u00a0614\u00a0
\u00a03,653\u00a0
Loss for the year
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(44)\u00a0
(44)\u00a0
Other comprehensive income:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Movement on cash flow hedge
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a06\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a06\u00a0
Tax related to items taken directly to other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
(3)\u00a0
Total comprehensive income for the year
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a06\u00a0
(47)\u00a0
(41)\u00a0
Transactions with owners:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Gain on stock options
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
Dividends paid to equity shareholders
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(229)\u00a0
(229)\u00a0
Share-based payments charged to profit and loss
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a04\u00a0
\u00a04\u00a0
Share-based payments debited to investments
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a016\u00a0
\u00a016\u00a0
Tax related to items taken directly to equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
(2)\u00a0
At 31 December 2024
\u00a025\u00a0
\u00a015\u00a0
\u00a02,998\u00a0
\u00a08\u00a0
\u00a0356\u00a0
\u00a03,402\u00a0
Profit for the year
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0931\u00a0
\u00a0931\u00a0
Other comprehensive income:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Movement on cash flow hedge
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(8)\u00a0
\u00a0\u2013\u00a0
\u00a0
(8)\u00a0
Tax related to items taken directly to other comprehensive income
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a02\u00a0
\u00a02\u00a0
Total comprehensive income for the year
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
(8)\u00a0
\u00a0933\u00a0
\u00a0925\u00a0
Transactions with owners:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Dividends paid to equity shareholders
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
(226)\u00a0
(226)\u00a0
Share-based payments charged to profit and loss
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a05\u00a0
\u00a05\u00a0
Share-based payments debited to investments
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a016\u00a0
\u00a016\u00a0
Tax related to items taken directly to equity
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01\u00a0
\u00a01\u00a0
At 31 December 2025
\u00a025\u00a0
\u00a015\u00a0
\u00a02,998\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a01,085\u00a0
\u00a04,123\u00a0
\n
Shares of \u00a3nil (2024: \u00a3nil) have been netted against retained earnings. This represents 9.8m (2024: 11.4m) shares held by the Rentokil Initial
\n
Employee Share Trust. The market value of these shares at 31 December 2025 was \u00a344m (2024: \u00a345m). Dividend income from, and voting rights
\n
on, the shares held by the Trust have been waived.
Notes to the Parent Company Financial Statements
\n
1. Accounting convention
\n
These Financial Statements are prepared on a going concern basis, using the historical cost convention (as modified to include the revaluation
\n
of\u00a0certain financial instruments), and are prepared in accordance with the Companies Act 2006 as applicable to companies using Financial
\n
Reporting Standard 101 Reduced Disclosure Framework (FRS 101). In\u00a0preparing these Financial Statements, the Company applies the recognition,
\n
measurement, and disclosure requirements of UK-adopted International Accounting Standards (IAS) in conformity with the requirements of the
\n
Companies Act 2006 (Adopted IFRSs), but makes amendments where necessary in order to comply with the Companies Act 2006 and has
\n
set out below where advantage of the FRS 101 disclosure exemptions has been\u00a0taken. The results of Rentokil Initial plc are included in the
\n
Consolidated Financial Statements of Rentokil Initial plc, which are presented on\u00a0pages 148 to 200.
\n
The Company has taken advantage of the following disclosure exemptions under FRS 101, all of which have equivalent disclosures included
\n
in\u00a0the\u00a0Consolidated Financial Statements:
\n
\u2022 the requirements of paragraphs 45(b) and 46\u201352 of IFRS 2 Share-based Payment;
\n
\u2022 the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66, and B67
\n
of\u00a0IFRS\u00a03\u00a0Business Combinations;
\n
\u2022 the requirements of IFRS 7 Financial Instruments: Disclosures;
\n
\u2022 the requirements of paragraphs 91\u201399 of IFRS 13 Fair Value Measurement;
\n
\u2022 the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: (i) paragraph 79(a)
\n
(iv) of IAS 1; (ii) paragraph 73(e) of IAS 16 Property, Plant and Equipment; (iii) paragraph 118(e) of IAS 38 Intangible Assets; (iv) paragraphs 76\u00a0and
\n
79(d) of IAS 40 Investment Property; and (v) paragraph 50 of IAS 41 Agriculture;
\n
\u2022 the requirements of paragraphs 10(d), 10(f), and 134\u2013136 of IAS 1 Presentation of Financial Statements;
\n
\u2022 the requirements of IAS 7 Statement of Cash Flows;
\n
\u2022 the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;
\n
\u2022 the requirements of paragraph 17 of IAS 24 Related Party Disclosures;
\n
\u2022 the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of\u00a0a\u00a0group,
\n
provided that any subsidiary which is a party to the transaction is wholly owned by such a member;
\n
\u2022 the requirements of paragraphs 134(d)\u2013134(f) and 135(c)\u2013135(e) of IAS 36 Impairment of Asset; and
\n
\u2022 the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes.
