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Our remuneration policy at a glance
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Element
Key feature
Link to strategy
Any proposed changes
\u00a0 \u00a0 \u00a0
and rationale for FY27
Salary and
Salary is reviewed annually with reference to market
Set at a level appropriate to secure and retain high-
No change.
bene\ufb01ts
data. Any increases are re\ufb02ective of those provided to
calibre individuals needed to deliver the Group\u2019s strategic
\u00a0
\u00a0
our\u00a0wider workforce.
priorities and sustained long-term growth.
\u00a0
Pension
Brian Cassin and Lloyd Pitchford may participate in the
To provide appropriate retirement savings, at a
No change.
\u00a0
UK de\ufb01ned contribution plan and receive a 10% employer
rate\u00a0aligned with the wider workforce and local
\u00a0
\u00a0
contribution, or an equivalent cash allowance in lieu of
market\u00a0practice.
\u00a0
\u00a0
pension contributions.
\u00a0 \u00a0
Bonus
100% of salary at target and 200% at maximum.
To incentivise delivery of our annual strategic goals.
No change.
\u00a0
Mandatory minimum of 50% deferral into Experian
Deferral into shares balances short- and long-term
\u00a0
\u00a0
shares under the CIP for three years. Executives may
strategic focus, reinforcing focus on delivering sustained
\u00a0
\u00a0
defer up to 100% of bonus into CIP.
performance and alignment with shareholder interests.
\u00a0
Co-
Conditional award of matching shares on the gross
Personal investment from executive directors ensures
No change.
investment
value\u00a0of bonus deferred into shares.
continued, signi\ufb01cant long-term alignment with
\u00a0
Plan
Matching shares granted on a 2-for-1 basis and vest
shareholder interests.
\u00a0
\u00a0
subject to the achievement of \ufb01nancial performance
Use of stretch \ufb01nancial metrics incentivises performance
\u00a0
\u00a0
conditions over a three-year period.
over long-term horizons.
\u00a0
\u00a0
Two-year post-vest holding period applied.
\u00a0 \u00a0
Performance
Annual grant of performance shares up to 300% of salary
Outcome driven by performance against measures
Increase of 100%
Share Plan
for the CEO and 200% of salary for other executive directors.
directly linked to \ufb01nancial returns and strategic priorities.
of\u00a0salary to the PSP
\u00a0
Shares only vest to the extent performance conditions
Majority of total remuneration opportunity (CIP and PSP)
opportunity for the
\u00a0
are\u00a0met over a three-year period.
is linked to delivering the Group\u2019s long-term performance.
CEO.
\u00a0
Two-year post-vest holding period applied.
\u00a0 \u00a0
\u00a0
Exceptional grant of performance shares up to 600%
Intended to be used in truly exceptional circumstances
Increase of 200%
\u00a0
of\u00a0salary, inclusive of normal limits, may only be made
only e.g. on recruitment. Provides \ufb02exibility to enable an
of\u00a0salary from the
\u00a0
in\u00a0truly exceptional circumstances (e.g. recruitment),
incoming executive director to be immediately and
current 400% of
\u00a0
subject to stretching performance conditions.
meaningfully incentivised in a manner that\u2019s aligned with
salary limit.
\u00a0 \u00a0
shareholders\u2019 interests from appointment.
\u00a0
Shareholding
In-employment shareholding guideline of 400% of salary for
To preserve and enhance the long-term alignment
Increase of 100% of
\u00a0
the CEO and 200% of salary for other executive directors.
of\u00a0executive directors with shareholder interests and
salary to the CEO\u2019s
\u00a0
Two-year post-employment shareholding guidelines
promote a long-term approach to performance and
shareholding
\u00a0
equal to the in-employment guideline or, if lower,
risk\u00a0management.
guideline.
\u00a0
actual\u00a0shareholding at cessation.
\u00a0 \u00a0
Other
Removal of the Share Option Plan, which permitted up to 400% of salary to be granted to executive directors in exceptional circumstances,
changes
simplifying the remuneration framework and reinforcing the focus on performance-based equity aligned to delivering our long-term
\u00a0
strategic objectives.
Provision for the delivery of NED fees in either cash or shares, aligned with updated UK Financial Reporting Council (FRC) guidance.
Brian Cassin
(\u00a3\u2019000)
Lloyd Pitchford
(\u00a3\u2019000)
Pay scenarios
20,000
10,000
The charts illustrate, for various pay
9,569
18,823
scenarios, the potential future total
1
8,000
74%
77%
remuneration that each executive director
1
6,000
8,000
may realise under the proposed Policy.
7,202
13,982
1
4,000
66%
69%
1
2,000
6,000
Fixed
1
0,000
Annual bonus
8,000
4,000
Long-term incentives
6,376
3,257
6,000
49%
54%
4,000
2,000
22%
17%
20%
15%
890
24%
2,000
1,535
22%
100%
11%
100%
27%
12%
9%
24%
8%
0
0
Target
Target
Fixed
Maximum
Maximum
Fixed
Maximum
Maximum
pay
with 50% share
pay
with 50% shar
e
price increase
price increase
The above charts are prepared on the following basis:
Fixed pay:
includes FY27 base salary, FY27 cash in lieu of pension allowances and assumes a similar value of bene\ufb01ts as FY26.
Target:
includes \ufb01xed pay plus the level of performance required to deliver 50% of the maximum annual bonus, and 50% of the maximum PSP and CIP awards respectively, with the CIP matching award
being based on 100% deferral.
Maximum:
includes \ufb01xed pay plus the maximum annual bonus payment and full vesting of the CIP and PSP awards, with the CIP matching award being based on 100% deferral of a maximum annual bonus.
Maximum with 50% share price increase:
includes all elements included in maximum and assumes the share price increases 50% above that on the date of grant. The 50% share price increase has been
applied to shares received under the PSP and matching shares awarded under the CIP. Dividend equivalents are excluded from the above scenario models.
Our executive remuneration at a glance
Performance snapshot
%
%
USc
%
%
13
11
179.8
18.3
83
Benchmark EBIT growth*
Revenue performance
Benchmark EPS
Return on capital\u00a0employed
Employee engagement**
growth*
\n \n
Achievement
Performance measure
Incentive plan
Outturn
(% of max)
Benchmark EBIT growth*
Annual bonus
13%
100%
Revenue performance growth*
Annual bonus
11%
80%
Three-year adjusted annual Benchmark EPS growth*
CIP/PSP
10.4%
100%
Three-year cumulative Benchmark operating cash \ufb02ow*
CIP
US$6.2bn
100%
Three-year average adjusted Return on capital employed
PSP
18.3%
100%
Three-year TSR outperformance of FTSE 100 Index
PSP
(30.8)%
0%
*
At constant exchange rates.
**
Positive employee engagement as measured in the 2025 Great Place to Work\u00ae survey.
As a result of the performance shown above:
Executive director single figure of pay
Incentive awards timelines
\u2019000
Grant
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
0
2,000
4,000
6,000
8,000
Brian Cassin
\u00a38.1m
Annual bonus
Lloyd Pitchford
\u00a34.8m
CIP
Fixed elements of pay:
Variable elements of pay:
PSP
Base salary
Annual bonus
0
2000
4000
6000
8000
Pension and benefits
Share-based incentives: value at grant
Performance period
Share-based incentives: value attributable to share
Holding period
price growth and dividend equivalent payments
Brian Cassin
Lloyd Pitchford
Share ownership
A
ctual holding 21 x salary
A
ctual holding 21 x salary
Guideline
Additional holding
3
18
2
19
As at 31 March 2026 and calculated as outlined on page 127.
Executive director remuneration arrangements for FY27
Our executive pay framework
\u2022
Salary increases
of 2.4% and 2.5% awarded to executive directors
e\ufb00ective 1\u00a0June 2026.
\u2022
Pension
contributions for executive directors are aligned with
Revenue growth is a key
the\u00a0rate provided to the majority of the workforce in the UK.
metric for us and provides
80%
Annual
20%
a quality of earnings
Benchmark
\u2022
Annual bonus
based on Benchmark EBIT (80%) and revenue
Revenue
bonus
balance to the important
EBIT
performance (20%). The maximum opportunity is 200% of
pro\ufb01t focus of Benchmark
base\u00a0salary. Half\u00a0of\u00a0any payout must be invested into the CIP
EBIT.
for\u00a0three years.
\u2022
CIP awards
will be based on cumulative Benchmark operating
The CIP is designed to
50%
cash\u00a0\ufb02ow (50%) and adjusted Benchmark EPS (50%). The maximum
50%
incentivise cash discipline
Cumulative
Adjusted
CIP
award remains a 2:1 match.
while the PSP is designed
Benchmark
Benchmark
to incentivise shareholder
operating
EPS
\u2022
PSP awards
will be based on TSR (25%), adjusted ROCE (25%) and
cash flow
returns.
adjusted Benchmark EPS (50%). Subject to shareholder approval
of\u00a0the updated Policy, the CEO\u2019s opportunity will increase to 300% of
salary, while the CFO\u2019s opportunity is unchanged at 200% of salary.
25%
However, growth is the
ROCE
single most important
50%
\u2022
Two-year post-vest holding period
applies to both CIP and
Adjusted
aspect of our business
PSP
PSP\u00a0awards.
Benchmark
strategy and therefore
EPS
adjusted Benchmark EPS
25%
\u2022
Malus and clawback
provisions apply to all incentive awards.
runs across both plans.
TSR
\u2022
Existing in-employment shareholding guidelines
will apply for two
years post-employment. Subject to shareholder approval of the Policy,
the CEO\u2019s share ownership guideline will increase by 100% of salary.
This Annual report on directors\u2019 remuneration will be put to shareholders for an advisory vote at the AGM on 22 July 2026. The Remuneration
\n
Committee has prepared this Report on behalf of the Board, in line with the UK Companies Act 2006, Schedule 8 to the UK Large and Medium-sized
\n
Companies and Groups (Accounts and Reports) Regulations 2008 (as amended) (the Regulations) and the UKLR.
\n
All of the sections that have been audited by the Company\u2019s external auditor, KPMG, have been noted.
\n
What did we pay our executive directors in the year? (audited)
\n
The table below shows the single total \ufb01gure of remuneration for the executive directors, for the years ended 31 March 2026 and 31 March 2025.
\n
Further explanatory information is set out below the table.
\n\n \n
Brian Cassin
Lloyd Pitchford
2026
2025
2026
2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Fixed pay
Gross salary
1,350
1,066
767
750
Total \ufb01xed pay
1,350
1,066
767
750
Bene\ufb01ts
14
22
22
26
Pension
135
106
77
75
Total \ufb01xed remuneration
1,499
1,194
866
851
Performance-related pay
Annual bonus
2,592
2,132
1,472
1,500
Share-based incentives
Value delivered through performance
1
3,965
4,843
2,450
2,992
Value delivered through share price growth and dividends
2
34
2,463
21
1,522
Total variable remuneration
6,591
9,438
3,943
6,014
Total single \ufb01gure of remuneration
8,090
10,632
4,809
6,865
\n
1
Value delivered through performance is calculated as the number of shares vesting under the CIP and PSP multiplied by the share price on the date of grant. Neither of the executive directors exercised share
\n
options in the years ended 31 March 2026 or 31 March 2025.
\n
2
For the year ended 31 March 2026, the value delivered through share price growth and dividends is calculated as (i) the di\ufb00erence between the average share price in the last three months of the \ufb01nancial year
\n
and the share price on the date of grant multiplied by the number of vested performance shares, plus (ii) dividend equivalent payments for the number of vested performance shares.
\n
How has the single \ufb01gure been calculated? (audited)
\n
Salary
\n
Salary increases typically take e\ufb00ect from 1 June. Following extensive shareholder consultation, Brian Cassin\u2019s base salary was increased with e\ufb00ect
\n
from 1 April 2025 and was not eligible for a further review in FY26. The Committee approved a 2.7% increase for Lloyd Pitchford with e\ufb00ect from
\n
1\u00a0June 2025.
\n\n \n
1 June 2025
1 June 2024
Percentage
\u2018000
\u2018000
increase
Brian Cassin
\u00a31,350
1
\u00a31,070
26.2%
Lloyd Pitchford
\u00a3770
\u00a3750
2.7%
\n
1
Salary increase e\ufb00ective 1 April 2025 and unchanged as at 1 June 2025.
\n
In awarding these increases, we considered a number of factors, including the approach to employee remuneration throughout the Group, the
\n
prevailing economic conditions and positioning against the market as well as individual performance. The FY26 salary review budget for our UK
\n
employees was 3%.
\n
Bene\ufb01ts and pension
\n
Taxable bene\ufb01ts include life and critical illness insurance, private healthcare, a company car or car allowance. While not taxable, Lloyd Pitchford was
\n
also provided with an executive medical assessment in FY26 and, for transparency, the value of that assessment has also been included in the bene\ufb01t
\n
calculations.
\n
Brian Cassin and Lloyd Pitchford are eligible to participate in a de\ufb01ned contribution pension plan but elected not to do so during the year ended
\n
31\u00a0March 2026, which is consistent with the approach taken in the year ended 31 March 2025. Both executive directors received a cash supplement of
\n
10% of salary in lieu of their pension contributions. In 2026, Brian Cassin received a cash supplement of \u00a3135,000 (2025: \u00a3106,583), and Lloyd Pitchford
\n
received a cash supplement of \u00a376,667\u00a0(2025: \u00a375,000), in lieu of their pension contributions.
\n
No executive director has a prospective right to a de\ufb01ned bene\ufb01t pension.
Annual bonus
\n
Overview
\n
All Experian employees participate in a variable pay plan. We have one annual bonus plan in operation across Experian and the majority (c.20,600)
\n
of\u00a0our workforce participate in this plan. The remainder of employees participate in a sales commission plan. How the annual bonus plan works varies
\n
slightly depending on region and grade. For the vast majority of employees, annual bonus awards are based on the performance of their particular
\n
business or region.
\n
Executive directors are required to invest half of any annual bonus earned for three years through the CIP, although they may choose to invest more.
\n
This year, both executive directors chose to once again voluntarily invest their full bonus payments into the CIP.
\n
Our executive annual bonus plan is based on two performance metrics, which are Benchmark EBIT growth (80% weighting) and revenue performance
\n
(20% weighting). Benchmark EBIT is an important earnings metric and focuses on items directly within management\u2019s control. To balance the pro\ufb01t
\n
focus of Benchmark EBIT, revenue performance provides an important quality of earnings element to the annual performance.
\n
How do we set the bonus targets?
\n
Performance-related pay is a key component of our reward structure for all employees and, as such, setting stretching targets is a critical focus area
\n
for the Committee. Every year we undertake a rigorous exercise to ensure our targets are su\ufb03ciently stretching, taking into consideration the external
\n
marketplace and our own performance aspirations. The Committee considers targets at two separate Committee meetings during the\u00a0year:
\n
Step 1
\n
In January, the Committee considers the
\n
wider market context, and is presented
\n
with\u00a0an early indication of how performance
\n
is tracking in the current year.
\n
The Committee\u2019s independent remuneration
\n
advisers are invited to provide the
\n
Committee with a wider assessment of the
\n
pay and governance environments in the
\n
relevant locations for our business.
\n
Step 2
\n
In March, budgets for the forthcoming year
\n
are discussed and agreed by the Board.
\n
At its March meeting, the Committee has
\n
a \ufb01rst look at possible targets for the
\n
forthcoming year, taking into account
\n
a number of factors including:
\n
\u2022 the strategic plan
\n
\u2022 brokers\u2019 earnings estimates
\n
\u2022 wider economic expectations
\n
\u2022 our key competitors\u2019 earnings
\n
estimates, including a number
\n
of\u00a0di\ufb00erent\u00a0peer groups.
\n
Step 3
\n
By the time the Committee meets again in
\n
May, budgets for the forthcoming year have
\n
been agreed and the performance outcomes
\n
for the current year have been reviewed by
\n
our auditor.
\n
The Committee takes these into account
\n
during its determination of prior year
\n
outcomes and its \ufb01nal review of the targets
\n
for the current year, before signing them o\ufb00.
\n
The Committee is able to take a holistic approach to setting targets, as all our non-executive directors sit on the Remuneration Committee, as well
\n
as\u00a0on all of our other principal Board committees. This ensures Committee members are fully apprised of the wider business context and the Group\u2019s
\n
business prospects over the coming years, particularly as the Board meeting to discuss the budget and business plan usually takes place prior to the
\n
Remuneration Committee meeting.
\n
Annual bonus outcome
\n
Revenue performance is calculated as the Group total revenue growth after the removal of intra-Group sales, and Benchmark EBIT is based on
\n
ongoing activities. Performance is measured on a constant currency basis to strip out the e\ufb00ects of exchange rate \ufb02uctuations, which are outside
\n
of\u00a0management\u2019s control. The Committee also excludes the impact of any material acquisitions or disposals made in the year, to ensure both metrics
\n
are measured consistently, which is in line with our approach to long-term incentive plan measures.
\n
The FY26 annual bonus performance range was set to be stretching, while re\ufb02ecting the challenging economic environment, particularly in our
\n
major\u00a0markets. The annual bonus performance targets, for both metrics, required double-digit growth to achieve target payout. Building on the
\n
strong\u00a0performance of recent years, these targets were designed to signal our continued growth ambitions.
\n
The table below shows our growth in Benchmark EBIT and revenue performance for bonus purposes relative to the FY26 agreed targets.
\n\n \n
% growth required
% growth required
for threshold
% growth required
for maximum
FY26 actual
Annual bonus
Metric
Weighting
payout
for target payout
payout
growth
achievement
Benchmark EBIT growth
80%
8%
10%
12%
13%
160%
Revenue performance growth
20%
8%
10%
12%
11%
32%1
Total annual bonus achievement as % of target
192%
\n
1
Actual revenue performance growth achieved of 11.2%, resulting in a 32% bonus achievement.
\n
Before approving the annual bonus outcomes, the Committee discussed whether or not the proposed payout was appropriate in the context of both the
\n
current external environment and the Group\u2019s wider business performance during the year. The Committee also considers other factors reviewed by
\n
the Board, such as our Net Promoter Score, employee experience, employee engagement results, direct employee feedback to the Committee Chair
\n
at\u00a0the Experian People Forum, and the broader stakeholder experience over the \ufb01nancial year.
\n
As set out earlier in the Report, the Group\u2019s performance was strong, particularly in the context of the challenging economic backdrop. As such, the
\n
Committee agreed that the Group\u2019s \ufb01nancial performance was aligned with its holistic assessment of performance and was also satis\ufb01ed that it did
\n
not need to exercise any discretion, and that the level of bonus payout was appropriate.
The resulting annual bonus outcomes for each executive director (up to a maximum of 200% of salary), for the year ended 31 March 2026, are set out
\n
in the table below.
\n\n \n
FY26 Bonus
Bonus payout %
% bonus deferred
payout \u2018000
salary
under the CIP
Brian Cassin
\u00a32,592
192%
100%
Lloyd Pitchford
\u00a31,472
192%
100%
\n
Both of the executive directors have elected to invest their full bonus into Experian shares under the CIP for a three-year period. Invested bonus shares
\n
are not subject to any further conditions but may be matched, subject to the conditions set out in the CIP awards section below.
\n
Share-based incentives
\n
The share-based incentive amount included in the single total \ufb01gure of remuneration is the combined value of the CIP and PSP awards vesting in
\n
respect of the relevant \ufb01nancial year. For FY26, these relate to the awards granted on 6 June 2023 and for FY25 they relate to the awards granted
\n
on\u00a08\u00a0June 2022. Vesting in 2026 for both the CIP and PSP awards is determined based on performance over the three years ended 31 March 2026,
\n
as\u00a0well as continued service.
\n
The 2023 LTI targets were set to re\ufb02ect our growth ambitions of achieving sustainable annual high single-digit growth and the Committee has not
\n
exercised any discretion, nor made any adjustments, in determining the vesting outcomes for the 2023 LTI awards. Our strong \ufb01nancial performance
\n
in\u00a0each year of the performance period resulted in the formulaic vesting results outlined in the table below. The Committee reviewed the \ufb01nancial
\n
performance, but also considered the experience of our investors, employees and other stakeholders over the three-year performance period. Through
\n
this broad lens, the Committee judged the formulaic results to be fair and balanced and, as such, did not make any adjustments to the vesting results.
\n
The following tables show the performance achieved on the targets for the CIP and PSP awards granted in June 2023.
\n\n \n
2023 CIP awards
Vesting
1
Percentage
Performance measure
Weighting
No match
1:2 match
1:1 match
2:1 match
Actual
vesting
2
Benchmark earnings per share (average annual growth)
50%
Below 5%
5%
7%
9%
10.4%
50%
Cumulative Benchmark operating cash \ufb02ow
3
50%
Below
US$5.5bn
US$5.75bn
US$6.0bn
US$6.2bn
50%
US$5.5bn
Total
100%
\n\n \n
2023 PSP awards
Vesting
1
Percentage
Performance measure
Weighting
0%
25%
50%
100%
Actual
vesting
Benchmark earnings per share (average annual growth)
50%
Below 5%
5%
7%
9%
10.4%
50%
Adjusted Return on capital employed
4
25%
Below 14.5%
14.5%
15.4%
16.0%
18.3%
25%
TSR of Experian vs TSR of FTSE 100 Index
25%
Below Index
Equal to Index
8.3% above
25% above
Below Index
0%
Index
Index
Total
75%
\n
1
Straight-line vesting between the points shown.
\n
2
The maximum opportunity, which requires 100% vesting, results in a two-for-one match on the bonus invested.
\n
3
In line with the approach taken in previous years, the cumulative Benchmark operating cash \ufb02ow targets shown above have been adjusted compared to those originally set to take into account the impact of
\n
acquisitions and disposals made over the performance period. The actual cumulative Benchmark operating cash \ufb02ow over the performance period, of US$6.2bn, is determined on a constant currency basis.
\n
This\u00a0is in line with our approach for all performance metrics, to ensure that awards are measured on a consistent basis.
\n
4
Average over three years.
\n
No discretion was applied in determining the share-based payments that vested in either FY26 or FY25.
\n
The June 2023 awards had not vested at the date this report was \ufb01nalised, and so the reported value of the awards has been based on the average
\n
share price in the last three months of the \ufb01nancial year, which was \u00a328.08. The value of the awards included in the single total \ufb01gure of remuneration
\n
is as follows:
\n\n \n
Total value of
Value of
shares
Value of
dividend
vesting
CIP
PSP
shares
equivalent
and dividend
Shares
Shares
Shares
Shares
vesting
payments
payments
awarded
vesting
awarded
vesting
\u2018000
\u2018000
\u2018000
Brian Cassin
81,414
81,414
72,351
54,263
\u00a33,810
\u00a3189
\u00a33,999
Lloyd Pitchford
50,291
50,291
44,726
33,544
\u00a32,354
\u00a3117
\u00a32,471
\n
Dividend equivalents of 180 US cents (139 pence) per share will be paid on vested shares. These represent the value of the dividends that would have
\n
been paid to the owner of one share between the date of grant and the date of vesting.
Update to 2025 disclosure
\n
We originally calculated the value of the share awards realised by our executive directors in 2025 using the average share price from 1 January 2025
\n
to 31 March 2025, in line with the prescribed single \ufb01gure methodology. This has now been revised to re\ufb02ect the actual share price on vesting,
\n
as\u00a0follows:
\n\n \n
Three-month
Estimated value of
Actual value of
average share
long-term
long-term
price to
incentive awards
Share price
incentive awards
31 March 2025
\u2018000
on vesting
\u2018000
Brian Cassin
\u00a37,254
\u00a37,306
\u00a337.16
\u00a337.44
Lloyd Pitchford
\u00a34,481
\u00a34,514
\n
What share-based incentive awards did we make in the year? (audited)
\n
On 13 June 2025, awards were granted to the executive directors under the CIP and PSP. All awards have been calculated using a three-day average
\n
share price. In line with the CIP rules, invested shares for the executive directors were purchased with their bonuses net of tax and matching awards
\n
are based on the gross value of the bonus invested. Details of these awards are set out in the following table:
\n\n \n
Vesting at
Face value
Number
threshold
Type of interest in shares
Basis of award
\u00a3\u2018000
of shares
performance
Vesting date
Brian Cassin
CIP invested shares
Invested shares
100% of net bonus
1,130
30,157
n/a
13 June 2028
CIP matching shares
1
Conditional shares
200% of value of gross bonus invested
4,263
113,802
25%
13 June 2028
PSP
2
Conditional shares
200% of salary
2,700
71,516
25%
13 June 2028
Lloyd Pitchford
CIP invested shares
Invested shares
100% of net bonus
795
21,221
n/a
13 June 2028
CIP matching shares
1
Conditional shares
200% of value of gross bonus invested
3,000
80,079
25%
13 June 2028
PSP
2
Conditional shares
200% of salary
1,540
40,791
25%
13 June 2028
\n
1
The number of shares awarded to executive directors under the CIP was based on the share price at which invested shares were purchased in the market, which was \u00a337.46, and the face value shown above is
\n
based on this.
\n
2
The number of shares awarded to executive directors under the PSP was based on the average share price for the three days prior to grant, which was \u00a337.75, and the face value shown above is based on this.
\n
PSP awards and CIP matching shares granted in June 2025 will vest subject to the achievement of the following performance conditions:
\n\n \n
Vesting
1
Performance measure
Weighting
0%
25%
50%
100%
CIP matching shares
Benchmark earnings per share (average annual growth)
2
50%
Below 5%
5%
7%
9%
Cumulative Benchmark operating cash \ufb02ow
50%
Below US$6.5bn
US$6.5bn
US$6.8bn
US$7.1bn
PSP awards
Benchmark earnings per share (average annual growth)
2
50%
Below 5%
5%
7%
9%
TSR of Experian vs TSR of FTSE 100 Index
25%
Below Index
Equal to Index
8.3% above Index
25% above Index
Adjusted Return on capital employed (average over three years)
25%
Below 14.5%
14.5%
15.4%
16.0%
\n
1
Straight-line vesting between the points shown.
\n
2
Measured on an ongoing activities and constant currency basis.
\n
The Committee retains the right to vary the level of vesting if it believes the level of vesting determined by measuring performance is inconsistent
\n
with\u00a0the Group\u2019s underlying \ufb01nancial and operational performance over the performance period. These awards will also only vest if the Committee
\n
is\u00a0satis\ufb01ed the vesting is not based on materially misstated \ufb01nancial results.
How is the CEO\u2019s pay linked to Experian\u2019s performance?
The chart below shows Experian\u2019s annual TSR performance compared to the FTSE 100 Index over the last ten years. The FTSE 100 Index is the most
appropriate index as it is widely used and understood, and Experian is a constituent of the index.
Value of \u00a3100 invested in Experian and the FTSE 100 on 31 March 2016
Experian
FTSE 100 Index
\u00a3400
\u00a3350
\u00a3300
\u00a3250
\u00a3200
\u00a3150
\u00a3100
\u00a350
\u00a30
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
The table below sets out our CEO\u2019s pay for the last ten \ufb01nancial years:
\n \n
Brian Cassin
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
CEO total single \ufb01gure of
remuneration (\u2018000)
1
\u00a33,647
\u00a36,387
\u00a311,882
\u00a310,836
\u00a37,821
\u00a38,579
\u00a37,469
\u00a3 10,584
\u00a310,632
\u00a38,090
Annual bonus paid against
maximum opportunity (%)
89%
58%
85%
80%
91%
100%
59%
98%
100%
96%
LTI vesting against
maximum opportunity (%)
2
32%
95%
90%
90%
84%
100%
88%
93%
81%
89%
1
Prior year numbers have been updated to re\ufb02ect actual long-term incentive plan outcomes.
2
The maximum LTI opportunity varies as the CIP opportunity is based upon the actual bonus earned.
CEO pay ratio
We have presented below the CEO pay ratio for the year ended 31 March 2026, in line with the UK regulatory requirements. The pay ratios have been
calculated using Option A of the three methodologies provided under the Regulations, which we believe is the most statistically accurate approach.
\n \n
25th percentile
Median
75th percentile
Year
Method
pay ratio
pay ratio
pay ratio
Option A
267:1
178:1
112:1
FY20
Total pay and bene\ufb01ts
\u00a338,630
\u00a357,803
\u00a391,736
Salary
\u00a333,362
\u00a347,869
\u00a377,000
Option A
185:1
124:1
81:1
FY21
Total pay and bene\ufb01ts
\u00a340,969
\u00a361,115
\u00a393,574
Salary
\u00a332,569
\u00a349,983
\u00a375,000
Option A
226:1
155:1
101:1
FY22
Total pay and bene\ufb01ts
\u00a343,957
\u00a364,062
\u00a398,754
Salary
\u00a335,467
\u00a350,333
\u00a366,458
Option A
142:1
97:1
65:1
FY23
Total pay and bene\ufb01ts
\u00a351,978
\u00a375,887
\u00a3112,982
Salary
\u00a346,778
\u00a362,667
\u00a385,846
Option A
198:1
138:1
91:1
FY24
Total pay and bene\ufb01ts
\u00a350,091
\u00a372,026
\u00a3109,161
Salary
\u00a336,492
\u00a354,250
\u00a374,104
Option A
195:1
136:1
93:1
FY25
Total pay and bene\ufb01ts
\u00a349,638
\u00a372,045
\u00a3106,081
Salary
\u00a339,686
\u00a357,273
\u00a377,083
Option A
147:1
100:1
70:1
FY26
Total pay and bene\ufb01ts
\u00a355,198
\u00a380,977
\u00a3116,343
Salary
\u00a340,625
\u00a361,050
\u00a378,806
The CEO value used is the total single \ufb01gure for the year of \u00a38.1m, as outlined on page 119. For UK employees, total pay and bene\ufb01ts are based on
\n
equivalent single \ufb01gure calculations for the year to 31 March 2026. All UK employees participate in a variable pay plan. Annual incentive payments for
\n
employees have been calculated using the Experian Group \ufb01nancial performance outcome for FY26, as disclosed on page 120, rather than regional or
\n
market performance results, to ensure a like-for-like comparison across remuneration structures. Selected employee grades below senior leader level
\n
are also eligible for annual awards of restricted shares, rather than the performance share awards provided to senior leaders. Where applicable, the
\n
LTI value for employees has been calculated by applying the average share price for the three months prior to 31 March 2026 to the number of
\n
restricted shares awards granted to the employee in June 2023. This approach provides a like-for-like comparison and ensures the share price
\n
movements are re\ufb02ected equally in both the CEO and employee LTI values. Employees on inbound and outbound international assignments to and
\n
from the UK have been excluded from the analysis as their remuneration structures understandably deviate from the standard approach for UK
\n
employees. In line with the guidance, only individuals employed for the full year have been included in the analysis.
\n
Observations on change in CEO pay ratio
\n
As important context for the CEO pay ratio, the Committee believes it is appropriate that a signi\ufb01cant proportion of CEO total remuneration is variable
\n
and based entirely on Group performance. In line with our remuneration principles, the proportion of total compensation that is performance related
\n
increases with employee seniority. The CEO\u2019s total target remuneration is 76% \u2018at risk\u2019, compared to 17% on average for UK-based employees. As
\n
shown in the table on page 123 for FY26, and evidenced previously in both FY21 and FY23, the CEO pay ratio is therefore likely to vary over time,
\n
potentially signi\ufb01cantly, based upon the short- and long-term incentive outcomes and share price movements.
\n
It is also worth noting that the Committee has not exercised any discretion or made any adjustments in determining the outcomes of short- or
\n
long-term incentives during the seven-year period covered.
\n
Observations on FY26 pay ratio
\n
The median pay ratio for FY26 of 100:1, as shown on page 123, re\ufb02ects not only the performance achieved in FY26, but also the strong performance
\n
achieved in the preceding three \ufb01nancial years, which are re\ufb02ected in the CEO\u2019s LTI values. As LTI values can be highly variable, in part due to
\n
\ufb02uctuations in share price, a supplemental pay ratio has been provided below, excluding the value of LTIs. The CEO single \ufb01gure value excluding LTIs
\n
was \u00a34.1m for FY26.
\n\n \n
25th percentile
Median
75th percentile
Year
Method
pay ratio
pay ratio
pay ratio
FY20
Option A excluding long-term incentives
66:1
45:1
31:1
FY21
Option A excluding long-term incentives
69:1
47:1
30:1
FY22
Option A excluding long-term incentives
73:1
50:1
32:1
FY23
Option A excluding long-term incentives
47:1
32:1
21:1
FY24
Option A excluding long-term incentives
64:1
44:1
29:1
FY25
Option A excluding long-term incentives
61:1
43:1
29:1
FY26
Option A excluding long-term incentives
74:1
51:1
35:1
\n
Some important additional context regarding our FY26 CEO pay ratio includes the following:
\n
\u2022 We have a rigorous approach to salary management that is underpinned by regular market benchmarking to ensure we o\ufb00er competitive
\n
rates\u00a0of\u00a0pay across the business. We undertake regular reviews to maintain appropriate positioning with external market-linked salary ranges.
\n
\u2022 Experian has been a Living Wage employer in the UK since 2015, and the median salary for our UK employees, as shown in the table on page 123,
\n
is\u00a0more than 50% above the UK average.
\n
\u2022 The Committee always has the context of the all-employee pay review budget when determining salary increases for the CEO. As highlighted in last
\n
year\u2019s report, the FY26 pay increase for the CEO exceeded the UK salary review budget of 3%, as his compensation was adjusted to re\ufb02ect the wider
\n
scope of his responsibilities and his sustained strong performance and contribution delivered. With the exception of FY26, since his appointment as
\n
CEO in 2014, Brian had consistently received base pay increases either aligned with or below those provided to employees. For FY27, the UK salary
\n
review budget is 2.5%, which is aligned with the CEO\u2019s salary increase.
\n
\u2022 An \u2018individual performance modi\ufb01er\u2019 is applied in calculating the annual bonus payments for employees, to ensure the outstanding contribution of
\n
high-performing individuals is re\ufb02ected through higher bonus payments. Individual performance modi\ufb01ers do not apply to senior leaders, including
\n
the CEO. As such, to ensure a like-for-like comparison with the CEO single \ufb01gure, the employee calculations, as outlined on the previous page, do not
\n
re\ufb02ect the impact of individual performance modi\ufb01ers, which would have increased the annual bonus payments for employees and reduced the CEO
\n
pay ratio accordingly.
\n
\u2022 We have not included the value of our Sharesave Plan in the employee values on the previous page. We \ufb01rmly believe in the value of employee share
\n
ownership and encourage employees to participate in our Sharesave o\ufb00ering, which is a tax-e\ufb03cient plan in the UK and allows employees to share
\n
in Experian\u2019s growth and success. Around 70% of UK employees participate in Sharesave and the average pro\ufb01t received by UK employees at
\n
maturity in FY26 was about \u00a33,755, but this value has not been included in the all-employee values on page 123.
How has our Board of directors\u2019 pay changed compared to the wider workforce?
\n
The table below sets out the percentage change in the Board of directors\u2019 salaries/fees, bene\ufb01ts and annual bonus from FY21 to FY26, and how this
\n
compares to the average percentage change for our UK employees. While the Regulations require the comparison with Experian plc employees, the
\n
proportion of our workforce employed by Experian plc is comparatively very small. We have therefore continued to provide the comparison with our
\n
UK\u00a0employees, which we believe is more representative. We have selected this group of employees because Experian operates in 33 countries and,
\n
as\u00a0such, has widely varying approaches to pay across regions. This approach also avoids collating and comparing remuneration data across di\ufb00erent
\n
regional populations, including the impact of foreign exchange movements. The \ufb01gures for UK employees are consistent with the information used
\n
to\u00a0prepare the CEO pay ratio analysis, but re\ufb02ect average salaries and average employee numbers each year, rather than percentile data. For the CEO,
\n
the annual bonus is based on Group performance.
\n\n \n
Year-on-year change in pay for directors compared to the average UK employee
Independent
Executive directors
Chair
Non-executive directors
Average
Brian
Lloyd
Alison
Kathleen
Caroline
Luiz
Jonathan
Louise
Eduardo
employee
Cassin
1
Pitchford
Mike Rogers
Brittain
DeRose
Donahue
Fleury
3
Howell
Esther Lee
Pentland
3
Vassimon
2
Base salary/fee change
FY26
4.5%
26.7%
2.2%
3.2%
2.4%
14.8%
11.9%
(64.3)%
(1.5)%
(10.3)%
(64.7)%
8.9%
FY25
4.7%
2.4%
9.2%
3.4%
5.9%
2.0%
(2.6)%
(4.9)%
6.7%
15.8%
24.2%
n/a
FY24
4.1%
2.5%
9.4%
2.5%
13.5%
27.4%
9.4%
11.3%
6.5%
n/a
29.2%
n/a
FY23
7.6%
2.5%
2.4%
2.7%
47%
n/a
17%
16%
39%
n/a
n/a
n/a
FY22
6.1%
16%
17%
2%
9%
n/a
5%
13%
n/a
n/a
n/a
n/a
FY21
2.6%
(12)%
(12)%
21%
n/a
n/a
(14)%
(11)%
n/a
n/a
n/a
n/a
Taxable bene\ufb01ts
FY26
2.9%
(36.5)%
(11.6)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY25
(7)%
(7.6)%
53.4%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY24
11.8%
(12.1)%
(21.4)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY23
27.2%
5.7%
(64)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY22
8.7%
6%
155%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY21
7.1%
1%
3%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Annual bonus
FY26
24.7%
21.6%
(1.9)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY25
(15)%
5%
12%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY24
35.4%
69.3%
80.8%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY23
(21.9)%
(40)%
(40)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY22
32.2%
12%
12%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY21
27.5%
15%
15%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
\n
1
The FY26 increase in base salary for Brian Cassin is a result of his salary increase, with e\ufb00ect from 1 April 2025, following extensive shareholder consultation.
\n
2
Eduardo Vassimon joined the Board on 1 March 2025 and received pro-rated fees in FY25. To provide meaningful comparison we have used the full-time equivalent fee value that Eduardo would have received
\n
in\u00a0FY25, had he been a Board member for the full year.
\n
3
Luiz Fleury retired and Louise Pentland stepped down from the Board on 16 July 2025 and therefore their fees earned in FY26 are lower compared to FY25.
\n
How do we intend to implement the remuneration policy next year?
\n
Salary
\n
The table below outlines the salary increase that will take e\ufb00ect from 1 June 2026. The employee salary review budget for FY27 is 2.5% for our
\n
employees in the UK.
\n\n \n
1 June 2026
1 June 2025
Percentage
\u2018000
\u2018000
increase
Brian Cassin
\u00a31,383
\u00a31,350
2.4%
Lloyd Pitchford
\u00a3789
\u00a3770
2.5%
\n
Annual bonus
\n
For the year ending 31 March 2027, the annual bonus opportunity and the performance measures for executive directors will remain unchanged
\n
from\u00a0FY26.
\n
In line with our custom, we will disclose the targets for the annual bonus in next year\u2019s Annual report on directors\u2019 remuneration. While the FY27
\n
annual bonus targets cannot be disclosed due to their commercial sensitivity, they re\ufb02ect the Group\u2019s ability to perform resiliently in a challenging and
\n
uncertain economic environment and our continued commitment to delivering strong, sustainable growth. Annual bonus will be subject to clawback
\n
provisions, allowing the Group to recover all or part of any payment for a period of three years from payment. In addition, the Committee can vary the
\n
level of payout if it considers that the formulaic payout determined by measuring performance is inconsistent with the Group\u2019s actual underlying
\n
\ufb01nancial and operational performance.
\n
Performance is measured on a constant currency basis to neutralise the e\ufb00ects of exchange rate \ufb02uctuations, which are outside of management\u2019s
\n
control. The Committee also excludes the impact of any material acquisitions or disposals made in the year to ensure both metrics are measured
\n
consistently, which is in line with our approach to long-term incentive plan measures.
Share-based incentives
\n
While investment of 50% is compulsory, the executive directors have each elected to invest 100% of their FY26 bonuses into the CIP. We expect to grant
\n
matching shares in the \ufb01rst quarter of the year ending 31 March 2027, on a two-for-one basis. We also expect to grant PSP awards equivalent to 200%
\n
of salary at the same time. The CIP and PSP awards will vest subject to meeting the following targets, which will be measured over three years, with a
\n
further two-year holding period applying:
\n\n \n
Vesting
1
Performance measure
Weighting
0%
25%
50%
100%
CIP awards
Benchmark EPS (average annual growth)
2
50%
Below 6%
6%
8%
10%
Cumulative Benchmark operating cash \ufb02ow
50%
Below US$7.2bn
US$7.2bn
US$7.5bn
US$7.8bn
PSP awards
Benchmark EPS (average annual growth)
2
50%
Below 6%
6%
8%
10%
Adjusted Return on capital employed
3
25%
Below 14.5%
14.5%
15.4%
16.0%
TSR of Experian vs TSR of FTSE 100 Index
25%
Below Index
Equal to Index
8.3% above Index
25% above Index
\n
1
Straight-line vesting between the points shown.
\n
2
Measured on an ongoing activities and constant currency basis.
\n
3
Average over three years.
\n
As mentioned earlier in this report, we are proposing a number of targeted changes to the Policy at the Company\u2019s Annual General Meeting (AGM) on
\n
22 July 2026. Subject to shareholder approval of these changes, including the proposal to increase the CEO\u2019s annual PSP award to 300%, we propose
\n
to grant the CEO an additional PSP award equivalent to 100% of salary as soon as practicable after the AGM. The 100% of salary award, if approved, is
\n
intended to replicate the terms of the June grant outlined above, and will be subject to the same terms, including vesting schedule and performance
\n
conditions outlined above for PSP awards, as if the award was granted on the original date.
\n
The Committee selected adjusted Benchmark EPS, cumulative Benchmark operating cash \ufb02ow and adjusted ROCE as performance metrics for our
\n
long-term incentive (LTI) plans, as they re\ufb02ect three of our key performance indicators. As such, using these measures directly links Experian\u2019s LTI
\n
arrangements to our strategic ambitions and business objectives. In addition, using relative TSR recognises the importance of creating value for
\n
shareholders. We believe these targets to be the most appropriate measures of the Group\u2019s success and, together with our annual bonus metrics,
\n
they\u00a0ensure that executive directors are incentivised to achieve a wide range of business and \ufb01nancial measures over both the short and long term.
\n
The structure di\ufb00erentiates the role of each of our long-term incentive plans: the PSP incentivises returns and the CIP incentivises cash discipline.
\n
However, given that growth is so fundamental to our business strategy, growth in Benchmark EPS runs across both LTI plans.
\n
Vesting of CIP and PSP awards will be subject to the Committee being satis\ufb01ed that the vesting is not based on materially misstated \ufb01nancial results.
\n
The Committee also retains the discretion to vary the level of vesting if it considers the level of vesting determined by measuring performance is
\n
inconsistent with the Group\u2019s underlying \ufb01nancial and operational performance. These awards will all be subject to clawback provisions, allowing
\n
the\u00a0Company to recover all or part of any vested award during the holding period.
\n
TSR performance
\n
We measure our TSR performance relative to the FTSE 100 Index, rather than a bespoke comparator group. We believe it would be di\ufb03cult to compare
\n
our TSR performance with sector peers on\u00a0a\u00a0consistent basis, since many of them are listed in di\ufb00erent markets and, as such, may be subject to
\n
di\ufb00erent market forces.
\n
Additional disclosures
\n
Directors\u2019 shareholdings and share interests (audited)
\n
We believe it is important that executive directors build up a signi\ufb01cant holding in Experian shares, to align their interests with those of shareholders.