\n
2. Material accounting policies
\n
Critical accounting estimates and judgements
\n
The preparation of Financial Statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires
\n
the\u00a0Company\u2019s Directors to exercise judgement in applying the Company\u2019s accounting policies.
\n
The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based
\n
on\u00a0historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
\n
In\u00a0the future, actual experience may differ from these estimates and assumptions. Estimates and assumptions have been reviewed to assess
\n
whether significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is present;
\n
there were no estimates nor assumptions found to have such significant risk.
\n
Investments
\n
Investments held as fixed assets are stated at cost less provision for any impairment. In the opinion of the Directors, the value of such investments
\n
are not less than shown at the balance sheet date.
\n
Borrowings
\n
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost (where
\n
hedge accounting is not applied); any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the
\n
profit and loss account over the period of the borrowings using the effective interest method.
\n
Borrowings are classified as current liabilities unless the Company has a continuing right to defer settlement of the liability for at least 12 months
\n
after the balance sheet date under its committed bank credit facilities.
\n
Deferred tax
\n
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the statement of financial position differs
\n
from its tax base, except for differences arising on:
\n
\u2022 the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither
\n
accounting nor taxable profit; and
\n
\u2022 investments in subsidiaries and jointly controlled entities where the Company is able to control the timing of the reversal of the difference and
\n
it\u00a0is\u00a0probable that the difference will not reverse in the foreseeable future.
\n
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the
\n
difference can be utilised.
\n
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are
\n
expected to apply when the deferred tax assets/liabilities are settled/recovered.
\n
Financial instruments and risk management
\n
The Company policy in respect of financial instruments and risk management is disclosed in Section C of the Notes to the Consolidated Financial
\n
Statements on\u00a0pages 181 to 190. Disclosures have been made on financial instruments as required by the Companies Act 2006.
\n
Expected credit loss calculations are performed annually for intercompany debtors and are a probability-weighted estimate of credit losses based
\n
on the Company\u2019s historical credit loss experience adjusted for debt-specific factors.
\n
Share capital
\n
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity.
Share-based compensation
\n
The Group operates two equity-settled share-based long-term incentive plans (LTIPs): the Performance Share Plan and the Restricted Share
\n
Plan. The economic cost of awarding shares and share options to employees is recognised as an expense in the income statement, equivalent
\n
to the fair value of the benefit awarded. The fair value of the Performance Share Plan is determined by reference to option pricing models,
\n
principally\u00a0stochastic and adjusted Black-Scholes models. The fair value of the Restricted Share Plan is determined by reference to an adjusted
\n
Black-Scholes model. The charge for both plans is recognised in the income statement over the vesting period of the award. At each balance
\n
sheet date, the Group revises its estimate of the number of shares that vest or options that are expected to become exercisable. Any revision to
\n
the original estimates is reflected in the income statement with a corresponding adjustment to equity immediately to the extent it relates to past
\n
service, and the remainder over the rest of the vesting period.
\n
Dividend distribution
\n
Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Financial Statements in the period in which the dividends
\n
are approved by the Company\u2019s shareholders. Interim dividends are recognised when paid. See Note D1 to the Consolidated Financial
\n
Statements for details of dividends proposed in the year.
\n
3. Investments
\n\n \n
2025
2024
\u00a3m
\u00a3m
At 1 January
\u00a04,454\u00a0
\u00a04,438\u00a0
Share-based payments to employees of subsidiaries
\u00a016\u00a0
\u00a016\u00a0
At 31 December
\u00a04,470\u00a0
\u00a04,454\u00a0
\n
At 31 December 2025, Rentokil Initial Holdings Limited is the Company\u2019s sole direct subsidiary undertaking. All other indirect subsidiary
\n
undertakings are listed on pages 193 to 200.