\n
Under our guidelines, the CEO should hold the equivalent of at least three times base salary in Experian shares and other executive directors should
\n
hold the equivalent of at least two times their base salary. Subject to shareholder approval of the Policy changes at the AGM, it is proposed to increase
\n
the CEO\u2019s shareholding guidelines to four times base salary. These guidelines include invested shares held under the CIP, but not unvested matching
\n
shares. Shares that have vested but are subject to the two-year holding period will also count towards the guideline. Until the shareholding guideline
\n
is\u00a0met, we expect executive directors to retain at least 50% of any shares vesting (net of tax) under a share award. Unvested shares do not count
\n
towards the guideline.
\n
We also have guidelines for non-executive directors to build up a holding in Experian shares at least equal to their annual fee.
\n
As set out in the table on the following page, our executive directors already signi\ufb01cantly exceed their personal shareholding guidelines, demonstrating
\n
their alignment to shareholder interests as well as their commitment to Experian. To further strengthen this alignment, a two-year post-employment
\n
shareholding guideline also applies to executive directors.
The interests of the directors and their connected persons in the Company\u2019s ordinary shares are shown below:
\n\n \n
Share awards subject to
Shares held in
Shareholding guidelines
performance conditions
Experian plc at
Guideline
1
Shareholding
2
CIP matching
31 March 2026
(% of salary/fee)
(% of salary/fee)
Guideline met?
awards
3
PSP awards
Share options
4
Brian Cassin
5
1,098,387
300%
2114%
Yes
304,412
201,301
\u2014
Lloyd Pitchford
5
625,892
200%
2112%
Yes
202,410
125,744
885
Mike Rogers
18,387
100%
103%
Yes
\u2014
\u2014
\u2014
Alison Brittain
12,500
100%
127%
Yes
\u2014
\u2014
\u2014
Kathleen DeRose
8,690
100%
108%
Yes
\u2014
\u2014
\u2014
Caroline Donahue
10,000
100%
162%
Yes
\u2014
\u2014
\u2014
Jonathan Howell
13,000
100%
162%
Yes
\u2014
\u2014
\u2014
Esther Lee
6,761
100%
110%
Yes
\u2014
\u2014
\u2014
Eduardo Vassimon
6
4,350
100%
71%
No
\u2014
\u2014
\u2014
\n
1
Executive director shareholding guideline will apply for two years post-employment. Subject to approval of the Policy, the CEO\u2019s guideline, both in and post employment, will increase to 400% from the 2026 AGM.
\n
2
Shareholding guidelines have been calculated using the closing share price on 31 March 2026, which was \u00a325.98 and the exchange rate at 31 March 2026 of \u00a31:\u20ac1.15.
\n
3
Matching shares granted to Brian Cassin and Lloyd Pitchford are in the form of conditional share awards, which are unvested at 31 March 2026.
\n
4
Share options granted under the 2024 and 2025 all-employee Sharesave plans.
\n
5
The number of Experian shares held by Brian Cassin and Lloyd Pitchford includes 80,668 and 53,638 invested shares in the CIP respectively.
\n
6
Eduardo Vassimon was appointed to the Board on 1 March 2025 and continues to build his shareholding.
\n
Payments made to former directors (audited)
\n
Two former directors of Experian Finance plc received unfunded pensions from the Group. One of the former directors is now paid under the Secured
\n
Unfunded Retirement Bene\ufb01t Scheme, which provides security for the unfunded pensions of executives a\ufb00ected by His Majesty\u2019s Revenue and
\n
Customs (HMRC) earnings cap. The total unfunded pensions paid to the former directors amounted to \u00a3712,004 in the year ended 31 March 2026.
\n
Payments for loss of o\ufb03ce (audited)
\n
No payments for loss of o\ufb03ce were made in the year (2025: US$nil).
\n
Relative importance of spend on pay
\n
The table below illustrates the relative importance of spend on pay for all employees, compared to the \ufb01nancial distributions to shareholders, through
\n
dividends and net share repurchases:
\n\n \n
2026
2025
Percentage
US$m
US$m
change
Employee remuneration costs
2,731
2,580
5.9%
Dividends paid on ordinary shares
590
546
8.1%
Net share repurchases
1
509
\u2014
100%
\n
1
We executed net share repurchases of US$725m in FY26, of which US$216m was used to o\ufb00set deliveries under employee share plans during the year. In the year ended 31 March 2025, all share repurchases
\n
were used to o\ufb00set deliveries under employee share plans.
The Committee\u2019s role, and responsibilities and activities during the year
\n
Advice provided to the Committee
\n
In making its decisions, the Committee consults the Chair of the Board,
\n
the Chief Executive O\ufb03cer and the Chief People O\ufb03cer where required.
\n
We also invite members of the Global Reward team to attend Committee
\n
meetings as appropriate. We consult the Chief Financial O\ufb03cer about
\n
performance conditions applying to short- and long-term incentive
\n
arrangements, to ensure they are appropriately \ufb01nancially stretching.
\n
However, we do not consider it appropriate that executives are present
\n
when their own remuneration arrangements are being discussed.
\n
The Committee has access to independent consultants to ensure it
\n
receives objective advice. Following an extensive review, Ellason was
\n
appointed as the Committee\u2019s external adviser on 1 April 2025. Ellason
\n
is\u00a0a member of the Remuneration Consultants Group and voluntarily
\n
operates under the Code of Conduct in relation to executive remuneration
\n
consulting in the UK. As such, the Committee was satis\ufb01ed that its advice
\n
was objective and independent. Taking into consideration Experian\u2019s
\n
signi\ufb01cant US operations, the Committee also appointed Pay Governance
\n
on 1 April 2025, to provide the Committee with insights on US
\n
compensation matters, as appropriate. Pay Governance is a market
\n
leading US advisory practice, advising c.15% of the S&P500.
\n\n\n
The Remuneration Committee
\n
All our non-executive directors are members of the Committee, which met \ufb01ve times during the year ended 31 March 2026. Each member
\n
is\u00a0considered to be independent in accordance with the UK Corporate Governance Code 2024. You can \ufb01nd the Committee\u2019s terms of reference
\n
via\u00a0the\u00a0QR\u00a0code on page 113.
\n
1
\n
Reviewing the
\n
executive
\n
remuneration
\n
policy and the
\n
Chair\u2019s
\n
remuneration
\n
2
\n
Determining
\n
individual
\n
remuneration
\n
packages for
\n
executive directors
\n
and certain senior
\n
executives
\n
3
\n
Communicating
\n
with shareholders
\n
on remuneration
\n
policy
\n
4
\n
Reviewing the
\n
design of the
\n
Group\u2019s short- and
\n
long-term incentive
\n
plans, including
\n
setting appropriate
\n
targets
\n
5
\n
Monitoring
\n
workforce pay,
\n
equity and
\n
employee insights
\n
6
\n
Overseeing
\n
employee share
\n
plans and
\n
participation
\n
May
\n
\u2022 Reviewed and approved the 2025 Report on directors\u2019
\n
remuneration.
\n
\u2022 Discussed the Sharesave Plan and approved its continued
\n
operation in 2025 across 23 participating countries, providing
\n
employees with further opportunities to share in Experian\u2019s growth.
\n
\u2022 Agreed the 2025 incentive plan outcomes, the FY26 bonus targets,
\n
and targets for LTI awards made in the year. Approved the LTI plan
\n
participants.
\n
\u2022 Received updates on the Group\u2019s outstanding LTI plans.
\n
September
\n
\u2022 Extensively reviewed and considered the Remuneration Policy
\n
(Policy) in advance of its renewal at the 2026 AGM, to ensure its
\n
continued alignment with the Group\u2019s long-term strategic priorities.
\n
\u2022 Received an update on the 2025 UK-listed company AGM
\n
remuneration reporting season, including emerging trends in
\n
executive remuneration and anticipated focus areas for 2026.
\n
\u2022 Considered a range of potential targeted changes to future-proof
\n
the Policy and ensure continued alignment with market practice.
\n
November
\n
\u2022 Received an update on all-employee pay across Experian,
\n
including\u00a0detailed insights on workforce policies and gender
\n
pay\u00a0gap analyses in the USA and Brazil, two of our key markets.
\n
\u2022 Discussed the Policy, and the potential targeted changes for 2026.
\n
\u2022 Agreed the Committee Chair write to our top 40 shareholders and
\n
proxy advisory agencies, to seek feedback on the Policy changes.
\n
\u2022 Received an update on take-up rates and outcomes of the 2025
\n
Sharesave Plan.
\n
\u2022 Reviewed the Committee\u2019s performance during the year against
\n
its\u00a0terms of reference.
\n
January
\n
\u2022 Received an update on current trends in executive remuneration.
\n
The update included remuneration trends in the Group\u2019s key
\n
markets including the UK, USA, and Brazil.
\n
\u2022 Received an update on the Group\u2019s FY25 UK gender pay gap
\n
disclosure requirement. The Committee discussed the results and
\n
was provided with additional detailed analysis on Experian\u2019s gender
\n
pay position.
\n
\u2022 Received feedback from the Committee Chair on her extensive
\n
engagement with shareholders on the proposed Policy changes.
\n
March
\n
\u2022 Reviewed salaries of certain Group Operating Committee
\n
members.
\n
\u2022 Reviewed the calibration of performance targets for Group
\n
incentive plans.
\n
\u2022 Received further updates on shareholder engagement in relation
\n
to\u00a0the proposed Policy changes and, following due and careful
\n
consideration, approved the proposed changes to the Policy for
\n
approval by shareholders at the 2026 AGM.
\n
\u2022 Reviewed a draft of the 2026 Report on directors\u2019 remuneration.
\n
In addition, the Chair of the Remuneration Committee attended the
\n
UK and Ireland Experian People Forum in March 2026, to engage with
\n
employees, discuss how Experian\u2019s executive remuneration aligns
\n
with the wider Group pay policy, and understand employees\u2019 views
\n
on\u00a0culture, ways of working and pay-related issues. This feedback
\n
was provided to the Board and discussed in detail thereafter.
The fees paid to these advisers for services to the Committee in the year ended 31 March 2026, based on hours spent, were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Adviser
Fees paid in the year
Ellason
\u00a372,830
Pay Governance
US$33,339
\n
What did we pay our non-executive directors during the year? (audited)
The table below shows a single total \ufb01gure of remuneration for the Chair of the Board and non-executive directors (NEDs) for the years ended
31\u00a0March 2026 and 31 March 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Fees \u2018000
Bene\ufb01ts \u2018000
Share-based incentives \u2018000
Total \u2018000
\u00a0
2026
2025
2026
2025
2026
2025
2026
2025
Mike Rogers
1
\u20ac533
\u20ac517
\u2014
\u2014
\u2014
\u2014
\u20ac533
\u20ac517
Alison Brittain
2
\u20ac311
\u20ac304
\u2014
\u2014
\u2014
\u2014
\u20ac311
\u20ac304
Kathleen DeRose
6
\u20ac261
\u20ac227
\u2014
\u2014
\u2014
\u2014
\u20ac261
\u20ac227
Caroline Donahue
\u20ac232
\u20ac207
\u2014
\u2014
\u2014
\u2014
\u20ac232
\u20ac207
Luiz Fleury
3
\u20ac104
\u20ac292
\u2014
\u2014
\u2014
\u2014
\u20ac104
\u20ac292
Jonathan Howell
4
\u20ac247
\u20ac251
\u2014
\u2014
\u2014
\u2014
\u20ac247
\u20ac251
Esther Lee
\u20ac222
\u20ac247
\u2014
\u2014
\u2014
\u2014
\u20ac222
\u20ac247
Louise Pentland
5
\u20ac99
\u20ac281
\u2014
\u2014
\u2014
\u2014
\u20ac99
\u20ac281
Eduardo Vassimon
3
\u20ac318
\u20ac15
\u2014
\u2014
\u2014
\u2014
\u20ac318
\u20ac15
\n
1
Mike Rogers was appointed Chair of the Board on 24 July 2019. His fee was increased by 3.1% to \u20ac536,000 on 1 June 2025.
2
Alison Brittain was appointed as Senior Independent Director on 21 July 2022.
3
Prior to his retirement from the Board on 16 July 2025, Luiz Fleury acted as an independent adviser to Serasa S.A., our Brazilian business. Following Luiz Fleury\u2019s retirement from the Board, Eduardo Vassimon
acted as an independent adviser to Serasa S.A. Their respective remuneration includes their corresponding fees for these services, paid in Brazilian reais, along with their individual annual NED fees.
4
Jonathan Howell was appointed Audit Committee Chair on 1 July 2022.
5
Louise Pentland was appointed Remuneration Committee Chair on 1 January 2024 and held the role until she stepped down from the Board on 16 July 2025.
6
Kathleen DeRose was appointed Remuneration Committee Chair on 16 July 2025.
Non-executive director fees are reviewed annually and were last reviewed in 2025. The current fee levels 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\n
\u00a0 \u00a0
\u00a0
Annual fee
Annual fee prior to
\u00a0
from 1 October 2025
1 October 2025
Base fee
\u20ac184,000
\u20ac179,250
Audit Committee Chair fee
\u20ac55,750
\u20ac54,250
Remuneration Committee Chair fee
\u20ac55,750
\u20ac54,250
Senior Independent Director fee
\u20ac111,000
\u20ac108,250
\n
NEDs required to undertake intercontinental travel to attend Board meetings receive a supplementary payment of \u20ac10,000 per trip, in addition to any
travel expenses.
Statement of AGM voting
The voting to approve the Annual report on directors\u2019 remuneration at the AGM held on 16 July 2025, and the Directors\u2019 Remuneration Policy approved
at the AGM held on 19 July 2023, is set out in the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Votes for (including discretionary votes)
Votes against
Total number
Number of
\u00a0
% Number
% Number
of votes cast
votes withheld
Annual report on directors\u2019 remuneration
93.39%
6.61%
\u00a0 \u00a0
\u00a0
683,890,008
48,391,620
732,281,628
113,799
Directors\u2019 Remuneration Policy
94.31%
5.69%
\u00a0 \u00a0
\u00a0
668,721,118
40,356,107
709,077,225
14,212,743
\n
Service contracts
Non-executive directors have letters of appointment that set out their duties and time commitment expected. They are appointed for an initial
three-year term, subject to election and annual re-election by shareholders at the AGM. Appointments are renewed by mutual agreement.
Details\u00a0of\u00a0non-executive director arrangements as at 31 March 2026 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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\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
Length of service at 31 March 2026
Name
Date of appointment
Years
Months
Mike Rogers (appointed Chair on 24 July 2019)
1\u00a0July\u00a02017
8
9
Alison Brittain
1\u00a0September\u00a02020
5
7
Kathleen DeRose
1\u00a0November\u00a02022
3
5
Caroline Donahue
1\u00a0January\u00a02017
9
3
Jonathan Howell
1\u00a0May\u00a02021
4
11
Esther Lee
31 March 2023
3
0
Eduardo Vassimon
1\u00a0March\u00a02025
1
1
\n
* Mike Rogers and Caroline Donahue will retire from the Board at the conclusion of the AGM on 22 July 2026.
Executive directors\u2019 service contracts contain a 12-month Company notice period, and a 6-month notice period from the director, as set out in the
Directors\u2019 Remuneration Policy. Brian Cassin was appointed to the Board on 30 April 2012 as Chief Financial O\ufb03cer, and 16 July 2014 as Chief
Executive O\ufb03cer. Lloyd Pitchford was appointed to the Board on 1 October 2014 as Chief Financial O\ufb03cer. (d) Remuneration of key management personnel \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
US$m
US$m
Salaries and short-term employee bene\ufb01ts
11\u00a0
10\u00a0
Share incentive plans
12\u00a0
6\u00a0
\u00a0
23\u00a0
16\u00a0
\n
Key management personnel comprises the Company\u2019s executive and non-executive directors and further details of their remuneration are given in
the\u00a0audited parts of the Report on directors\u2019 remuneration. The charge in the year ended 31 March 2025 for share incentive plans included a one-time
credit arising from the forfeiture of shares, following the departure of key management personnel. There were no other material transactions with the
Group in which key management personnel had a personal interest, in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "GroupIncomeStatement_Label_0087": { "value": "8445000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0088": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0089": { "value": "8445000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0090": { "value": "7523000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0091": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_Label_0092": { "value": "7523000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0093": { "value": "2686000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0094": { "value": "45000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0095": { "value": "2731000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0096": { "value": "2520000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0097": { "value": "60000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0098": { "value": "2580000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EmployeeBenefitsExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00103": { "value": "1625000000.0", "decimals": -6, "dimensions": { "concept": "exp:DataAndInformationTechnologyCosts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00104": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "exp:DataAndInformationTechnologyCosts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_0099": { "value": "1625000000.0", "decimals": -6, "dimensions": { "concept": "exp:DataAndInformationTechnologyCosts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00100": { "value": "1344000000.0", "decimals": -6, "dimensions": { "concept": "exp:DataAndInformationTechnologyCosts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00101": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "exp:DataAndInformationTechnologyCosts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00102": { "value": "1344000000.0", "decimals": -6, "dimensions": { "concept": "exp:DataAndInformationTechnologyCosts", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00105": { "value": "613000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00106": { "value": "263000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00107": { "value": "876000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00108": { "value": "547000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00109": { "value": "211000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00110": { "value": "758000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepreciationAndAmortisationExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00116": { "value": "596000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00115": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00114": { "value": "596000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00113": { "value": "536000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00112": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00111": { "value": "536000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:SalesAndMarketingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00122": { "value": "532000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00121": { "value": "40000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00120": { "value": "572000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00119": { "value": "495000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00118": { "value": "17000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedLabel_00117": { "value": "512000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherExpenseByFunction", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedTotalLabel_00123": { "value": "6052000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedTotalLabel_00124": { "value": "348000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedTotalLabel_00125": { "value": "6400000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedTotalLabel_00126": { "value": "5442000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedTotalLabel_00127": { "value": "288000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_NegatedTotalLabel_00128": { "value": "5730000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00129": { "value": "2393000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00130": { "value": "-348000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:NonBenchmarkMember", "unit": "iso4217:USD" } }, "GroupIncomeStatement_TotalLabel_00131": { "value": 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"scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_Label_00382": { "value": "-30000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_PeriodEndLabel_00384": { "value": "323000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2026-04-01T00:00:00", "unit": "iso4217:USD" } }, "GroupCashFlowStatement_PeriodEndLabel_00383": { "value": "366000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "1. Corporate information
Experian plc (the Company) is the ultimate parent company of the
Experian group of companies (Experian or the Group). Experian is
a\u00a0leading global data and technology group.
The Company is incorporated and registered in Jersey as a public
company limited by shares and is resident in Ireland. The Company\u2019s
registered o\ufb03ce is at 22 Grenville Street, St Helier, Jersey, JE4 8PX,
Channel Islands. The Company\u2019s ordinary shares are traded on the
London Stock Exchange\u2019s Regulated Market as equity shares
(commercial companies).
There has been no change in this information since the Annual Report
for\u00a0the year ended 31 March 2025.
2. Basis of preparation
The Group \ufb01nancial statements are:
\u2022 prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union (EU-IFRS), UK-adopted
international accounting standards (UK-IFRS) and IFRS as issued by
the\u00a0International Accounting Standards Board (IASB-IFRS). EU-IFRS,
UK-IFRS and IASB-IFRS all di\ufb00er in certain respects from each
other,\u00a0however the di\ufb00erences have no material impact for the
periods\u00a0presented
\u2022 prepared on the going concern basis and under the historical cost
convention, as modi\ufb01ed for the revaluation of certain \ufb01nancial assets
and \ufb01nancial liabilities
\u2022 presented in US dollars, the most representative currency of the
Group\u2019s operations, and generally rounded to the nearest million
\u2022 prepared using the principal exchange rates set out in note 11
\u2022 designed to voluntarily include disclosures in line with those parts
of\u00a0the UK Companies Act 2006 applicable to companies reporting
under\u00a0that law.
There has been no change in the basis of preparation of the Group
\ufb01nancial statements since the Annual Report for the year ended
31\u00a0March 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "Experian plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Experian plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Experian plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Experian is a\u00a0leading global data and technology group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "22 Grenville Street, St Helier, Jersey, JE4 8PX, Channel Islands.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "Jersey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "There has been no change in this information since the Annual Report for\u00a0the year ended 31 March 2025.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "2. Basis of preparation
The Group \ufb01nancial statements are:
\u2022 prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union (EU-IFRS), UK-adopted
international accounting standards (UK-IFRS) and IFRS as issued by
the\u00a0International Accounting Standards Board (IASB-IFRS). EU-IFRS,
UK-IFRS and IASB-IFRS all di\ufb00er in certain respects from each
other,\u00a0however the di\ufb00erences have no material impact for the
periods\u00a0presented
\u2022 prepared on the going concern basis and under the historical cost
convention, as modi\ufb01ed for the revaluation of certain \ufb01nancial assets
and \ufb01nancial liabilities
\u2022 presented in US dollars, the most representative currency of the
Group\u2019s operations, and generally rounded to the nearest million
\u2022 prepared using the principal exchange rates set out in note 11
\u2022 designed to voluntarily include disclosures in line with those parts
of\u00a0the UK Companies Act 2006 applicable to companies reporting
under\u00a0that law.
There has been no change in the basis of preparation of the Group
\ufb01nancial statements since the Annual Report for the year ended
31\u00a0March 2025.
The use of critical accounting estimates and management judgment
is\u00a0required in applying the accounting policies. Areas involving a higher
degree of judgment or complexity, or where assumptions and estimates
are signi\ufb01cant to the Group \ufb01nancial statements, are highlighted in
note\u00a06.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union (EU-IFRS), UK-adopted
international accounting standards (UK-IFRS) and IFRS as issued by
the\u00a0International Accounting Standards Board (IASB-IFRS). EU-IFRS,
UK-IFRS and IASB-IFRS all di\ufb00er in certain respects from each
other,\u00a0however the di\ufb00erences have no material impact for the
periods\u00a0presented ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "prepared on the going concern basis and under the historical cost
convention, as modi\ufb01ed for the revaluation of certain \ufb01nancial assets
and \ufb01nancial liabilitiesGoing concern
In adopting the going concern basis for preparing these \ufb01nancial
statements, the directors have considered the business activities, the
principal risks and uncertainties and the other matters discussed in
connection with the Viability statement.
At 31 March 2026, the Group had undrawn committed bank borrowing
facilities of US$2.5bn (2025: US$2.4.bn) which have an average
remaining tenor of four years (2025: four years).
The directors believe that the Group and the Company are well placed
to\u00a0manage their \ufb01nancing and other business risks satisfactorily to
continue to meet their liabilities as they fall due and have a reasonable
expectation that the Group and the Company will have adequate
resources to continue their operational existence for at least 12\u00a0months
from the date of signing these \ufb01nancial statements. The directors
therefore consider it appropriate to adopt the going concern basis
of\u00a0accounting in preparing the \ufb01nancial statements. In reaching this
conclusion, the directors noted the Group\u2019s strong cash performance
in\u00a0the year, and its resilience in the face of a viability reverse
stress-test scenario.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "presented in US dollars, the most representative currency of the Group\u2019s operations, and generally rounded to the nearest million", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "3. Climate-related matters
As a data and technology business, our main environmental impact
is\u00a0the\u00a0carbon footprint generated from our operations and value chain.
The majority of our footprint is made up of greenhouse gas emissions
from Purchased Goods and Services and Upstream Leased Assets,
including cloud services and third-party data centres. We are committed
to reducing our carbon emissions and we continue to develop our plans
to\u00a0decarbonise our business further and reduce energy consumption
at\u00a0our data centres and across the Group.
We recognise the importance of identifying and e\ufb00ectively managing
the\u00a0physical and transitional risks that climate change poses to our
operations, and consider the impact of climate-related matters, including
legislation, on our business.
In preparing the Group \ufb01nancial statements the following considerations
were made in respect of climate change:
\u2022 The impact in the going concern period or on the viability of the Group
over the next three years, as referenced in the Strategic report.
\u2022 The impact on factors such as residual values, useful lives and
depreciation methods that determine the carrying value of non-current
assets (notes 20 to 22).
\u2022 The impact on forecasts of cash \ufb02ows used in impairment
assessments for the value-in-use of non-current assets including
goodwill (notes 20 to 22).
\u2022 The impact on forecasts of cash \ufb02ows used in the fair value
measurement of assets and liabilities (note 31).
\u2022 The impact on the valuation of post-employment bene\ufb01t assets (note\u00a035).
At present, there is no material impact of climate-related matters on the
Group\u2019s \ufb01nancial results or on going concern or viability.", "dimensions": { "concept": "exp:DisclosureClimateRelatedMattersExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "4. Recent accounting developments
There have been no accounting standards, amendments or
interpretations e\ufb00ective for the \ufb01rst time in these \ufb01nancial statements
which have had a material impact on the Group\u2019s consolidated results
or\u00a0\ufb01nancial position.
On 9 April 2024, the IASB issued IFRS 18 \u2018Presentation and Disclosure in
Financial Statements\u2019, which is e\ufb00ective for Experian for the year ending
31 March 2028. IFRS 18 sets out requirements for the presentation and
disclosure of information in general purpose \ufb01nancial statements and
replaces IAS 1 \u2018Presentation of Financial Statements\u2019.
The impact of IFRS 18 on the Group \ufb01nancial statements is under
assessment; areas of potential change have been noted and are subject
to further review.
There are no other new standards, amendments to existing standards,
or\u00a0interpretations that are not yet e\ufb00ective, that are expected to have a
material impact on the Group\u2019s \ufb01nancial statements. The Group has not
applied any standards, interpretations or amendments that have been
issued but are not yet e\ufb00ective. Accounting developments are routinely
reviewed by the Group and its \ufb01nancial reporting systems are adapted
as\u00a0appropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "5. Material accounting policies
The material accounting policies applied are summarised below. They
have been applied consistently to both years presented. The explanations
of these policies focus on areas where judgment is applied or which are
particularly important in the \ufb01nancial statements. For ease of reference,
the content within this note is arranged as follows:
\u2022 sections (a) to (d) \u2013 content that applies generally to the preparation
of\u00a0these \ufb01nancial statements
\u2022 sections (e) to (p) \u2013 balance sheet policies, to be read in conjunction
with\u00a0speci\ufb01c notes as indicated
\u2022 sections (q) to (w) \u2013 income statement policies, to be read in conjunction
with speci\ufb01c notes as indicated
\u2022 section (x) \u2013 the policy and presentation principles adopted for
disclosing segment information, in accordance with IFRS 8
\u2018Operating\u00a0Segments\u2019.
(a) Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements
of\u00a0the Company and its subsidiary undertakings.
Subsidiaries
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date
that\u00a0the Group no longer has control. All business combinations are
accounted for using the acquisition method.
As part of the Group\u2019s Brazilian payments business, we acquired a
sub-acquiring operation, which acts as a payment intermediary enabling
small and medium-sized merchants to accept card payments without
a\u00a0direct relationship with an acquirer. Revenue is not material and
primarily comprises merchant discount rates (MDR) and intermediation
fees for the early settlement of credit card receivables for merchants.
Historically, these receivables were largely passed on and settled directly
with acquirers and banks. To broaden the range of available structures,
on 10 December 2025, the Group structured and acquired the
subordinated quotas of \u2018Endurance Fundo de Investimento em Direitos
Credit\u00f3rios\u2019 (FIDC), an unincorporated Brazilian investment fund focused
on credit card receivables, regulated by the Comiss\u00e3o de Valores
Mobili\u00e1rios (CVM). As the sole holder of subordinated quotas, the Group
has decision-making authority over the relevant activities and is exposed
to the FIDC\u2019s residual risks and returns. Accordingly, the Group has
concluded that it controls the FIDC and has consolidated it from the
acquisition date. Capital contributions to acquire the subordinated
quotas\u00a0are classi\ufb01ed as investing cash out\ufb02ows.
Intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised
losses are also eliminated unless the transaction provides evidence of
an\u00a0impairment of the asset transferred.
Accounting policies of subsidiaries and segments are consistent
with\u00a0the\u00a0policies adopted by the Group for the purposes of the Group\u2019s
consolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and its subsidiary undertakings for the year
ended 31 March 2026. A full list of subsidiary undertakings is given in
note U to the Company \ufb01nancial statements.
Associates
Interests in associates are accounted for using the equity method.
They\u00a0are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the Group \ufb01nancial statements include
the Group\u2019s share of the pro\ufb01t or loss and other comprehensive income
of\u00a0equity-accounted investees, until the date on which signi\ufb01cant in\ufb02uence
ceases. Gains or losses on disposal are recognised within operating pro\ufb01t.
Investments in associates are assessed for possible impairment when
triggers are identi\ufb01ed that could have an impact on future cash \ufb02ows
received from the associate. Any resulting adjustments to the carrying
value are recorded in the Group income statement.
Non-controlling interests
The non-controlling interests in the Group balance sheet represent the
share of net assets of subsidiary undertakings held outside the Group.
The movement in the year comprises the pro\ufb01t attributable to such
interests together with any dividends paid, movements in respect of
corporate transactions and related exchange di\ufb00erences.
The Group treats transactions with non-controlling interests that do
not\u00a0result in a loss of control as transactions with equity owners of
the\u00a0Group. For purchases from non-controlling interests, the di\ufb00erence
between any consideration paid and the relevant share acquired of the
carrying value of the net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value
of\u00a0the expected future payments. Such liabilities are recorded as \ufb01nancial
liabilities in the Group balance sheet. The change in the value of such
options in the year is recognised in the Group income statement within
net \ufb01nance expense, while any change in that value attributable to
exchange rate movements is recognised directly in Other comprehensive
income (OCI).
Where put option agreements are in place at acquisition the Group
adopts the \u2018anticipated acquisition\u2019 approach, recording the other side
of\u00a0the put liability as an increase to goodwill, with no subsequent pro\ufb01ts
attributed to non-controlling interests.
(b) Foreign currency translation
Transactions and balances
Transactions in foreign currencies are recorded in the functional
currency of the relevant Group undertaking at the exchange rate
prevailing on the date of the transaction. At each balance sheet date,
monetary assets and liabilities denominated in foreign currencies are
retranslated at the exchange rate prevailing at the balance sheet date.
Translation di\ufb00erences on monetary items are taken to the Group income
statement except when recognised in OCI, as qualifying net investment
hedges or cash \ufb02ow hedges. Translation di\ufb00erences on non-monetary
\ufb01nancial assets revalued through OCI are reported as part of the fair
value gains or losses in OCI.
Group undertakings
The results and \ufb01nancial position of Group undertakings whose functional
currencies are not the US dollar are translated into US dollars as follows:
\u2022 Income and expenses are generally translated at the average exchange
rate for the year. Where this average is not a reasonable approximation
of the cumulative e\ufb00ect of the rates prevailing on the transaction dates,
income and expenses are translated at the rates on the dates of the
transactions.
\u2022 Assets and liabilities are translated at the closing exchange rate on the
balance sheet date.
\u2022 All resulting exchange di\ufb00erences are recognised in OCI and as a
separate component of equity.
On consolidation, exchange di\ufb00erences arising from the translation of
the\u00a0net investment in Group undertakings whose functional currencies
are not the US dollar, and of borrowings and other currency instruments
designated as hedges of such investments, are recognised in OCI to the
extent that such hedges are e\ufb00ective. Tax attributable to those exchange
di\ufb00erences is taken directly to OCI. When such undertakings are sold,
these exchange di\ufb00erences are recognised in the Group income
statement as part of the gain or loss on sale. Goodwill and fair value
adjustments arising on the acquisition of such undertakings are treated
as assets and liabilities of the entities and are translated into US dollars
at the closing exchange rate.
(c) Fair value estimation
The fair values of derivative \ufb01nancial instruments and other \ufb01nancial
assets and liabilities are determined by using market data and
established estimation techniques such as discounted cash \ufb02ow and
option valuation models. The fair value of foreign exchange contracts is
based on a comparison of the contractual and year-end exchange rates.
The fair values of other derivative \ufb01nancial instruments are estimated
by\u00a0discounting the future cash \ufb02ows to net present values, using
appropriate market rates prevailing at the balance sheet date.
(d) Impairment of non-\ufb01nancial assets
Assets that are not subject to amortisation or depreciation are tested
annually for impairment. Assets that are subject to amortisation or
depreciation are reviewed for impairment when there is an indication
that the carrying amount may not be recoverable. Climate-related
matters are considered to identify whether any are an indicator of
impairment. An impairment charge is recognised for the amount by
which an asset\u2019s carrying amount exceeds its recoverable amount,
which\u00a0is the higher of an asset\u2019s fair value less costs of disposal and
value-in-use. For the purposes of assessing impairment, assets are
grouped into cash-generating units (CGUs), determined by the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows.
(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost\u00a0is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired. Fair
values are attributed to the identi\ufb01able assets, liabilities and contingent
liabilities that existed at the date of acquisition, re\ufb02ecting their condition
at that date. Adjustments are made where necessary to align the
accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to groups of CGUs and monitored for internal
management purposes by operating segment. The allocation is made
to\u00a0those groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose. Corporate balances are allocated
to the groups of CGUs on the basis of expected consumption by\u00a0each group.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.
(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and\u00a0re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the\u00a0asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years, based on
management\u2019s expected retention of trade names within the business.
Other intangibles
Other intangibles are capitalised at cost. Certain costs incurred in the
developmental phase of an internal project are capitalised provided that
a\u00a0number of criteria are satis\ufb01ed. These include the technical feasibility
of\u00a0completing the asset so that it is available for use or sale, the availability
of adequate resources to complete the development and to use or sell the
asset, and how the asset will generate probable future economic bene\ufb01t.
The cost of such assets with \ufb01nite useful economic or contractual lives is
amortised on a straight-line basis over those lives. The carrying values are
reviewed for impairment when events or changes in circumstances indicate
that the carrying values may not be recoverable. If impaired, the carrying
values are written down to the higher of fair value less costs of disposal and
value-in-use, which is determined by reference to projected future income
streams using assumptions in respect of pro\ufb01tability and growth.
Further details on the capitalisation and amortisation policy for the key
asset classi\ufb01cations within other intangibles are:
\u2022 Databases \u2013 capitalised databases, which comprise the data purchase
and capture costs of internally developed databases, are amortised
over three to seven years.
\u2022 Developed and purchased software \u2013 comprises computer software
purchased from third parties as well as the cost of internally generated
software. Costs incurred to purchase and bring into use speci\ufb01c
computer software, or costs directly associated with producing
identi\ufb01able and unique software products controlled by the Group that
will generate economic bene\ufb01ts beyond one year, are recognised as
intangible assets. These costs are amortised over three to ten years.
Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and con\ufb01guration
and customisation costs incurred in Software as a Service (SaaS)
arrangements, are recognised in the Group income statement as incurred.
(g) Property, plant and equipment (note 22)
Purchased items of property, plant and equipment are held at cost less
accumulated depreciation and any impairment in value. Cost includes the
original purchase price of the asset and amounts attributable to bringing
the asset to its working condition for its intended use.
Depreciation is charged on a straight-line basis as follows:
\u2022 Freehold properties \u2013 over 50 years.
\u2022 Leasehold improvements to short leasehold properties \u2013 over the
remaining period of the lease.
\u2022 Plant and equipment \u2013 over three to ten years, according to the asset\u2019s
estimated useful life. Technology-based assets are typically depreciated
over three to \ufb01ve years, motor vehicles over four to \ufb01ve years, with
other infrastructure assets depreciated over \ufb01ve to ten years.
The Group has reviewed the useful lives of its data centres and main
plant and equipment assets to determine if any are a\ufb00ected by
climate-related matters and concluded that no changes are required.
(h) Trade and other receivables (note 24)
Trade receivables and contract assets are initially recognised at fair value
and subsequently measured at this value less loss allowances. Where
the time value of money is material, receivables are then carried at
amortised cost using the e\ufb00ective interest method, less loss allowances.
We apply the IFRS 9 \u2018Financial Instruments\u2019 simpli\ufb01ed lifetime expected
credit loss approach. Expected credit losses are determined using a
combination of historical experience and forward-looking information.
Impairment losses or credits in respect of trade receivables and contract
assets are recognised in the Group income statement, within other
operating charges.
(i) Cash and cash equivalents (note 25)
Cash and cash equivalents include cash in hand, term and call deposits
held with banks and other short-term, highly liquid investments with
original maturities of three months or less. Bank overdrafts are shown
within borrowings in current liabilities in the Group balance sheet. For the
purposes of the Group cash \ufb02ow statement, cash and cash equivalents
are reported net of bank overdrafts.
(j) Financial assets and liabilities (note 30)
Financial assets
We classify our \ufb01nancial assets into the following measurement
categories, with the classi\ufb01cation determined on initial recognition
and\u00a0dependent on the purpose for which such assets are acquired:
\u2022 those subsequently measured at fair value (either through OCI or
through pro\ufb01t or loss), and
\u2022 those measured at amortised cost.
Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.
Debt instruments
Measurement of debt instruments depends on the Group\u2019s business
model for managing the asset and the cash \ufb02ow characteristics of the
asset. There are three measurement categories into which the Group
classi\ufb01es debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash
\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
interest, are measured at amortised cost. Interest income from these
\ufb01nancial assets is recognised using the e\ufb00ective interest method. Any
impairment or gain or loss on derecognition is recognised directly in
the Group income statement.
\u2022 Fair value through Other comprehensive income (FVOCI): Assets that
are held both for the collection of contractual cash \ufb02ows and for their
sale, where the asset\u2019s cash \ufb02ows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement. Interest
income from these \ufb01nancial assets is recognised using the e\ufb00ective
interest method.
\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is\u00a0no subsequent reclassi\ufb01cation of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group\u2019s right to receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in
other gains or losses in the Group income statement. Impairment losses,
and reversals of impairment losses, on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The loss allowances for \ufb01nancial assets are based on assumptions
about\u00a0signi\ufb01cant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group\u2019s history, existing
market conditions and forward-looking estimates at the end of each
reporting period.
Financial liabilities
Financial liabilities are measured subsequently at amortised cost using
the e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative or
it is designated at FVPL on initial recognition. Financial liabilities at FVPL
are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in
the\u00a0Group income statement.
Other \ufb01nancial liabilities are subsequently measured at amortised cost
using the e\ufb00ective interest method. Interest expense, foreign exchange
gains and losses and any gain or loss on derecognition are recognised
in\u00a0the Group income statement.
The e\ufb00ective interest method is a method of calculating the amortised
cost of a \ufb01nancial liability and of allocating interest expense over the
relevant period. The e\ufb00ective interest rate is the rate that exactly
discounts estimated future cash payments, including all fees that form
an integral part of the e\ufb00ective interest rate, transaction costs and other
premiums or discounts, through the expected life of the \ufb01nancial liability,
to the amortised cost.
Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its exposures
to \ufb02uctuations in foreign exchange rates, interest rates and certain
obligations relating to share incentive plans, including social security
obligations. Instruments used include interest rate swaps, cross-currency
swaps, foreign exchange contracts and equity swaps. These are
recognised as assets or liabilities as appropriate and are classi\ufb01ed as
non-current, unless they mature within one year of the balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends
on\u00a0whether the derivative is designated as a hedging instrument and,
if\u00a0so, the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges or
cash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
recognised asset or liability. Cash \ufb02ow hedges are hedges of highly
probable future foreign currency cash \ufb02ows. The Group does not currently
apply hedge accounting under IFRS 9 for net investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at\u00a0every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are\u00a0recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as\u00a0fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement.
Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or\u00a0credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.
(k) Trade and other payables (note 26)
Trade payables and contract liabilities are recognised initially at
fair\u00a0value. Where the time value of money is material, payables and
contract liabilities are then carried at amortised cost using the e\ufb00ective
interest method.
(l) Borrowings (note 27)
Borrowings are recognised initially at fair value, net of any transaction
costs incurred. Borrowings are subsequently stated at amortised cost,
except where they are hedged by an e\ufb00ective fair value hedge, in which
case the carrying value is adjusted to re\ufb02ect the fair value movements
associated with the hedged risk.
Borrowings are classi\ufb01ed as non-current to the extent that the Group has
an unconditional right to defer settlement of the liability for at least one
year after the balance sheet date.
(m) Leases (note 29)
The Group undertakes an assessment of whether a contract is or
contains a lease at its inception. The assessment establishes whether
the Group obtains substantially all the economic bene\ufb01ts from the use
of\u00a0an asset and whether we have the right to direct its use.
Low-value lease payments are recognised as an expense, on a
straight-line basis over the lease term. For other leases we recognise
both a right-of-use asset and a lease liability at the commencement
date\u00a0of a lease contract.
The right-of-use asset is initially measured at cost, comprising the initial
amount of the lease liability adjusted for payments made at or before the
commencement date, plus initial direct costs and an estimate of the cost
of any obligation to refurbish the asset or site, less lease incentives.
Subsequently, right-of-use assets are measured at cost less
accumulated depreciation and impairment losses and are adjusted for
any remeasurement of the lease liability. Depreciation is calculated on a
straight-line basis over the shorter of the lease period or the estimated
useful life of the right-of-use asset, which is determined on a basis
consistent with purchased assets (note 5(g)).
The lease term comprises the non-cancellable period of a lease, plus
periods covered by an extension option, if it is reasonably certain to be
exercised, and periods covered by a termination option if it is reasonably
certain not to be exercised.
The lease liability is initially measured at the present value of lease
payments that are outstanding at the commencement date, discounted
at the interest rate implicit in the lease or, if that rate cannot be easily
determined, the Group\u2019s incremental borrowing rate.
Lease payments comprise payments of \ufb01xed principal, less any lease
incentives, variable elements linked to an index, guaranteed residuals
or\u00a0buyout options that are reasonably certain to be exercised. They
include payments in respect of optional renewal periods where these
are\u00a0reasonably certain to be exercised or early termination payments
where the lease term re\ufb02ects such an option.
The lease liability is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there is a change
in the Group\u2019s estimate of the amount expected to be payable under a
residual value guarantee, or if the Group changes its assessment of
whether it will exercise a purchase, extension or termination option.
When a lease liability is remeasured, a corresponding adjustment is
made to the carrying amount of the right-of-use asset or is recognised
in\u00a0the Group income statement if the asset is fully depreciated.
The Group presents right-of-use assets within property, plant and
equipment and lease obligations within borrowings in the Group
balance\u00a0sheet.
(n) Post-employment bene\ufb01t assets and
obligations (note 35)
De\ufb01ned bene\ufb01t pension arrangements \u2013 funded plans
The post-employment bene\ufb01t assets and obligations recognised in the
Group balance sheet in respect of funded plans comprise the fair value of
plan assets of funded plans less the present value of the related de\ufb01ned
bene\ufb01t obligation at that date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by independent quali\ufb01ed actuaries, using the projected unit
credit method.
The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows, using market yields
on\u00a0high-quality corporate UK pound sterling bonds with maturity
terms\u00a0consistent with the estimated average term of the related
pension\u00a0liability.
Actuarial gains and losses arising from experience adjustments, and
changes in actuarial assumptions, are recognised immediately in the
Group statement of comprehensive income.
The pension cost recognised in the Group income statement comprises
the cost of bene\ufb01ts accrued plus interest on the opening net de\ufb01ned
bene\ufb01t asset or obligation. Service costs and \ufb01nancing income and
expenses are recognised separately in the Group income statement.
Plan\u00a0expenses are deducted from the expected return on the plan
assets\u00a0over the year.
De\ufb01ned contribution pension arrangements
The assets of de\ufb01ned contribution plans are held separately in
independently administered funds. The pension cost recognised
in\u00a0the\u00a0Group income statement represents the contributions payable
by\u00a0the Group to these funds, in respect of the year.
(o) Provisions (note 37) and contingencies
(note\u00a043)
A contingent liability is disclosed where the likelihood of a loss arising
is\u00a0possible rather than probable. A provision is recognised when it is
probable that an out\ufb02ow of resources will be required to settle an
obligation, and a reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted at a
pre-tax rate re\ufb02ecting current market assessments of the time value
of\u00a0money and risks speci\ufb01c to the liability. The unwinding of the discount
is recognised as a \ufb01nance expense in the Group income statement.
In\u00a0making its estimates, management takes into account the advice
of\u00a0legal counsel.
(p) Own shares (note 39)
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held\u00a0by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets of these entities mainly
comprise Experian plc shares, which are recorded as a deduction from
equity at cost.
Shares in the Company purchased and held as treasury shares, in
connection with the above plans and any share purchase programme,
are also recorded as a deduction from equity at cost. When shares in
the\u00a0Company are purchased and cancelled under a share purchase
programme, the par value of those shares is recorded as a reduction in
called-up share capital, with any cost in excess of that amount deducted
from retained earnings.
Contractual obligations to purchase own shares are recognised at the
present value of the redemption amount, with a corresponding deduction
from equity. Subsequent remeasurement of this liability is recognised in
pro\ufb01t or loss.
(q) Revenue recognition (note 9)
Revenue is stated net of any sales taxes, rebates and discounts and
re\ufb02ects the amount of consideration we expect to receive in exchange
for\u00a0the transfer of promised goods and services.
Total consideration from contracts with customers is allocated to the
performance obligations identi\ufb01ed based on their standalone selling
price, and is recognised when those performance obligations are
satis\ufb01ed and the control of goods or services is transferred to the
customer, either over time or at a point in time.
Total consideration only includes variable consideration if it is highly
probable a signi\ufb01cant reversal will not occur. Estimates of variable
consideration are not typically included within recognised revenue, as
the\u00a0uncertainty surrounding variable consideration is normally resolved
once the performance obligation is satis\ufb01ed or begins to be satis\ufb01ed.
In\ufb02ationary increases based on external indices are treated as variable
consideration and only recognised when they become certain.
\u2022 The provision and processing of transactional data and associated
services is distinguished between contracts that:
\u2013 provide a service on a per unit basis, where the transfer to the
customer of each completed unit is considered satisfaction of a single
performance obligation. Revenue is recognised on the transfer of
each unit
\u2013 provide a service to the customer over the contractual term, normally
between one and \ufb01ve years, where revenue is recognised on the
transfer of this service to customers. For the majority of contracts,
this means revenue is spread evenly over the contract term, as
customers simultaneously receive and consume the bene\ufb01ts of
the\u00a0service
\u2013 require an enhanced service in the initial contract period, where
revenue is recognised to re\ufb02ect the upfront bene\ufb01t the customer
simultaneously receives and consumes over the period the service
is\u00a0provided. Revenue for such contracts is recognised proportionally
in line with the incremental costs of providing the service, as this
re\ufb02ects Experian\u2019s progress of performance.
\u2022 Revenue from referral fees for credit products and white-label
partnerships is recognised as transactional revenue.
\u2022 Revenue from transactional batch data arrangements that include
an\u00a0ongoing update service is apportioned across each delivery to the
customer and is recognised when the delivery is complete, and control
of the batch data passes to the customer. Performance obligations are
determined based on the frequency of data refresh: one-o\ufb00, quarterly,
monthly, or real-time.
\u2022 Subscription and membership fees for continuous access to a service
are recognised over the period to which they relate, usually one, 12 or
24 months. Customers simultaneously receive and consume the
bene\ufb01ts of the service; therefore, revenue is recognised evenly over
the\u00a0subscription or membership term.
\u2022 Revenue for one-o\ufb00 credit reports is recognised when the report is
delivered to the consumer.
\u2022 Software licence and implementation services are primarily accounted
for as a single performance obligation, with revenue recognised when
the combined o\ufb00ering is delivered to the customer. Contract terms
normally vary between one and \ufb01ve years. These services are
distinguished between:
\u2013 Experian-hosted or SaaS solutions, where the customer has the right
to access a software solution over a speci\ufb01ed time period. Customers
simultaneously receive and consume the bene\ufb01ts of the service and
revenue is spread evenly over the period that the service is available.
\u2013 On-premise software licence arrangements, where the software
solution is installed in an environment controlled by the customer.
The\u00a0arrangement represents a right to use licence and so the
performance obligation is considered to be ful\ufb01lled on delivery
completion, when control of the con\ufb01gured solution is passed
to\u00a0the\u00a0customer. Revenue is recognised at that point in time.
\u2022 The delivery of support and maintenance agreements is generally
considered to be a separate performance obligation to provide a
technical support service including minor updates. Contract terms are
often aligned with licence terms. Customers simultaneously receive
and consume the bene\ufb01ts of the service, therefore revenue is spread
evenly over the term of the maintenance period.
\u2022 The provision of distinct standalone consultancy and professional
services is distinguished between:
\u2013 Professional consultancy services where the performance obligation
is the provision of personnel. Customers simultaneously receive and
consume the bene\ufb01ts of the service, and revenue is recognised over
time, in line with hours provided.
\u2013 The provision of analytical models and analyses, where the
performance obligation is a deliverable, or a series of deliverables,
and revenue is recognised on delivery when control is passed to the
customer.
Sales are typically invoiced in the geographic area in which the
customer\u00a0is located. As a result, the geographic location of the invoicing
undertaking is used to attribute revenue to individual countries.
Accrued income balances, which represent the right to consideration in
exchange for goods or services that we have transferred to a customer,
are assessed as to whether they meet the de\ufb01nition of a contract asset:
\u2022 When the right to consideration is conditional on something other
than\u00a0the passage of time, a balance is classi\ufb01ed as a contract asset.
This arises where there are further performance obligations to be
satis\ufb01ed as part of the contract with the customer and typically
includes balances relating to software licensing contracts.
\u2022 When the right to consideration is conditional only on the passage of
time, the balance does not meet the de\ufb01nition of a contract asset and
is\u00a0classi\ufb01ed as an unbilled receivable. This typically arises where the
timing of the related billing cycle occurs in a period after the
performance obligation is satis\ufb01ed.
Costs incurred prior to the satisfaction or partial satisfaction of a
performance obligation are \ufb01rst assessed to see if they are within
the\u00a0scope of other standards. Where they are not, certain costs are
recognised as an asset providing they relate directly to a contract (or an
anticipated contract), generate or enhance resources that will be used in
satisfying (or to continue to satisfy) performance obligations in the future
and are expected to be recovered from the customer. Costs which meet
these criteria are deferred as contract costs and these are amortised on
a systematic basis consistent with the pattern of transfer of the related
goods or services.
\u2022 Costs to obtain a contract predominantly comprise sales commissions.
\u2022 Costs to ful\ufb01l a contract predominantly comprise labour costs directly
relating to the implementation services provided.
If evidence emerges that a contract is loss making, no further costs are
capitalised and any related contract assets are reviewed for impairment.
A provision for future losses is established when the unavoidable costs
of\u00a0the contract exceed the economic bene\ufb01ts expected to be received.
Contract liabilities arise when we have an obligation to transfer
future\u00a0goods or services to a customer for which we have received
consideration, or the amount is due from the customer and includes
both\u00a0deferred income balances and speci\ufb01c reserves.
(r) Operating charges
Operating charges are reported by nature in the Group income
statement, re\ufb02ecting the Group\u2019s cost-management control structure.
Details of the types of charges within labour costs in respect of share
incentive plans are set out in note 5(u). Those for post-employment
bene\ufb01ts are set out in note 5(n).
Details of the Group\u2019s amortisation and depreciation policy are given in
notes 5(f), 5(g) and 5(m). The principles upon which impairment charges
of tangible and intangible assets are recognised are set out in notes 5(d),
5(e) and 5(f).
(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue\u00a0of debt are capitalised and amortised over the expected life of the
borrowing, using the e\ufb00ective interest method. All other borrowing costs
are charged in the Group income statement in the year in which they
are\u00a0incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in note
5(j). The change in the year in the present value of put option agreements,
in respect of shares held by non-controlling shareholders, is recognised
as a \ufb01nancing fair value remeasurement within net \ufb01nance expense.
(t) Tax (note 17)
The tax charge or credit for the year is recognised in the Group income
statement, except for tax on items recognised in OCI or directly in equity.
Current tax is calculated on the basis of the tax laws substantively
enacted at the balance sheet date in the countries where the Group
operates. Current tax assets and liabilities are o\ufb00set where there is
a\u00a0legally enforceable right of o\ufb00set.
Uncertain tax positions are considered on an individual basis. Where
management considers it probable that an additional out\ufb02ow will
result\u00a0from any given position, a provision is made. Such provisions
are\u00a0measured using management\u2019s best estimate of the most
likely\u00a0outcome.
Deferred tax is provided in full on temporary di\ufb00erences arising between
the tax bases of assets and liabilities and their carrying amounts in the
Group \ufb01nancial statements. Deferred tax is not recognised on taxable
temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction a\ufb00ects neither accounting
nor taxable pro\ufb01t or loss. Deferred tax assets and liabilities are
calculated at the tax rates that are expected to apply when the asset
is\u00a0realised or the liability settled, based on the tax rates and laws that
have been enacted or substantively enacted by the balance sheet date
in\u00a0the countries where the Group operates.
Deferred tax assets are recognised in respect of tax losses carried
forward and other temporary di\ufb00erences, to the extent that it is probable
that the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
Deferred tax is provided on temporary di\ufb00erences arising on investments
in subsidiaries and associates, except where the Group controls the
timing of the reversal of the temporary di\ufb00erence and it is probable that
the temporary di\ufb00erence will not reverse in the foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities and where
they relate to the same tax authority.
(u) Share incentive plans (note 33)
The fair value of share incentives granted in connection with the Group\u2019s
equity-settled, share-based employee incentive plans is recognised as
an\u00a0expense on a straight-line basis over the vesting period. Fair value
is\u00a0measured using whichever of the Black-Scholes model, Monte Carlo
model or closing market price is most appropriate. The Group takes
into\u00a0account the best estimate of the number of awards and options
expected to vest and revises such estimates at each balance sheet
date.\u00a0Non-market performance conditions are included in the vesting
estimates. Market-based performance conditions are included in the
fair\u00a0value measurement but are not revised for actual performance.
(v) Contingent consideration (note 30(h))
The initially recorded cost of an acquisition includes a reasonable
estimate of the fair value of any contingent amounts expected to be
payable in the future. Any cost or bene\ufb01t arising when such estimates
are revised is recognised in the Group income statement (note 15).
Where part or all of the amount of disposal consideration is contingent
on future events, the disposal proceeds initially recorded include a
reasonable estimate of the value of the contingent amounts expected
to\u00a0be receivable and payable in the future. The proceeds and pro\ufb01t or
loss\u00a0on disposal are adjusted when revised estimates are made, with
corresponding adjustments made to receivables and payables as
appropriate, until the ultimate outcome is known and the related
consideration received.
(w) Earnings per share (EPS) (note 18)
Earnings per share are reported in accordance with IAS 33 \u2018Earnings
per\u00a0Share\u2019.
(x) Segment information policy and presentation
principles (note 10)
We are organised into, and managed on, a worldwide basis through the
following four operating segments, which are based on geographic areas
and supported by central functions:
\u2022 North America
\u2022 Latin America
\u2022 UK and Ireland
\u2022 EMEA and Asia Paci\ufb01c.
The chief operating decision maker makes operating decisions, allocates
resources and assesses the performance of these operating segments
on the basis of Benchmark EBIT, as de\ufb01ned in note 7.
We separately present information equivalent to segment disclosures in
respect of the costs of our central functions, under the caption \u2018Central
Activities\u2019, as management believes that this information is helpful to
users of the \ufb01nancial statements. Costs reported for Central Activities
include those arising from \ufb01nance, treasury and other global functions.
Inter-segment transactions are entered into under the normal
commercial terms and conditions that would be available to third parties.
Such transactions do not have a material impact on the Group\u2019s results.
Segment assets consist primarily of property, plant and equipment,
intangible assets including goodwill, derivatives designated as hedges
of\u00a0future commercial transactions, contract assets and receivables.
They\u00a0exclude tax assets, cash and cash equivalents, and derivatives
designated as hedges of borrowings. Segment liabilities comprise
operating and contract liabilities, including derivatives designated as
hedges of future commercial transactions and lease obligations. They
exclude tax liabilities, borrowings, other than lease obligations, and
related hedging derivatives. Net assets reported for Central Activities
comprise corporate head o\ufb03ce assets and liabilities, including certain
post-employment bene\ufb01t assets and obligations, tax assets and
liabilities, and derivative assets and liabilities. Capital expenditure
comprises additions to property, plant and equipment and intangible
assets, other than additions through business combinations or to
right-of-use assets.
Information required to be presented also includes analysis of the
Group\u2019s revenues by groups of service lines. This is supplemented by
voluntary disclosure of the pro\ufb01tability of those groups of service lines.
For ease of reference, we use the term \u2018business lines\u2019 when discussing
the results of groups of service lines. Our two business lines, details of
which are given in the Strategic report section of this Annual Report, are:
\u2022 Business-to-Business
\u2022 Consumer Services
The North America, Latin America and the UK and Ireland operating
segments derive revenues from both of the Group\u2019s business lines.
The\u00a0EMEA and Asia Paci\ufb01c segment does not currently derive revenue
from the Consumer Services business line.
Reportable segment information for the full year provided to the chief
operating decision maker is set out in note 10(a).", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "(a) Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements
of\u00a0the Company and its subsidiary undertakings.
Subsidiaries
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date
that\u00a0the Group no longer has control. All business combinations are
accounted for using the acquisition method.
As part of the Group\u2019s Brazilian payments business, we acquired a
sub-acquiring operation, which acts as a payment intermediary enabling
small and medium-sized merchants to accept card payments without
a\u00a0direct relationship with an acquirer. Revenue is not material and
primarily comprises merchant discount rates (MDR) and intermediation
fees for the early settlement of credit card receivables for merchants.
Historically, these receivables were largely passed on and settled directly
with acquirers and banks. To broaden the range of available structures,
on 10 December 2025, the Group structured and acquired the
subordinated quotas of \u2018Endurance Fundo de Investimento em Direitos
Credit\u00f3rios\u2019 (FIDC), an unincorporated Brazilian investment fund focused
on credit card receivables, regulated by the Comiss\u00e3o de Valores
Mobili\u00e1rios (CVM). As the sole holder of subordinated quotas, the Group
has decision-making authority over the relevant activities and is exposed
to the FIDC\u2019s residual risks and returns. Accordingly, the Group has
concluded that it controls the FIDC and has consolidated it from the
acquisition date. Capital contributions to acquire the subordinated
quotas\u00a0are classi\ufb01ed as investing cash out\ufb02ows.
Intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised
losses are also eliminated unless the transaction provides evidence of
an\u00a0impairment of the asset transferred.
Accounting policies of subsidiaries and segments are consistent
with\u00a0the\u00a0policies adopted by the Group for the purposes of the Group\u2019s
consolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and its subsidiary undertakings for the year
ended 31 March 2026. A full list of subsidiary undertakings is given in
note U to the Company \ufb01nancial statements.
Associates
Interests in associates are accounted for using the equity method.
They\u00a0are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the Group \ufb01nancial statements include
the Group\u2019s share of the pro\ufb01t or loss and other comprehensive income
of\u00a0equity-accounted investees, until the date on which signi\ufb01cant in\ufb02uence
ceases. Gains or losses on disposal are recognised within operating pro\ufb01t.
Investments in associates are assessed for possible impairment when
triggers are identi\ufb01ed that could have an impact on future cash \ufb02ows
received from the associate. Any resulting adjustments to the carrying
value are recorded in the Group income statement.
Non-controlling interests
The non-controlling interests in the Group balance sheet represent the
share of net assets of subsidiary undertakings held outside the Group.
The movement in the year comprises the pro\ufb01t attributable to such
interests together with any dividends paid, movements in respect of
corporate transactions and related exchange di\ufb00erences.
The Group treats transactions with non-controlling interests that do
not\u00a0result in a loss of control as transactions with equity owners of
the\u00a0Group. For purchases from non-controlling interests, the di\ufb00erence
between any consideration paid and the relevant share acquired of the
carrying value of the net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value
of\u00a0the expected future payments. Such liabilities are recorded as \ufb01nancial
liabilities in the Group balance sheet. The change in the value of such
options in the year is recognised in the Group income statement within
net \ufb01nance expense, while any change in that value attributable to
exchange rate movements is recognised directly in Other comprehensive
income (OCI).
Where put option agreements are in place at acquisition the Group
adopts the \u2018anticipated acquisition\u2019 approach, recording the other side
of\u00a0the put liability as an increase to goodwill, with no subsequent pro\ufb01ts
attributed to non-controlling interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00506": { "value": "Subsidiaries
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date
that\u00a0the Group no longer has control. All business combinations are
accounted for using the acquisition method.
As part of the Group\u2019s Brazilian payments business, we acquired a
sub-acquiring operation, which acts as a payment intermediary enabling
small and medium-sized merchants to accept card payments without
a\u00a0direct relationship with an acquirer. Revenue is not material and
primarily comprises merchant discount rates (MDR) and intermediation
fees for the early settlement of credit card receivables for merchants.
Historically, these receivables were largely passed on and settled directly
with acquirers and banks. To broaden the range of available structures,
on 10 December 2025, the Group structured and acquired the
subordinated quotas of \u2018Endurance Fundo de Investimento em Direitos
Credit\u00f3rios\u2019 (FIDC), an unincorporated Brazilian investment fund focused
on credit card receivables, regulated by the Comiss\u00e3o de Valores
Mobili\u00e1rios (CVM). As the sole holder of subordinated quotas, the Group
has decision-making authority over the relevant activities and is exposed
to the FIDC\u2019s residual risks and returns. Accordingly, the Group has
concluded that it controls the FIDC and has consolidated it from the
acquisition date. Capital contributions to acquire the subordinated
quotas\u00a0are classi\ufb01ed as investing cash out\ufb02ows.
Intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised
losses are also eliminated unless the transaction provides evidence of
an\u00a0impairment of the asset transferred.
Accounting policies of subsidiaries and segments are consistent
with\u00a0the\u00a0policies adopted by the Group for the purposes of the Group\u2019s
consolidation. The Group \ufb01nancial statements incorporate the \ufb01nancial
statements of the Company and its subsidiary undertakings for the year
ended 31 March 2026. A full list of subsidiary undertakings is given in
note U to the Company \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00507": { "value": "Associates
Interests in associates are accounted for using the equity method.
They\u00a0are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the Group \ufb01nancial statements include
the Group\u2019s share of the pro\ufb01t or loss and other comprehensive income
of\u00a0equity-accounted investees, until the date on which signi\ufb01cant in\ufb02uence
ceases. Gains or losses on disposal are recognised within operating pro\ufb01t.
Investments in associates are assessed for possible impairment when
triggers are identi\ufb01ed that could have an impact on future cash \ufb02ows
received from the associate. Any resulting adjustments to the carrying
value are recorded in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00508": { "value": "Non-controlling interests
The non-controlling interests in the Group balance sheet represent the
share of net assets of subsidiary undertakings held outside the Group.
The movement in the year comprises the pro\ufb01t attributable to such
interests together with any dividends paid, movements in respect of
corporate transactions and related exchange di\ufb00erences.
The Group treats transactions with non-controlling interests that do
not\u00a0result in a loss of control as transactions with equity owners of
the\u00a0Group. For purchases from non-controlling interests, the di\ufb00erence
between any consideration paid and the relevant share acquired of the
carrying value of the net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value
of\u00a0the expected future payments. Such liabilities are recorded as \ufb01nancial
liabilities in the Group balance sheet. The change in the value of such
options in the year is recognised in the Group income statement within
net \ufb01nance expense, while any change in that value attributable to
exchange rate movements is recognised directly in Other comprehensive
income (OCI).
Where put option agreements are in place at acquisition the Group
adopts the \u2018anticipated acquisition\u2019 approach, recording the other side
of\u00a0the put liability as an increase to goodwill, with no subsequent pro\ufb01ts
attributed to non-controlling interests.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00509": { "value": "(b) Foreign currency translation
Transactions and balances
Transactions in foreign currencies are recorded in the functional
currency of the relevant Group undertaking at the exchange rate
prevailing on the date of the transaction. At each balance sheet date,
monetary assets and liabilities denominated in foreign currencies are
retranslated at the exchange rate prevailing at the balance sheet date.
Translation di\ufb00erences on monetary items are taken to the Group income
statement except when recognised in OCI, as qualifying net investment
hedges or cash \ufb02ow hedges. Translation di\ufb00erences on non-monetary
\ufb01nancial assets revalued through OCI are reported as part of the fair
value gains or losses in OCI.
Group undertakings
The results and \ufb01nancial position of Group undertakings whose functional
currencies are not the US dollar are translated into US dollars as follows:
\u2022 Income and expenses are generally translated at the average exchange
rate for the year. Where this average is not a reasonable approximation
of the cumulative e\ufb00ect of the rates prevailing on the transaction dates,
income and expenses are translated at the rates on the dates of the
transactions.
\u2022 Assets and liabilities are translated at the closing exchange rate on the
balance sheet date.
\u2022 All resulting exchange di\ufb00erences are recognised in OCI and as a
separate component of equity.
On consolidation, exchange di\ufb00erences arising from the translation of
the\u00a0net investment in Group undertakings whose functional currencies
are not the US dollar, and of borrowings and other currency instruments
designated as hedges of such investments, are recognised in OCI to the
extent that such hedges are e\ufb00ective. Tax attributable to those exchange
di\ufb00erences is taken directly to OCI. When such undertakings are sold,
these exchange di\ufb00erences are recognised in the Group income
statement as part of the gain or loss on sale. Goodwill and fair value
adjustments arising on the acquisition of such undertakings are treated
as assets and liabilities of the entities and are translated into US dollars
at the closing exchange rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00510": { "value": "(c) Fair value estimation
The fair values of derivative \ufb01nancial instruments and other \ufb01nancial
assets and liabilities are determined by using market data and
established estimation techniques such as discounted cash \ufb02ow and
option valuation models. The fair value of foreign exchange contracts is
based on a comparison of the contractual and year-end exchange rates.
The fair values of other derivative \ufb01nancial instruments are estimated
by\u00a0discounting the future cash \ufb02ows to net present values, using
appropriate market rates prevailing at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00511": { "value": "(d) Impairment of non-\ufb01nancial assets
Assets that are not subject to amortisation or depreciation are tested
annually for impairment. Assets that are subject to amortisation or
depreciation are reviewed for impairment when there is an indication
that the carrying amount may not be recoverable. Climate-related
matters are considered to identify whether any are an indicator of
impairment. An impairment charge is recognised for the amount by
which an asset\u2019s carrying amount exceeds its recoverable amount,
which\u00a0is the higher of an asset\u2019s fair value less costs of disposal and
value-in-use. For the purposes of assessing impairment, assets are
grouped into cash-generating units (CGUs), determined by the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00512": { "value": "(d) Impairment of non-\ufb01nancial assets
Assets that are not subject to amortisation or depreciation are tested
annually for impairment. Assets that are subject to amortisation or
depreciation are reviewed for impairment when there is an indication
that the carrying amount may not be recoverable. Climate-related
matters are considered to identify whether any are an indicator of
impairment. An impairment charge is recognised for the amount by
which an asset\u2019s carrying amount exceeds its recoverable amount,
which\u00a0is the higher of an asset\u2019s fair value less costs of disposal and
value-in-use. For the purposes of assessing impairment, assets are
grouped into cash-generating units (CGUs), determined by the lowest
levels for which there are separately identi\ufb01able cash \ufb02ows. Impairment
The loss allowances for \ufb01nancial assets are based on assumptions
about\u00a0signi\ufb01cant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group\u2019s history, existing
market conditions and forward-looking estimates at the end of each
reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00513": { "value": "(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost\u00a0is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired. Fair
values are attributed to the identi\ufb01able assets, liabilities and contingent
liabilities that existed at the date of acquisition, re\ufb02ecting their condition
at that date. Adjustments are made where necessary to align the
accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to groups of CGUs and monitored for internal
management purposes by operating segment. The allocation is made
to\u00a0those groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose. Corporate balances are allocated
to the groups of CGUs on the basis of expected consumption by\u00a0each group.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost\u00a0is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired. Fair
values are attributed to the identi\ufb01able assets, liabilities and contingent
liabilities that existed at the date of acquisition, re\ufb02ecting their condition
at that date. Adjustments are made where necessary to align the
accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to groups of CGUs and monitored for internal
management purposes by operating segment. The allocation is made
to\u00a0those groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose. Corporate balances are allocated
to the groups of CGUs on the basis of expected consumption by\u00a0each group.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.
(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and\u00a0re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the\u00a0asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years, based on
management\u2019s expected retention of trade names within the business.
Other intangibles
Other intangibles are capitalised at cost. Certain costs incurred in the
developmental phase of an internal project are capitalised provided that
a\u00a0number of criteria are satis\ufb01ed. These include the technical feasibility
of\u00a0completing the asset so that it is available for use or sale, the availability
of adequate resources to complete the development and to use or sell the
asset, and how the asset will generate probable future economic bene\ufb01t.
The cost of such assets with \ufb01nite useful economic or contractual lives is
amortised on a straight-line basis over those lives. The carrying values are
reviewed for impairment when events or changes in circumstances indicate
that the carrying values may not be recoverable. If impaired, the carrying
values are written down to the higher of fair value less costs of disposal and
value-in-use, which is determined by reference to projected future income
streams using assumptions in respect of pro\ufb01tability and growth.
Further details on the capitalisation and amortisation policy for the key
asset classi\ufb01cations within other intangibles are:
\u2022 Databases \u2013 capitalised databases, which comprise the data purchase
and capture costs of internally developed databases, are amortised
over three to seven years.
\u2022 Developed and purchased software \u2013 comprises computer software
purchased from third parties as well as the cost of internally generated
software. Costs incurred to purchase and bring into use speci\ufb01c
computer software, or costs directly associated with producing
identi\ufb01able and unique software products controlled by the Group that
will generate economic bene\ufb01ts beyond one year, are recognised as
intangible assets. These costs are amortised over three to ten years.
Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and con\ufb01guration
and customisation costs incurred in Software as a Service (SaaS)
arrangements, are recognised in the Group income statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "(e) Goodwill (note 20)
Goodwill is stated at cost less any accumulated impairment, where
cost\u00a0is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group\u2019s
share of identi\ufb01able net assets of a subsidiary or associate acquired. Fair
values are attributed to the identi\ufb01able assets, liabilities and contingent
liabilities that existed at the date of acquisition, re\ufb02ecting their condition
at that date. Adjustments are made where necessary to align the
accounting policies of acquired businesses with those of the Group.
Goodwill is not amortised but is tested annually for impairment, or more
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to groups of CGUs and monitored for internal
management purposes by operating segment. The allocation is made
to\u00a0those groups of CGUs that are expected to bene\ufb01t from the business
combination in which the goodwill arose. Corporate balances are allocated
to the groups of CGUs on the basis of expected consumption by\u00a0each group.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
method is determined to be more appropriate.
(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and\u00a0re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the\u00a0asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years, based on
management\u2019s expected retention of trade names within the business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "(f) Other intangible assets (note 21)
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if\u00a0those assets are identi\ufb01able (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these \ufb01nancial
statements. Amortisation is charged on a straight-line basis as follows:
\u2022 Customer and other relationships \u2013 over three to 20 years, based on
management\u2019s estimates of the average lives of such relationships,
and\u00a0re\ufb02ecting their long-term nature.
\u2022 Acquired software development \u2013 over three to ten years, based on
the\u00a0asset\u2019s expected life.
\u2022 Marketing-related assets (trademarks and licences) \u2013 over their
contractual lives, up to a maximum of 20 years.
\u2022 Marketing-related assets (trade names) \u2013 over one to 15 years, based on
management\u2019s expected retention of trade names within the business.
Other intangibles
Other intangibles are capitalised at cost. Certain costs incurred in the
developmental phase of an internal project are capitalised provided that
a\u00a0number of criteria are satis\ufb01ed. These include the technical feasibility
of\u00a0completing the asset so that it is available for use or sale, the availability
of adequate resources to complete the development and to use or sell the
asset, and how the asset will generate probable future economic bene\ufb01t.
The cost of such assets with \ufb01nite useful economic or contractual lives is
amortised on a straight-line basis over those lives. The carrying values are
reviewed for impairment when events or changes in circumstances indicate
that the carrying values may not be recoverable. If impaired, the carrying
values are written down to the higher of fair value less costs of disposal and
value-in-use, which is determined by reference to projected future income
streams using assumptions in respect of pro\ufb01tability and growth.
Further details on the capitalisation and amortisation policy for the key
asset classi\ufb01cations within other intangibles are:
\u2022 Databases \u2013 capitalised databases, which comprise the data purchase
and capture costs of internally developed databases, are amortised
over three to seven years.
\u2022 Developed and purchased software \u2013 comprises computer software
purchased from third parties as well as the cost of internally generated
software. Costs incurred to purchase and bring into use speci\ufb01c
computer software, or costs directly associated with producing
identi\ufb01able and unique software products controlled by the Group that
will generate economic bene\ufb01ts beyond one year, are recognised as
intangible assets. These costs are amortised over three to ten years.
Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and con\ufb01guration
and customisation costs incurred in Software as a Service (SaaS)
arrangements, are recognised in the Group income statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Research expenditure, other costs associated with developing or
maintaining computer software programs or databases, and con\ufb01guration
and customisation costs incurred in Software as a Service (SaaS)
arrangements, are recognised in the Group income statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "(g) Property, plant and equipment (note 22)
Purchased items of property, plant and equipment are held at cost less
accumulated depreciation and any impairment in value. Cost includes the
original purchase price of the asset and amounts attributable to bringing
the asset to its working condition for its intended use.
Depreciation is charged on a straight-line basis as follows:
\u2022 Freehold properties \u2013 over 50 years.
\u2022 Leasehold improvements to short leasehold properties \u2013 over the
remaining period of the lease.
\u2022 Plant and equipment \u2013 over three to ten years, according to the asset\u2019s
estimated useful life. Technology-based assets are typically depreciated
over three to \ufb01ve years, motor vehicles over four to \ufb01ve years, with
other infrastructure assets depreciated over \ufb01ve to ten years.
The Group has reviewed the useful lives of its data centres and main
plant and equipment assets to determine if any are a\ufb00ected by
climate-related matters and concluded that no changes are required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "Depreciation is charged on a straight-line basis as follows:
\u2022 Freehold properties \u2013 over 50 years.
\u2022 Leasehold improvements to short leasehold properties \u2013 over the
remaining period of the lease.
\u2022 Plant and equipment \u2013 over three to ten years, according to the asset\u2019s
estimated useful life. Technology-based assets are typically depreciated
over three to \ufb01ve years, motor vehicles over four to \ufb01ve years, with
other infrastructure assets depreciated over \ufb01ve to ten years.Depreciation is calculated on a
straight-line basis over the shorter of the lease period or the estimated
useful life of the right-of-use asset, which is determined on a basis
consistent with purchased assets (note 5(g)).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "(h) Trade and other receivables (note 24)
Trade receivables and contract assets are initially recognised at fair value
and subsequently measured at this value less loss allowances. Where
the time value of money is material, receivables are then carried at
amortised cost using the e\ufb00ective interest method, less loss allowances.
We apply the IFRS 9 \u2018Financial Instruments\u2019 simpli\ufb01ed lifetime expected
credit loss approach. Expected credit losses are determined using a
combination of historical experience and forward-looking information.
Impairment losses or credits in respect of trade receivables and contract
assets are recognised in the Group income statement, within other
operating charges.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "(i) Cash and cash equivalents (note 25)
Cash and cash equivalents include cash in hand, term and call deposits
held with banks and other short-term, highly liquid investments with
original maturities of three months or less. Bank overdrafts are shown
within borrowings in current liabilities in the Group balance sheet. For the
purposes of the Group cash \ufb02ow statement, cash and cash equivalents
are reported net of bank overdrafts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00523": { "value": "(j) Financial assets and liabilities (note 30)
Financial assets
We classify our \ufb01nancial assets into the following measurement
categories, with the classi\ufb01cation determined on initial recognition
and\u00a0dependent on the purpose for which such assets are acquired:
\u2022 those subsequently measured at fair value (either through OCI or
through pro\ufb01t or loss), and
\u2022 those measured at amortised cost.
Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.
Debt instruments
Measurement of debt instruments depends on the Group\u2019s business
model for managing the asset and the cash \ufb02ow characteristics of the
asset. There are three measurement categories into which the Group
classi\ufb01es debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash
\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
interest, are measured at amortised cost. Interest income from these
\ufb01nancial assets is recognised using the e\ufb00ective interest method. Any
impairment or gain or loss on derecognition is recognised directly in
the Group income statement.
\u2022 Fair value through Other comprehensive income (FVOCI): Assets that
are held both for the collection of contractual cash \ufb02ows and for their
sale, where the asset\u2019s cash \ufb02ows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement. Interest
income from these \ufb01nancial assets is recognised using the e\ufb00ective
interest method.
\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is\u00a0no subsequent reclassi\ufb01cation of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group\u2019s right to receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in
other gains or losses in the Group income statement. Impairment losses,
and reversals of impairment losses, on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The loss allowances for \ufb01nancial assets are based on assumptions
about\u00a0signi\ufb01cant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group\u2019s history, existing
market conditions and forward-looking estimates at the end of each
reporting period.
Financial liabilities
Financial liabilities are measured subsequently at amortised cost using
the e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative or
it is designated at FVPL on initial recognition. Financial liabilities at FVPL
are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in
the\u00a0Group income statement.
Other \ufb01nancial liabilities are subsequently measured at amortised cost
using the e\ufb00ective interest method. Interest expense, foreign exchange
gains and losses and any gain or loss on derecognition are recognised
in\u00a0the Group income statement.
The e\ufb00ective interest method is a method of calculating the amortised
cost of a \ufb01nancial liability and of allocating interest expense over the
relevant period. The e\ufb00ective interest rate is the rate that exactly
discounts estimated future cash payments, including all fees that form
an integral part of the e\ufb00ective interest rate, transaction costs and other
premiums or discounts, through the expected life of the \ufb01nancial liability,
to the amortised cost.
Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its exposures
to \ufb02uctuations in foreign exchange rates, interest rates and certain
obligations relating to share incentive plans, including social security
obligations. Instruments used include interest rate swaps, cross-currency
swaps, foreign exchange contracts and equity swaps. These are
recognised as assets or liabilities as appropriate and are classi\ufb01ed as
non-current, unless they mature within one year of the balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends
on\u00a0whether the derivative is designated as a hedging instrument and,
if\u00a0so, the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges or
cash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
recognised asset or liability. Cash \ufb02ow hedges are hedges of highly
probable future foreign currency cash \ufb02ows. The Group does not currently
apply hedge accounting under IFRS 9 for net investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at\u00a0every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are\u00a0recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as\u00a0fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement.
Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or\u00a0credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.
(k) Trade and other payables (note 26)
Trade payables and contract liabilities are recognised initially at
fair\u00a0value. Where the time value of money is material, payables and
contract liabilities are then carried at amortised cost using the e\ufb00ective
interest method.
(l) Borrowings (note 27)
Borrowings are recognised initially at fair value, net of any transaction
costs incurred. Borrowings are subsequently stated at amortised cost,
except where they are hedged by an e\ufb00ective fair value hedge, in which
case the carrying value is adjusted to re\ufb02ect the fair value movements
associated with the hedged risk.
Borrowings are classi\ufb01ed as non-current to the extent that the Group has
an unconditional right to defer settlement of the liability for at least one
year after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00524": { "value": "Financial assets
We classify our \ufb01nancial assets into the following measurement
categories, with the classi\ufb01cation determined on initial recognition
and\u00a0dependent on the purpose for which such assets are acquired:
\u2022 those subsequently measured at fair value (either through OCI or
through pro\ufb01t or loss), and
\u2022 those measured at amortised cost.
Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.
Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.
Debt instruments
Measurement of debt instruments depends on the Group\u2019s business
model for managing the asset and the cash \ufb02ow characteristics of the
asset. There are three measurement categories into which the Group
classi\ufb01es debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash
\ufb02ows, where those cash \ufb02ows are solely repayments of principal and
interest, are measured at amortised cost. Interest income from these
\ufb01nancial assets is recognised using the e\ufb00ective interest method. Any
impairment or gain or loss on derecognition is recognised directly in
the Group income statement.
\u2022 Fair value through Other comprehensive income (FVOCI): Assets that
are held both for the collection of contractual cash \ufb02ows and for their
sale, where the asset\u2019s cash \ufb02ows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement. Interest
income from these \ufb01nancial assets is recognised using the e\ufb00ective
interest method.
\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is\u00a0no subsequent reclassi\ufb01cation of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group\u2019s right to receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVPL are recognised in
other gains or losses in the Group income statement. Impairment losses,
and reversals of impairment losses, on equity investments measured at
FVOCI are not reported separately from other changes in fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00525": { "value": "Directly attributable transaction costs are expensed where an asset is
carried at \u2018fair value through pro\ufb01t or loss\u2019 (FVPL) and added to the fair
value of the asset otherwise.\u2022 FVPL: Assets that do not meet the criteria for amortised cost or FVOCI
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
in which it arises.Changes in the fair value of \ufb01nancial assets at FVPL are recognised in other gains or losses in the Group income statement.Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative or
it is designated at FVPL on initial recognition. Financial liabilities at FVPL
are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in
the\u00a0Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00529": { "value": "Financial assets with embedded derivatives are considered in their
entirety when determining whether their cash \ufb02ows are solely a payment
of principal and interest.Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its exposures
to \ufb02uctuations in foreign exchange rates, interest rates and certain
obligations relating to share incentive plans, including social security
obligations. Instruments used include interest rate swaps, cross-currency
swaps, foreign exchange contracts and equity swaps. These are
recognised as assets or liabilities as appropriate and are classi\ufb01ed as
non-current, unless they mature within one year of the balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends
on\u00a0whether the derivative is designated as a hedging instrument and,
if\u00a0so, the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges or
cash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
recognised asset or liability. Cash \ufb02ow hedges are hedges of highly
probable future foreign currency cash \ufb02ows. The Group does not currently
apply hedge accounting under IFRS 9 for net investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at\u00a0every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are\u00a0recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as\u00a0fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement.
Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or\u00a0credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "Impairment
The loss allowances for \ufb01nancial assets are based on assumptions
about\u00a0signi\ufb01cant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group\u2019s history, existing
market conditions and forward-looking estimates at the end of each
reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00526": { "value": "Financial liabilities
Financial liabilities are measured subsequently at amortised cost using
the e\ufb00ective interest method or at FVPL. Financial liabilities are classi\ufb01ed
at FVPL when the \ufb01nancial liability is held for trading, it is a derivative or
it is designated at FVPL on initial recognition. Financial liabilities at FVPL
are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in
the\u00a0Group income statement.
Other \ufb01nancial liabilities are subsequently measured at amortised cost
using the e\ufb00ective interest method. Interest expense, foreign exchange
gains and losses and any gain or loss on derecognition are recognised
in\u00a0the Group income statement.
The e\ufb00ective interest method is a method of calculating the amortised
cost of a \ufb01nancial liability and of allocating interest expense over the
relevant period. The e\ufb00ective interest rate is the rate that exactly
discounts estimated future cash payments, including all fees that form
an integral part of the e\ufb00ective interest rate, transaction costs and other
premiums or discounts, through the expected life of the \ufb01nancial liability,
to the amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00528": { "value": "Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its exposures
to \ufb02uctuations in foreign exchange rates, interest rates and certain
obligations relating to share incentive plans, including social security
obligations. Instruments used include interest rate swaps, cross-currency
swaps, foreign exchange contracts and equity swaps. These are
recognised as assets or liabilities as appropriate and are classi\ufb01ed as
non-current, unless they mature within one year of the balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends
on\u00a0whether the derivative is designated as a hedging instrument and,
if\u00a0so, the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges or
cash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
recognised asset or liability. Cash \ufb02ow hedges are hedges of highly
probable future foreign currency cash \ufb02ows. The Group does not currently
apply hedge accounting under IFRS 9 for net investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at\u00a0every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are\u00a0recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as\u00a0fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement. Non-hedging derivatives
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a \ufb01nancing nature, are charged
or\u00a0credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within \ufb01nancing fair value
remeasurements in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00530": { "value": "Derivatives used for hedging
The Group uses derivative \ufb01nancial instruments to manage its exposures
to \ufb02uctuations in foreign exchange rates, interest rates and certain
obligations relating to share incentive plans, including social security
obligations. Instruments used include interest rate swaps, cross-currency
swaps, foreign exchange contracts and equity swaps. These are
recognised as assets or liabilities as appropriate and are classi\ufb01ed as
non-current, unless they mature within one year of the balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends
on\u00a0whether the derivative is designated as a hedging instrument and,
if\u00a0so, the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges or
cash \ufb02ow hedges. Fair value hedges are hedges of the fair value of a
recognised asset or liability. Cash \ufb02ow hedges are hedges of highly
probable future foreign currency cash \ufb02ows. The Group does not currently
apply hedge accounting under IFRS 9 for net investment hedges.
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
e\ufb00ectiveness criteria set out in IFRS 9. This assessment is performed
at\u00a0every reporting date throughout the life of the hedge to con\ufb01rm that
the hedge continues to meet the hedge e\ufb00ectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer quali\ufb01es for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts,
are\u00a0recognised in net \ufb01nance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as\u00a0fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ine\ufb00ective
portion of a fair value hedge is recognised in net \ufb01nance expense in the
Group income statement.
The e\ufb00ective portion of changes in the fair value of derivatives that are
designated and qualify as cash \ufb02ow hedging instruments is recognised
in OCI, while any ine\ufb00ective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
exposure a\ufb00ects the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00531": { "value": "(k) Trade and other payables (note 26)
Trade payables and contract liabilities are recognised initially at
fair\u00a0value. Where the time value of money is material, payables and
contract liabilities are then carried at amortised cost using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00532": { "value": "(l) Borrowings (note 27)
Borrowings are recognised initially at fair value, net of any transaction
costs incurred. Borrowings are subsequently stated at amortised cost,
except where they are hedged by an e\ufb00ective fair value hedge, in which
case the carrying value is adjusted to re\ufb02ect the fair value movements
associated with the hedged risk.
Borrowings are classi\ufb01ed as non-current to the extent that the Group has
an unconditional right to defer settlement of the liability for at least one
year after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "(m) Leases (note 29)
The Group undertakes an assessment of whether a contract is or
contains a lease at its inception. The assessment establishes whether
the Group obtains substantially all the economic bene\ufb01ts from the use
of\u00a0an asset and whether we have the right to direct its use.
Low-value lease payments are recognised as an expense, on a
straight-line basis over the lease term. For other leases we recognise
both a right-of-use asset and a lease liability at the commencement
date\u00a0of a lease contract.
The right-of-use asset is initially measured at cost, comprising the initial
amount of the lease liability adjusted for payments made at or before the
commencement date, plus initial direct costs and an estimate of the cost
of any obligation to refurbish the asset or site, less lease incentives.
Subsequently, right-of-use assets are measured at cost less
accumulated depreciation and impairment losses and are adjusted for
any remeasurement of the lease liability. Depreciation is calculated on a
straight-line basis over the shorter of the lease period or the estimated
useful life of the right-of-use asset, which is determined on a basis
consistent with purchased assets (note 5(g)).
The lease term comprises the non-cancellable period of a lease, plus
periods covered by an extension option, if it is reasonably certain to be
exercised, and periods covered by a termination option if it is reasonably
certain not to be exercised.
The lease liability is initially measured at the present value of lease
payments that are outstanding at the commencement date, discounted
at the interest rate implicit in the lease or, if that rate cannot be easily
determined, the Group\u2019s incremental borrowing rate.
Lease payments comprise payments of \ufb01xed principal, less any lease
incentives, variable elements linked to an index, guaranteed residuals
or\u00a0buyout options that are reasonably certain to be exercised. They
include payments in respect of optional renewal periods where these
are\u00a0reasonably certain to be exercised or early termination payments
where the lease term re\ufb02ects such an option.
The lease liability is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there is a change
in the Group\u2019s estimate of the amount expected to be payable under a
residual value guarantee, or if the Group changes its assessment of
whether it will exercise a purchase, extension or termination option.
When a lease liability is remeasured, a corresponding adjustment is
made to the carrying amount of the right-of-use asset or is recognised
in\u00a0the Group income statement if the asset is fully depreciated.
The Group presents right-of-use assets within property, plant and
equipment and lease obligations within borrowings in the Group
balance\u00a0sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00534": { "value": "(n) Post-employment bene\ufb01t assets and
obligations (note 35)
De\ufb01ned bene\ufb01t pension arrangements \u2013 funded plans
The post-employment bene\ufb01t assets and obligations recognised in the
Group balance sheet in respect of funded plans comprise the fair value of
plan assets of funded plans less the present value of the related de\ufb01ned
bene\ufb01t obligation at that date. The de\ufb01ned bene\ufb01t obligation is calculated
annually by independent quali\ufb01ed actuaries, using the projected unit
credit method.
The present value of the de\ufb01ned bene\ufb01t obligation is determined by
discounting the estimated future cash out\ufb02ows, using market yields
on\u00a0high-quality corporate UK pound sterling bonds with maturity
terms\u00a0consistent with the estimated average term of the related
pension\u00a0liability.
Actuarial gains and losses arising from experience adjustments, and
changes in actuarial assumptions, are recognised immediately in the
Group statement of comprehensive income.
The pension cost recognised in the Group income statement comprises
the cost of bene\ufb01ts accrued plus interest on the opening net de\ufb01ned
bene\ufb01t asset or obligation. Service costs and \ufb01nancing income and
expenses are recognised separately in the Group income statement.
Plan\u00a0expenses are deducted from the expected return on the plan
assets\u00a0over the year.
De\ufb01ned contribution pension arrangements
The assets of de\ufb01ned contribution plans are held separately in
independently administered funds. The pension cost recognised
in\u00a0the\u00a0Group income statement represents the contributions payable
by\u00a0the Group to these funds, in respect of the year. (u) Share incentive plans (note 33)
The fair value of share incentives granted in connection with the Group\u2019s
equity-settled, share-based employee incentive plans is recognised as
an\u00a0expense on a straight-line basis over the vesting period. Fair value
is\u00a0measured using whichever of the Black-Scholes model, Monte Carlo
model or closing market price is most appropriate. The Group takes
into\u00a0account the best estimate of the number of awards and options
expected to vest and revises such estimates at each balance sheet
date.\u00a0Non-market performance conditions are included in the vesting
estimates. Market-based performance conditions are included in the
fair\u00a0value measurement but are not revised for actual performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00535": { "value": "(o) Provisions (note 37) and contingencies
(note\u00a043)
A contingent liability is disclosed where the likelihood of a loss arising
is\u00a0possible rather than probable. A provision is recognised when it is
probable that an out\ufb02ow of resources will be required to settle an
obligation, and a reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted at a
pre-tax rate re\ufb02ecting current market assessments of the time value
of\u00a0money and risks speci\ufb01c to the liability. The unwinding of the discount
is recognised as a \ufb01nance expense in the Group income statement.
In\u00a0making its estimates, management takes into account the advice
of\u00a0legal counsel. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00546": { "value": "(o) Provisions (note 37) and contingencies
(note\u00a043)
A contingent liability is disclosed where the likelihood of a loss arising
is\u00a0possible rather than probable. A provision is recognised when it is
probable that an out\ufb02ow of resources will be required to settle an
obligation, and a reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted at a
pre-tax rate re\ufb02ecting current market assessments of the time value
of\u00a0money and risks speci\ufb01c to the liability. The unwinding of the discount
is recognised as a \ufb01nance expense in the Group income statement.
In\u00a0making its estimates, management takes into account the advice
of\u00a0legal counsel. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00536": { "value": "(p) Own shares (note 39)
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held\u00a0by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets of these entities mainly
comprise Experian plc shares, which are recorded as a deduction from
equity at cost.
Shares in the Company purchased and held as treasury shares, in
connection with the above plans and any share purchase programme,
are also recorded as a deduction from equity at cost. When shares in
the\u00a0Company are purchased and cancelled under a share purchase
programme, the par value of those shares is recorded as a reduction in
called-up share capital, with any cost in excess of that amount deducted
from retained earnings.
Contractual obligations to purchase own shares are recognised at the
present value of the redemption amount, with a corresponding deduction
from equity. Subsequent remeasurement of this liability is recognised in
pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00527": { "value": "(p) Own shares (note 39)
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held\u00a0by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets of these entities mainly
comprise Experian plc shares, which are recorded as a deduction from
equity at cost.
Shares in the Company purchased and held as treasury shares, in
connection with the above plans and any share purchase programme,
are also recorded as a deduction from equity at cost. When shares in
the\u00a0Company are purchased and cancelled under a share purchase
programme, the par value of those shares is recorded as a reduction in
called-up share capital, with any cost in excess of that amount deducted
from retained earnings.
Contractual obligations to purchase own shares are recognised at the
present value of the redemption amount, with a corresponding deduction
from equity. Subsequent remeasurement of this liability is recognised in
pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00537": { "value": "(q) Revenue recognition (note 9)
Revenue is stated net of any sales taxes, rebates and discounts and
re\ufb02ects the amount of consideration we expect to receive in exchange
for\u00a0the transfer of promised goods and services.
Total consideration from contracts with customers is allocated to the
performance obligations identi\ufb01ed based on their standalone selling
price, and is recognised when those performance obligations are
satis\ufb01ed and the control of goods or services is transferred to the
customer, either over time or at a point in time.
Total consideration only includes variable consideration if it is highly
probable a signi\ufb01cant reversal will not occur. Estimates of variable
consideration are not typically included within recognised revenue, as
the\u00a0uncertainty surrounding variable consideration is normally resolved
once the performance obligation is satis\ufb01ed or begins to be satis\ufb01ed.
In\ufb02ationary increases based on external indices are treated as variable
consideration and only recognised when they become certain.
\u2022 The provision and processing of transactional data and associated
services is distinguished between contracts that:
\u2013 provide a service on a per unit basis, where the transfer to the
customer of each completed unit is considered satisfaction of a single
performance obligation. Revenue is recognised on the transfer of
each unit
\u2013 provide a service to the customer over the contractual term, normally
between one and \ufb01ve years, where revenue is recognised on the
transfer of this service to customers. For the majority of contracts,
this means revenue is spread evenly over the contract term, as
customers simultaneously receive and consume the bene\ufb01ts of
the\u00a0service
\u2013 require an enhanced service in the initial contract period, where
revenue is recognised to re\ufb02ect the upfront bene\ufb01t the customer
simultaneously receives and consumes over the period the service
is\u00a0provided. Revenue for such contracts is recognised proportionally
in line with the incremental costs of providing the service, as this
re\ufb02ects Experian\u2019s progress of performance.
\u2022 Revenue from referral fees for credit products and white-label
partnerships is recognised as transactional revenue.
\u2022 Revenue from transactional batch data arrangements that include
an\u00a0ongoing update service is apportioned across each delivery to the
customer and is recognised when the delivery is complete, and control
of the batch data passes to the customer. Performance obligations are
determined based on the frequency of data refresh: one-o\ufb00, quarterly,
monthly, or real-time.
\u2022 Subscription and membership fees for continuous access to a service
are recognised over the period to which they relate, usually one, 12 or
24 months. Customers simultaneously receive and consume the
bene\ufb01ts of the service; therefore, revenue is recognised evenly over
the\u00a0subscription or membership term.
\u2022 Revenue for one-o\ufb00 credit reports is recognised when the report is
delivered to the consumer.
\u2022 Software licence and implementation services are primarily accounted
for as a single performance obligation, with revenue recognised when
the combined o\ufb00ering is delivered to the customer. Contract terms
normally vary between one and \ufb01ve years. These services are
distinguished between:
\u2013 Experian-hosted or SaaS solutions, where the customer has the right
to access a software solution over a speci\ufb01ed time period. Customers
simultaneously receive and consume the bene\ufb01ts of the service and
revenue is spread evenly over the period that the service is available.
\u2013 On-premise software licence arrangements, where the software
solution is installed in an environment controlled by the customer.
The\u00a0arrangement represents a right to use licence and so the
performance obligation is considered to be ful\ufb01lled on delivery
completion, when control of the con\ufb01gured solution is passed
to\u00a0the\u00a0customer. Revenue is recognised at that point in time.
\u2022 The delivery of support and maintenance agreements is generally
considered to be a separate performance obligation to provide a
technical support service including minor updates. Contract terms are
often aligned with licence terms. Customers simultaneously receive
and consume the bene\ufb01ts of the service, therefore revenue is spread
evenly over the term of the maintenance period.
\u2022 The provision of distinct standalone consultancy and professional
services is distinguished between:
\u2013 Professional consultancy services where the performance obligation
is the provision of personnel. Customers simultaneously receive and
consume the bene\ufb01ts of the service, and revenue is recognised over
time, in line with hours provided.
\u2013 The provision of analytical models and analyses, where the
performance obligation is a deliverable, or a series of deliverables,
and revenue is recognised on delivery when control is passed to the
customer.
Sales are typically invoiced in the geographic area in which the
customer\u00a0is located. As a result, the geographic location of the invoicing
undertaking is used to attribute revenue to individual countries.
Accrued income balances, which represent the right to consideration in
exchange for goods or services that we have transferred to a customer,
are assessed as to whether they meet the de\ufb01nition of a contract asset:
\u2022 When the right to consideration is conditional on something other
than\u00a0the passage of time, a balance is classi\ufb01ed as a contract asset.
This arises where there are further performance obligations to be
satis\ufb01ed as part of the contract with the customer and typically
includes balances relating to software licensing contracts.
\u2022 When the right to consideration is conditional only on the passage of
time, the balance does not meet the de\ufb01nition of a contract asset and
is\u00a0classi\ufb01ed as an unbilled receivable. This typically arises where the
timing of the related billing cycle occurs in a period after the
performance obligation is satis\ufb01ed.
Costs incurred prior to the satisfaction or partial satisfaction of a
performance obligation are \ufb01rst assessed to see if they are within
the\u00a0scope of other standards. Where they are not, certain costs are
recognised as an asset providing they relate directly to a contract (or an
anticipated contract), generate or enhance resources that will be used in
satisfying (or to continue to satisfy) performance obligations in the future
and are expected to be recovered from the customer. Costs which meet
these criteria are deferred as contract costs and these are amortised on
a systematic basis consistent with the pattern of transfer of the related
goods or services.
\u2022 Costs to obtain a contract predominantly comprise sales commissions.
\u2022 Costs to ful\ufb01l a contract predominantly comprise labour costs directly
relating to the implementation services provided.
If evidence emerges that a contract is loss making, no further costs are
capitalised and any related contract assets are reviewed for impairment.
A provision for future losses is established when the unavoidable costs
of\u00a0the contract exceed the economic bene\ufb01ts expected to be received.
Contract liabilities arise when we have an obligation to transfer
future\u00a0goods or services to a customer for which we have received
consideration, or the amount is due from the customer and includes
both\u00a0deferred income balances and speci\ufb01c reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00538": { "value": "(r) Operating charges
Operating charges are reported by nature in the Group income
statement, re\ufb02ecting the Group\u2019s cost-management control structure.
Details of the types of charges within labour costs in respect of share
incentive plans are set out in note 5(u). Those for post-employment
bene\ufb01ts are set out in note 5(n).
Details of the Group\u2019s amortisation and depreciation policy are given in
notes 5(f), 5(g) and 5(m). The principles upon which impairment charges
of tangible and intangible assets are recognised are set out in notes 5(d),
5(e) and 5(f).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00539": { "value": "(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue\u00a0of debt are capitalised and amortised over the expected life of the
borrowing, using the e\ufb00ective interest method. All other borrowing costs
are charged in the Group income statement in the year in which they
are\u00a0incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in note
5(j). The change in the year in the present value of put option agreements,
in respect of shares held by non-controlling shareholders, is recognised
as a \ufb01nancing fair value remeasurement within net \ufb01nance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00540": { "value": "(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue\u00a0of debt are capitalised and amortised over the expected life of the
borrowing, using the e\ufb00ective interest method. All other borrowing costs
are charged in the Group income statement in the year in which they
are\u00a0incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in note
5(j). The change in the year in the present value of put option agreements,
in respect of shares held by non-controlling shareholders, is recognised
as a \ufb01nancing fair value remeasurement within net \ufb01nance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00541": { "value": "(s) Net \ufb01nance (income)/expense (note 16)
Incremental transaction costs which are directly attributable to the
issue\u00a0of debt are capitalised and amortised over the expected life of the
borrowing, using the e\ufb00ective interest method. All other borrowing costs
are charged in the Group income statement in the year in which they
are\u00a0incurred.
Amounts payable or receivable in respect of interest rate swaps are
taken to net \ufb01nance expense over the periods of the contracts, together
with the interest di\ufb00erentials re\ufb02ected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as \ufb01nancial fair value remeasurements are included in note
5(j). The change in the year in the present value of put option agreements,
in respect of shares held by non-controlling shareholders, is recognised
as a \ufb01nancing fair value remeasurement within net \ufb01nance expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00542": { "value": "Incremental transaction costs which are directly attributable to the
issue\u00a0of debt are capitalised and amortised over the expected life of the
borrowing, using the e\ufb00ective interest method. All other borrowing costs
are charged in the Group income statement in the year in which they
are\u00a0incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00543": { "value": "(t) Tax (note 17)
The tax charge or credit for the year is recognised in the Group income
statement, except for tax on items recognised in OCI or directly in equity.
Current tax is calculated on the basis of the tax laws substantively
enacted at the balance sheet date in the countries where the Group
operates. Current tax assets and liabilities are o\ufb00set where there is
a\u00a0legally enforceable right of o\ufb00set.
Uncertain tax positions are considered on an individual basis. Where
management considers it probable that an additional out\ufb02ow will
result\u00a0from any given position, a provision is made. Such provisions
are\u00a0measured using management\u2019s best estimate of the most
likely\u00a0outcome.
Deferred tax is provided in full on temporary di\ufb00erences arising between
the tax bases of assets and liabilities and their carrying amounts in the
Group \ufb01nancial statements. Deferred tax is not recognised on taxable
temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction a\ufb00ects neither accounting
nor taxable pro\ufb01t or loss. Deferred tax assets and liabilities are
calculated at the tax rates that are expected to apply when the asset
is\u00a0realised or the liability settled, based on the tax rates and laws that
have been enacted or substantively enacted by the balance sheet date
in\u00a0the countries where the Group operates.
Deferred tax assets are recognised in respect of tax losses carried
forward and other temporary di\ufb00erences, to the extent that it is probable
that the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
Deferred tax is provided on temporary di\ufb00erences arising on investments
in subsidiaries and associates, except where the Group controls the
timing of the reversal of the temporary di\ufb00erence and it is probable that
the temporary di\ufb00erence will not reverse in the foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities and where
they relate to the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00544": { "value": "Deferred tax is provided in full on temporary di\ufb00erences arising between
the tax bases of assets and liabilities and their carrying amounts in the
Group \ufb01nancial statements. Deferred tax is not recognised on taxable
temporary di\ufb00erences arising on the initial recognition of goodwill.
Deferred tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction a\ufb00ects neither accounting
nor taxable pro\ufb01t or loss. Deferred tax assets and liabilities are
calculated at the tax rates that are expected to apply when the asset
is\u00a0realised or the liability settled, based on the tax rates and laws that
have been enacted or substantively enacted by the balance sheet date
in\u00a0the countries where the Group operates.
Deferred tax assets are recognised in respect of tax losses carried
forward and other temporary di\ufb00erences, to the extent that it is probable
that the related tax bene\ufb01t will be realised through future taxable pro\ufb01ts.
Deferred tax is provided on temporary di\ufb00erences arising on investments
in subsidiaries and associates, except where the Group controls the
timing of the reversal of the temporary di\ufb00erence and it is probable that
the temporary di\ufb00erence will not reverse in the foreseeable future.
Deferred tax assets and liabilities are o\ufb00set where there is a legally
enforceable right to o\ufb00set current tax assets and liabilities and where
they relate to the same tax authority.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00545": { "value": "(u) Share incentive plans (note 33)
The fair value of share incentives granted in connection with the Group\u2019s
equity-settled, share-based employee incentive plans is recognised as
an\u00a0expense on a straight-line basis over the vesting period. Fair value
is\u00a0measured using whichever of the Black-Scholes model, Monte Carlo
model or closing market price is most appropriate. The Group takes
into\u00a0account the best estimate of the number of awards and options
expected to vest and revises such estimates at each balance sheet
date.\u00a0Non-market performance conditions are included in the vesting
estimates. Market-based performance conditions are included in the
fair\u00a0value measurement but are not revised for actual performance.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00561": { "value": "(v) Contingent consideration (note 30(h))
The initially recorded cost of an acquisition includes a reasonable
estimate of the fair value of any contingent amounts expected to be
payable in the future. Any cost or bene\ufb01t arising when such estimates
are revised is recognised in the Group income statement (note 15).
Where part or all of the amount of disposal consideration is contingent
on future events, the disposal proceeds initially recorded include a
reasonable estimate of the value of the contingent amounts expected
to\u00a0be receivable and payable in the future. The proceeds and pro\ufb01t or
loss\u00a0on disposal are adjusted when revised estimates are made, with
corresponding adjustments made to receivables and payables as
appropriate, until the ultimate outcome is known and the related
consideration received. ", "dimensions": { "concept": "exp:DescriptionOfAccountingPolicyForContingentConsiderationTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00562": { "value": "(w) Earnings per share (EPS) (note 18)
Earnings per share are reported in accordance with IAS 33 \u2018Earnings
per\u00a0Share\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00563": { "value": "(x) Segment information policy and presentation
principles (note 10)
We are organised into, and managed on, a worldwide basis through the
following four operating segments, which are based on geographic areas
and supported by central functions:
\u2022 North America
\u2022 Latin America
\u2022 UK and Ireland
\u2022 EMEA and Asia Paci\ufb01c.
The chief operating decision maker makes operating decisions, allocates
resources and assesses the performance of these operating segments
on the basis of Benchmark EBIT, as de\ufb01ned in note 7.
We separately present information equivalent to segment disclosures in
respect of the costs of our central functions, under the caption \u2018Central
Activities\u2019, as management believes that this information is helpful to
users of the \ufb01nancial statements. Costs reported for Central Activities
include those arising from \ufb01nance, treasury and other global functions.
Inter-segment transactions are entered into under the normal
commercial terms and conditions that would be available to third parties.
Such transactions do not have a material impact on the Group\u2019s results.
Segment assets consist primarily of property, plant and equipment,
intangible assets including goodwill, derivatives designated as hedges
of\u00a0future commercial transactions, contract assets and receivables.
They\u00a0exclude tax assets, cash and cash equivalents, and derivatives
designated as hedges of borrowings. Segment liabilities comprise
operating and contract liabilities, including derivatives designated as
hedges of future commercial transactions and lease obligations. They
exclude tax liabilities, borrowings, other than lease obligations, and
related hedging derivatives. Net assets reported for Central Activities
comprise corporate head o\ufb03ce assets and liabilities, including certain
post-employment bene\ufb01t assets and obligations, tax assets and
liabilities, and derivative assets and liabilities. Capital expenditure
comprises additions to property, plant and equipment and intangible
assets, other than additions through business combinations or to
right-of-use assets.
Information required to be presented also includes analysis of the
Group\u2019s revenues by groups of service lines. This is supplemented by
voluntary disclosure of the pro\ufb01tability of those groups of service lines.
For ease of reference, we use the term \u2018business lines\u2019 when discussing
the results of groups of service lines. Our two business lines, details of
which are given in the Strategic report section of this Annual Report, are:
\u2022 Business-to-Business
\u2022 Consumer Services
The North America, Latin America and the UK and Ireland operating
segments derive revenues from both of the Group\u2019s business lines.
The\u00a0EMEA and Asia Paci\ufb01c segment does not currently derive revenue
from the Consumer Services business line.
Reportable segment information for the full year provided to the chief
operating decision maker is set out in note 10(a).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "6. Critical accounting estimates, assumptions
and\u00a0judgments
(a) Critical accounting estimates and assumptions
In preparing these \ufb01nancial statements, management is required to
make estimates and assumptions that a\ufb00ect the reported amount of
revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities. The resulting accounting estimates, which are
based on management\u2019s best assessment at the date of these \ufb01nancial
statements, will seldom equal the subsequent actual amounts. The
estimates and assumptions that have a signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next \ufb01nancial year are summarised below, with further
information provided within the Financial review in the Strategic report.
Revenue recognition is excluded from this summary on the grounds
that\u00a0the policy adopted in this area is su\ufb03ciently objective.
Goodwill \u2013 EMEA and Asia Paci\ufb01c (note 20)
The Group tests goodwill for impairment annually, or more frequently if
there is an indication that it may be impaired. The recoverable amount of
the group of CGUs is generally determined on the basis of value-in-use
calculations, which requires the use of cash \ufb02ow projections based on
\ufb01nancial forecasts looking forward \ufb01ve years. Three-year growth
expectations are reviewed as part of the annual strategic planning
process and forecasts for years beyond this are extrapolated based on
management\u2019s best estimates. Management determines budgeted pro\ufb01t
margin based on past performance and its expectations for the market\u2019s
development. Cash \ufb02ows after the \ufb01ve-year forecast period are
extrapolated using estimated growth rates that do not exceed the
long-term average growth rate for the group of CGU\u2019s markets. The
discount rates used re\ufb02ect the Group\u2019s pre-tax weighted average cost
of\u00a0capital (WACC), as adjusted for region-speci\ufb01c risks and other factors.
Intangible assets (note 21)
Identi\ufb01able intangible assets arise either through business combinations
or from internally generated projects. On acquisition, identi\ufb01able
intangible assets, such as customer lists, are recognised separately from
goodwill at their fair value at the acquisition date and are subsequently
amortised over their estimated useful lives. Determining both the initial
valuation and economic life of these assets requires the use of estimates
and assumptions.
We evaluate sensitivities relating to intangible assets acquired during
the\u00a0year to assess whether any reasonably possible changes in the key
inputs and assumptions used could give rise to a material estimation
uncertainty in respect of their fair value or economic life. Further detail
is\u00a0provided in note 41.
Internally generated intangible assets are capitalised only when the
relevant recognition criteria are met and are amortised over their
estimated useful lives. The estimated useful lives range from one
to\u00a020\u00a0years for acquired intangibles and from three to ten years for
internally generated projects. Amortisation methods, useful lives
and\u00a0residual values are reviewed at each reporting date and adjusted
where appropriate.
Post-employment bene\ufb01ts (note 35)
Accounting for the Group\u2019s post-employment bene\ufb01t obligations requires
management to exercise judgment and make a number of assumptions
about uncertain events. The key sources of estimation uncertainty are the
discount rate applied to future cash \ufb02ows, the expected rate of future
in\ufb02ationary increases and the life expectancy of the schemes\u2019 members.
The estimates in respect of these critical assumptions are made after
seeking advice from independent quali\ufb01ed actuaries. The discount rate,
in\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in
determining the de\ufb01ned bene\ufb01t pension obligations and the amounts
reported in the Group \ufb01nancial statements.
Information regarding actuarial assumptions and sensitivities to
changes\u00a0in the critical accounting estimates are provided in note 35.
Contingent consideration and put option liabilities (note 30(h))
The calculation of the fair value of the Group\u2019s acquisition-related
contingent consideration and put option liabilities requires management
to estimate the outcome of uncertain future events. These liabilities
are\u00a0typically linked to the future \ufb01nancial performance of the acquired
business, with the key area of estimation uncertainty being the
estimation of the relevant \ufb01nancial metrics. We engage with third-party
experts to assist with the valuation process for all signi\ufb01cant or complex
acquisition-related contingent consideration and put option liabilities.
Further detail is provided in note 41 regarding the liabilities recognised
on the Group\u2019s FY26 acquisitions.
(b) Critical judgments
In applying the Group\u2019s accounting policies, management has made
judgments that have a signi\ufb01cant e\ufb00ect on the amounts recognised
in\u00a0the Group \ufb01nancial statements and the reported amounts of assets,
liabilities, income and expenses. Actual results may di\ufb00er from these
estimates. Estimates and underlying assumptions are reviewed on
an\u00a0ongoing basis. Revisions to estimates are recognised prospectively.
The most signi\ufb01cant of these judgments are in respect of intangible
assets and contingencies:
Intangible assets (note 21)
Certain costs incurred in the developmental phase of an internal
project,\u00a0which include the development of databases and software,
are\u00a0capitalised as intangible assets if a number of criteria are met.
Management has made judgments and assumptions when assessing
whether a project meets these criteria, and on measuring the costs
and\u00a0the economic life attributed to such projects.
Further details of the amounts of, and movements in, such assets are
given in note 21.
Contingencies (note 43)
In the case of pending and threatened litigation claims, management
has\u00a0formed a judgment as to the likelihood of ultimate liability. No liability
has been recognised where the likelihood of any loss arising is possible
rather than probable.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are summarised below, with further information provided within the Financial review in the Strategic report. Revenue recognition is excluded from this summary on the grounds that\u00a0the policy adopted in this area is su\ufb03ciently objective. Goodwill \u2013 EMEA and Asia Paci\ufb01c (note 20) The Group tests goodwill for impairment annually, or more frequently if there is an indication that it may be impaired. The recoverable amount of the group of CGUs is generally determined on the basis of value-in-use calculations, which requires the use of cash \ufb02ow projections based on \ufb01nancial forecasts looking forward \ufb01ve years. Three-year growth expectations are reviewed as part of the annual strategic planning process and forecasts for years beyond this are extrapolated based on management\u2019s best estimates. Management determines budgeted pro\ufb01t margin based on past performance and its expectations for the market\u2019s development. Cash \ufb02ows after the \ufb01ve-year forecast period are extrapolated using estimated growth rates that do not exceed the long-term average growth rate for the group of CGU\u2019s markets. The discount rates used re\ufb02ect the Group\u2019s pre-tax weighted average cost of\u00a0capital (WACC), as adjusted for region-speci\ufb01c risks and other factors. Intangible assets (note 21) Identi\ufb01able intangible assets arise either through business combinations or from internally generated projects. On acquisition, identi\ufb01able intangible assets, such as customer lists, are recognised separately from goodwill at their fair value at the acquisition date and are subsequently amortised over their estimated useful lives. Determining both the initial valuation and economic life of these assets requires the use of estimates and assumptions. We evaluate sensitivities relating to intangible assets acquired during the\u00a0year to assess whether any reasonably possible changes in the key inputs and assumptions used could give rise to a material estimation uncertainty in respect of their fair value or economic life. Further detail is\u00a0provided in note 41. Internally generated intangible assets are capitalised only when the relevant recognition criteria are met and are amortised over their estimated useful lives. The estimated useful lives range from one to\u00a020\u00a0years for acquired intangibles and from three to ten years for internally generated projects. Amortisation methods, useful lives and\u00a0residual values are reviewed at each reporting date and adjusted where appropriate. Post-employment bene\ufb01ts (note 35) Accounting for the Group\u2019s post-employment bene\ufb01t obligations requires management to exercise judgment and make a number of assumptions about uncertain events. The key sources of estimation uncertainty are the discount rate applied to future cash \ufb02ows, the expected rate of future in\ufb02ationary increases and the life expectancy of the schemes\u2019 members. The estimates in respect of these critical assumptions are made after seeking advice from independent quali\ufb01ed actuaries. The discount rate, in\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in determining the de\ufb01ned bene\ufb01t pension obligations and the amounts reported in the Group \ufb01nancial statements. Information regarding actuarial assumptions and sensitivities to changes\u00a0in the critical accounting estimates are provided in note 35. Contingent consideration and put option liabilities (note 30(h)) The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate the outcome of uncertain future events. These liabilities are\u00a0typically linked to the future \ufb01nancial performance of the acquired business, with the key area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. We engage with third-party experts to assist with the valuation process for all signi\ufb01cant or complex acquisition-related contingent consideration and put option liabilities. Further detail is provided in note 41 regarding the liabilities recognised on the Group\u2019s FY26 acquisitions.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "The
estimates and assumptions that have a signi\ufb01cant risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next \ufb01nancial year are summarised below, with further
information provided within the Financial review in the Strategic report.
Revenue recognition is excluded from this summary on the grounds
that\u00a0the policy adopted in this area is su\ufb03ciently objective.
Goodwill \u2013 EMEA and Asia Paci\ufb01c (note 20)
The Group tests goodwill for impairment annually, or more frequently if
there is an indication that it may be impaired. The recoverable amount of
the group of CGUs is generally determined on the basis of value-in-use
calculations, which requires the use of cash \ufb02ow projections based on
\ufb01nancial forecasts looking forward \ufb01ve years. Three-year growth
expectations are reviewed as part of the annual strategic planning
process and forecasts for years beyond this are extrapolated based on
management\u2019s best estimates. Management determines budgeted pro\ufb01t
margin based on past performance and its expectations for the market\u2019s
development. Cash \ufb02ows after the \ufb01ve-year forecast period are
extrapolated using estimated growth rates that do not exceed the
long-term average growth rate for the group of CGU\u2019s markets. The
discount rates used re\ufb02ect the Group\u2019s pre-tax weighted average cost
of\u00a0capital (WACC), as adjusted for region-speci\ufb01c risks and other factors.
Intangible assets (note 21)
Identi\ufb01able intangible assets arise either through business combinations
or from internally generated projects. On acquisition, identi\ufb01able
intangible assets, such as customer lists, are recognised separately from
goodwill at their fair value at the acquisition date and are subsequently
amortised over their estimated useful lives. Determining both the initial
valuation and economic life of these assets requires the use of estimates
and assumptions.
We evaluate sensitivities relating to intangible assets acquired during
the\u00a0year to assess whether any reasonably possible changes in the key
inputs and assumptions used could give rise to a material estimation
uncertainty in respect of their fair value or economic life. Further detail
is\u00a0provided in note 41.
Internally generated intangible assets are capitalised only when the
relevant recognition criteria are met and are amortised over their
estimated useful lives. The estimated useful lives range from one
to\u00a020\u00a0years for acquired intangibles and from three to ten years for
internally generated projects. Amortisation methods, useful lives
and\u00a0residual values are reviewed at each reporting date and adjusted
where appropriate.
Post-employment bene\ufb01ts (note 35)
Accounting for the Group\u2019s post-employment bene\ufb01t obligations requires
management to exercise judgment and make a number of assumptions
about uncertain events. The key sources of estimation uncertainty are the
discount rate applied to future cash \ufb02ows, the expected rate of future
in\ufb02ationary increases and the life expectancy of the schemes\u2019 members.
The estimates in respect of these critical assumptions are made after
seeking advice from independent quali\ufb01ed actuaries. The discount rate,
in\ufb02ation rate and mortality assumptions may have a material e\ufb00ect in
determining the de\ufb01ned bene\ufb01t pension obligations and the amounts
reported in the Group \ufb01nancial statements.
Information regarding actuarial assumptions and sensitivities to
changes\u00a0in the critical accounting estimates are provided in note 35.
Contingent consideration and put option liabilities (note 30(h))
The calculation of the fair value of the Group\u2019s acquisition-related
contingent consideration and put option liabilities requires management
to estimate the outcome of uncertain future events. These liabilities
are\u00a0typically linked to the future \ufb01nancial performance of the acquired
business, with the key area of estimation uncertainty being the
estimation of the relevant \ufb01nancial metrics. We engage with third-party
experts to assist with the valuation process for all signi\ufb01cant or complex
acquisition-related contingent consideration and put option liabilities.
Further detail is provided in note 41 regarding the liabilities recognised
on the Group\u2019s FY26 acquisitions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "7. Use of non-GAAP measures in the Group \ufb01nancial statements
As detailed below, the Group has identi\ufb01ed and de\ufb01ned certain measures that it uses to understand and manage its performance. The measures are
not de\ufb01ned under IFRS and they may not be directly comparable with other companies\u2019 adjusted performance measures. These non-GAAP measures
are not intended to be a substitute for any IFRS measures of performance but management considers them to be key measures used for assessing
the underlying performance of our business.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
Measure
Purpose
Note
(a) Benchmark pro\ufb01t before tax (Benchmark PBT)
These measures are disclosed to
10(a)(i) and 10(b)
Benchmark PBT is de\ufb01ned as pro\ufb01t before amortisation and impairment of acquisition
indicate the Group\u2019s underlying
\u00a0
intangibles, impairment of goodwill, acquisition expenses, adjustments to contingent
pro\ufb01tability. They enable the users
\u00a0
consideration, Exceptional items, \ufb01nancing fair value remeasurements, tax (and interest
of\u00a0the\u00a0accounts to assess the Group\u2019s
\u00a0
thereon) and discontinued operations. It includes the Group\u2019s share of continuing associates\u2019
performance by excluding items that
\u00a0
Benchmark post-tax results.
a\ufb00ect short-term pro\ufb01tability and are
\u00a0
An explanation of the basis on which we report Exceptional items is provided in note 7(l). Other
not\u00a0related to the Group\u2019s underlying
\u00a0
adjustments, in addition to Exceptional items, made to derive Benchmark PBT are explained
ongoing performance.
\u00a0
as\u00a0follows:
\u00a0 \u00a0
\u2022 Charges for the amortisation and impairment of acquisition intangibles are excluded from the
\u00a0 \u00a0
calculation of Benchmark PBT because these charges are based on judgments about their
\u00a0 \u00a0
value and economic life and bear no relation to the Group\u2019s underlying ongoing performance.
\u00a0 \u00a0
Impairment of goodwill is similarly excluded from the calculation of Benchmark PBT.
\u00a0 \u00a0
\u2022 Acquisition and disposal expenses (representing the incidental costs of acquisitions and
\u00a0 \u00a0
disposals, one-time integration costs and other corporate transaction expenses) relating
\u00a0 \u00a0
to\u00a0successful, active or aborted acquisitions and disposals are excluded from the de\ufb01nition
\u00a0 \u00a0
of\u00a0Benchmark PBT as they bear no relation to the Group\u2019s underlying ongoing performance
\u00a0 \u00a0
or to the performance of any acquired businesses. Adjustments to contingent consideration
\u00a0 \u00a0
are similarly excluded from the de\ufb01nition of Benchmark PBT.
\u00a0 \u00a0
\u2022 Charges and credits for \ufb01nancing fair value remeasurements within \ufb01nance expense in the
\u00a0 \u00a0
Group income statement are excluded from the de\ufb01nition of Benchmark PBT. These include
\u00a0 \u00a0
retranslation of intra-Group funding, and that element of the Group\u2019s derivatives that is
\u00a0 \u00a0
ineligible for hedge accounting, together with gains and losses on put options in respect of
\u00a0 \u00a0
acquisitions. Amounts recognised generally arise from market movements and accordingly
\u00a0 \u00a0
bear no direct relation to the Group\u2019s underlying performance.
\u00a0 \u00a0
(b) Benchmark earnings before interest and tax (Benchmark EBIT) and margin (Benchmark
\u00a0 \u00a0
EBIT margin)
\u00a0 \u00a0
Benchmark EBIT is de\ufb01ned as Benchmark PBT before the net interest expense charged therein
\u00a0 \u00a0
and accordingly excludes Exceptional items as de\ufb01ned in note 7(l). Total Benchmark EBIT is the
\u00a0 \u00a0
sum of Benchmark EBIT from ongoing activities and Benchmark EBIT from exited business
\u00a0 \u00a0
activities. Benchmark EBIT margin is Benchmark EBIT from ongoing activities expressed as
\u00a0 \u00a0
a\u00a0percentage of revenue from ongoing activities.
\u00a0 \u00a0
(c) Benchmark earnings before interest, tax, depreciation and amortisation (Benchmark
\u00a0 \u00a0
EBITDA)
\u00a0 \u00a0
Benchmark EBITDA is de\ufb01ned as Benchmark EBIT before the depreciation and amortisation
\u00a0 \u00a0
charged therein.
\u00a0 \u00a0
(d) Exited business activities
Exited business activities are separated
\u00a0
Exited business activities are businesses sold, closed or identi\ufb01ed for closure during a \ufb01nancial
from the Group\u2019s ongoing activities to
\u00a0
year. These are treated as exited business activities for both revenue and Benchmark EBIT
provide clarity on the elements of the
\u00a0
purposes. The results of exited business activities are disclosed separately with the results of
business that will not recur in future
\u00a0
the prior period re-presented in the segmental analyses as appropriate. This measure di\ufb00ers
periods having been sold, closed or
\u00a0
from the de\ufb01nition of discontinued operations in IFRS 5 \u2018Non-current Assets Held for Sale and
identi\ufb01ed for closure.
\u00a0
Discontinued Operations\u2019.
\u00a0 \u00a0
(e) Ongoing activities
\u00a0 \u00a0
The results of businesses trading at 31 March 2026, that are not disclosed as exited business
\u00a0 \u00a0
activities, are reported as ongoing activities.
\u00a0 \u00a0
(f) Constant exchange rates
To highlight our underlying performance,
10(a)(ii), 10(a)(iii)
The prior year\u2019s average exchange rates.
we present certain results and growth
11(a), 18(a) and
\u00a0
calculated by translating both years\u2019
18(b)
\u00a0
performance at constant exchange rates.
\u00a0
(g) Total growth
These measures are used to compare
10(a)(ii) and
This is the year-on-year change in the performance of our activities at actual exchange rates.
the performance of the business across
10(a)(iii)
Total growth at constant exchange rates removes the translational foreign exchange e\ufb00ects
reporting periods.
\u00a0
arising on the consolidation of our activities and comprises one of our measures of
\u00a0 \u00a0
performance at constant exchange rates.
\u00a0 \u00a0
(h) Organic revenue growth
\u00a0
10(a)(ii)
This is the year-on-year change in the revenue of ongoing activities, translated at constant
\u00a0 \u00a0
exchange rates, excluding acquisitions until the \ufb01rst anniversary of their consolidation.
\u00a0 \u00a0
Measure
Purpose
Note
(i) Benchmark earnings and Total Benchmark earnings
Benchmark earnings is used in the
18(b) and 18(c)
Benchmark earnings comprises Benchmark PBT less attributable tax and non-controlling
calculation of Benchmark EPS.
\u00a0
interests. The attributable tax for this purpose excludes signi\ufb01cant tax credits and charges
Benchmark EPS is provided to support
\u00a0
arising in the year which, in view of their size or nature, are not comparable with previous
the assessment of the Group\u2019s
\u00a0
years, together with tax arising on Exceptional items and on other adjustments made to
underlying performance by presenting
\u00a0
derive\u00a0Benchmark PBT. Benchmark PBT less attributable tax is designated as Total
EPS on a basis aligned with the Group\u2019s
\u00a0\u00a0
underlying pro\ufb01tability.
\u00a0
Benchmark\u00a0earnings.
\u00a0\u00a0
(j) Benchmark earnings per share (Benchmark EPS)
\u00a0
18(a)
Benchmark EPS comprises Benchmark earnings divided by the weighted average number
\u00a0\u00a0
of\u00a0issued ordinary shares, as adjusted for own shares held.
\u00a0\u00a0
(k) Benchmark tax charge and rate
This measure is used to evaluate the tax
17(b)(ii)
The Benchmark tax charge is the tax charge applicable to Benchmark PBT. It di\ufb00ers from
expense associated with the Group\u2019s
\u00a0
the\u00a0tax charge by tax attributable to Exceptional items and other adjustments made to derive
underlying results.
\u00a0
Benchmark PBT, and exceptional tax charges. A reconciliation is provided in note 17(b)(ii).
\u00a0\u00a0
The\u00a0Benchmark e\ufb00ective rate of tax is calculated by dividing the Benchmark tax charge by
\u00a0\u00a0
Benchmark PBT.
\u00a0\u00a0
(l) Exceptional items
The separate reporting of Exceptional
15(a)
Exceptional items include those arising from the pro\ufb01t or loss on disposal of businesses,
items provides insight into the Group\u2019s
\u00a0
closure costs of signi\ufb01cant operations (including onerous global support costs associated
underlying performance.
\u00a0
with\u00a0those operations), costs of signi\ufb01cant restructuring programmes and other \ufb01nancially
\u00a0\u00a0
signi\ufb01cant one-o\ufb00 items. All other restructuring costs are charged against Benchmark EBIT,
\u00a0\u00a0
in\u00a0the segments in which they are incurred.
\u00a0\u00a0
(m) Full-year dividend per share
This measure indicates the Group\u2019s
19
Full-year dividend per share comprises the total of dividends per share announced in respect
ability to generate sustainable
\u00a0
of the \ufb01nancial year.
distributable earnings and apply
\u00a0\u00a0
a\u00a0balanced approach to capital
\u00a0\u00a0
allocation\u00a0and shareholder returns.
\u00a0
(n) Benchmark operating and Benchmark free cash \ufb02ow
These measures assist in assessing
40(g)
Benchmark operating cash \ufb02ow is Benchmark EBIT plus amortisation, depreciation and
the\u00a0underlying cash \ufb02ow performance
\u00a0
charges in respect of share-based incentive plans, less capital expenditure net of disposal
of\u00a0the Group.
\u00a0
proceeds and adjusted for changes in working capital, principal lease payments and the
\u00a0\u00a0
Group\u2019s share of the Benchmark pro\ufb01t or loss retained in continuing associates. Benchmark
\u00a0\u00a0
free cash \ufb02ow is derived from Benchmark operating cash \ufb02ow by excluding net interest, tax
\u00a0\u00a0
paid in respect of continuing operations and dividends paid to non-controlling interests.
\u00a0\u00a0
(o) Cash \ufb02ow conversion
\u00a0\u00a0
Cash \ufb02ow conversion is Benchmark operating cash \ufb02ow expressed as a percentage of
\u00a0\u00a0
Benchmark EBIT.
\u00a0\u00a0
(p) Net debt and Net funding
These measures provide an assessment
28
Net debt is borrowings (and the fair value of derivatives hedging borrowings) excluding
of the Group\u2019s indebtedness and support
\u00a0
accrued interest, less cash and cash equivalents and other highly liquid bank deposits with
the appraisal of its capital structure.
\u00a0
original maturities greater than three months. Net funding is borrowings (and the fair value of
\u00a0\u00a0
the e\ufb00ective portion of derivatives hedging borrowings) excluding accrued interest, less cash
\u00a0\u00a0
held in Group Treasury.
\u00a0\u00a0
(q) Return on capital employed (ROCE)
\u00a0
10(a)(iv)
ROCE is de\ufb01ned as Benchmark EBIT, less tax at the Benchmark rate, divided by a three-point
\u00a0\u00a0
average of capital employed, in continuing operations, over the year. Capital employed is net
\u00a0\u00a0
assets less non-controlling interests and right-of-use assets, further adjusted to add or deduct
\u00a0\u00a0
the net tax liability or asset and to add Net debt.
\u00a0\u00a0\n", "dimensions": { "concept": "exp:DisclosureOfUseOfNonGaapMeasuresInTheGroupFinancialStatementsTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "(l) Exceptional items
The separate reporting of Exceptional
15(a)
Exceptional items include those arising from the pro\ufb01t or loss on disposal of businesses,
items provides insight into the Group\u2019s
\u00a0
closure costs of signi\ufb01cant operations (including onerous global support costs associated
underlying performance.
\u00a0
with\u00a0those operations), costs of signi\ufb01cant restructuring programmes and other \ufb01nancially
\u00a0\u00a0
signi\ufb01cant one-o\ufb00 items. All other restructuring costs are charged against Benchmark EBIT,
\u00a0\u00a0in\u00a0the segments in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "8. Financial risk management
(a) Financial risk factors