\n
4. Debtors
\n\n \n
2025
2024
\u00a3m
\u00a3m
Amounts falling due within one year:
\u00a0
\u00a0
\u00a0
\u00a0
Amounts owed by subsidiary undertakings \u2013 non-interest-bearing loans (repayable on demand)
\u00a02,143\u00a0
\u00a02,740\u00a0
Amounts owed by subsidiary undertakings \u2013 interest-bearing loan (with effective interest rate of 2.5%)
\u00a02,750\u00a0
\u00a0\u2013\u00a0
\u00a0
Other debtors
\u00a01\u00a0
\u00a09\u00a0
\u00a04,894\u00a0
\u00a02,749\u00a0
Amounts falling due after more than one year:
Amounts owed by subsidiary undertakings \u2013 interest-bearing loan (with effective interest rate of 2.5%)
\u00a0\u2013\u00a0
\u00a0
\u00a02,750\u00a0
\n
Amounts\u00a0owed by subsidiary undertakings due within one year relates to an interest-bearing loan that matures in July 2026.
\n
5. Deferred tax assets
\n\n \n
2025
2024
\u00a3m
\u00a3m
The deferred tax asset is made up as follows:
\u00a0
\u00a0
\u00a0
\u00a0
LTIP
\u00a013\u00a0
\u00a012\u00a0
Tax losses
\u00a013\u00a0
\u00a011\u00a0
Cash flow hedge reserve
\u00a0\u2013\u00a0
\u00a0
(2)\u00a0
\u00a026\u00a0
\u00a021\u00a0
\n
The Company is within the scope of the UK income inclusion and domestic top-up tax rules enacted in Finance (No.2) Act 2023.
\n
Based on the Group assessment of the exposure to Global Minimum Tax (GMT), no top-up tax charge is expected for the Company so there is no
\n
current tax exposure.
\n
The Company applies the exception to recognising and disclosing information about deferred tax assets and liabilities related to GMT, as
\n
provided in the amendments to IAS 12 issued in May 2023. Further information about the GMT impact on the Group can be found in the Notes to
\n
the Consolidated Financial Statements in Note A12.
6. Derivative \ufb01nancial instruments
\n\n \n
Fair value
Fair value
Fair value assets
Fair value assets
liabilities
liabilities
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate swaps (level 2):
\u2013 Non-hedge
\u00a0126\u00a0
\u00a05\u00a0
(11)\u00a0
(21)\u00a0
\u2013 Cash flow hedge
\u00a05\u00a0
\u00a01\u00a0
(5)\u00a0
(8)\u00a0
\u00a0131\u00a0
\u00a06\u00a0
(16)\u00a0
(29)\u00a0
Analysed as follows:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current portion
\u00a041\u00a0
\u00a0\u2013\u00a0
\u00a0
(3)\u00a0
\u00a0\u2013\u00a0
\u00a0
Non-current portion
\u00a090\u00a0
\u00a06\u00a0
(13)\u00a0
(29)\u00a0
\u00a0131\u00a0
\u00a06\u00a0
(16)\u00a0
(29)\u00a0
\n
Cash flow hedge accounting has been applied to derivatives (marked as cash flow hedge in the table above) in accordance with IFRS 9. Where no
\n
hedge accounting has been applied, related derivatives have been marked as \u2018non-hedge\u2019. Any ineffectiveness on the cash flow hedge is taken
\n
directly to finance costs. During the year, hedge ineffectiveness, from those derivatives in a cash flow hedge relationship recognised in the profit
\n
and loss, was not material, being less than \u00a3100k (2024: \u00a31m loss). Cash flow hedge accounting has been applied to \u20ac179m (2024: \u20ac179m) of the
\n
\u20ac500m 2026 bond, and \u20ac175m (2024: \u20ac175m) of the \u20ac600m 2028 bond. The cross-currency interest rate swaps are used as hedging
\n
instruments to hedge the volatility in the \u00a3/\u20ac exchange rate of the bonds. For the year ended 31 December 2025, the amount in comprehensive
\n
income related to cash flow hedge accounting was a loss of \u00a38m (2024: \u00a36m gain).
\n
7. Creditors
\n\n \n
2025
2024
\u00a3m
\u00a3m
Amounts falling due within one year:
Amounts due to subsidiary undertakings (non-interest-bearing loans repayable on demand)
\u00a02,753\u00a0
\u00a03,480\u00a0
Other creditors
\u00a0\u2013\u00a0
\u00a0
\u00a03\u00a0
\u00a02,753\u00a0
\u00a03,483\u00a0
\n
8. Bank and other borrowings
\n\n \n
2025
2024
\u00a3m
\u00a3m
Amounts falling due within one year
\u00a0442\u00a0
\u00a0564\u00a0
Amounts falling due after one year
\u00a02,187\u00a0
\u00a02,503\u00a0
\u00a02,629\u00a0
\u00a03,067\u00a0
\n
Medium-term notes and bond debt comprises:
\n\n \n
Effective
Effective
Bond
hedged
Bond
hedged
interest
interest
interest
interest
coupon
rate
coupon
rate
2025
2025
2024
2024
Current
\u20ac500m bond due May 2026
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 1.326%\u00a0
\u00a0Fixed 0.875%\u00a0
\u00a0Fixed 1.365%\u00a0
Non-current
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u20ac850m bond due June 2027
\u00a0Fixed 3.975%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0Fixed 3.975%\u00a0
\u00a0\u2013\u00a0
\u20ac600m bond due October 2028
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 0.896%\u00a0
\u00a0Fixed 0.500%\u00a0
\u00a0Fixed 0.938%\u00a0
\u20ac600m bond due June 2030
\u00a0Fixed 4.475%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0Fixed 4.475%\u00a0
\u00a0\u2013\u00a0
\u00a3400m bond due June 2032
\u00a0Fixed 5.000%\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0Fixed 5.000%\u00a0
\u00a0\u2013\u00a0
Average cost of bond debt at year-end rates
\u00a0
\u00a0
3.24%
\u00a0
\u00a0
3.29%
\n
The Company bank debt facilities comprise:
\n\n \n
Facility
Drawn at
Interest rate
Facility
Drawn at
Interest rate
amount
year end
Headroom
at year end
amount
year end
Headroom
at year end
2025
2025
2025
2025
2024
2024
2024
2024
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
%
Current
$700m term loan due October 2025
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0559\u00a0
\u00a0559\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a05.18\u00a0
$50m term loan due May 2025
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a040\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a040\u00a0
\u00a00.21\u00a0
Non-current
$1.0bn RCF due October 2029
\u00a0744\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0744\u00a0
0.14
\u00a0799\u00a0
\u00a0\u2013\u00a0
\u00a0
\u00a0799\u00a0
0.14
\n
The Revolving Credit Facility (RCF) was undrawn throughout 2024 and 2025. There are no financial covenants associated with the RCF or any
\n
other debt facility.
9. Share capital
During the year, 1,500,000 new shares were issued in relation to employee share schemes.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Issued and fully paid:
\u00a0 \u00a0
At 31 December \u2013 2,526,039,885 shares of 1p each (2024: 2,524,539,885)
\u00a025\u00a0
\u00a025\u00a0
\n
10. Share premium
\n\n \u00a0 \u00a0 \u00a0\n \n
2025
2024
\u00a3m
\u00a3m
At 31 December
\u00a015\u00a0
\u00a015\u00a0
\n
11. Guarantees and contingent liabilities
The Company has provided guarantees in respect of bank and other borrowings held by its subsidiary undertakings. In addition, there are
contingent liabilities in respect of litigation, pensions, and tax. The possibility of any significant outflows in respect of these items is considered
to be remote.
12. Auditors\u2019 remuneration
Note A8 to the Consolidated Financial Statements provides details of the remuneration of the Company\u2019s auditors for the Group.
13. Employees
The monthly average number of people employed by the Company during the year was five (2024: four). Details on employee costs are in Note
A9 to the Consolidated Financial Statements. Services for finance, taxation, treasury, legal, HR, and IT are provided by Rentokil Initial 1927 plc and
recharged to the Company. Information on Directors\u2019 emoluments, share and other interests, transactions, and pension entitlements is included
in the Directors\u2019 Remuneration Report in this Annual Report.
14. Share-based payments
Share-based payments for the financial year were \u00a321m (2024: \u00a320m), of which \u00a35m (2024: \u00a34m) was charged to the profit and loss account and
\u00a316m (2024: \u00a316m) was debited to investments. Share options relating to the Board of Directors are disclosed in the Directors\u2019 Remuneration
Report and detailed share-based payment disclosures are shown in Note A11 to the Consolidated Financial Statements.
15. Related party transactions
The Company has not undertaken any transactions with related parties during the year, other than transactions with wholly owned related parties
of Rentokil Initial plc. Such transactions are exempt from disclosure under FRS 101. There were no transactions with non-wholly owned related
parties of Rentokil Initial plc.
16. Post balance sheet events
On 2 March 2026, Rentokil Initial plc redeemed in full the \u20ac500m 0.8750% Senior Unsecured Notes due 30 May 2026, at their principal amount
together with accrued interest. The redemption was carried out in accordance with the terms and conditions of the notes. There were no other
significant events between 31 December 2025 and the date of approval of these accounts that would require amendments to or additional
disclosures in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "company incorporated in England and Wales, with company number 5393279.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "Registered in England and Wales No: 5393279 ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300VN4WV7Z6T14K68", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }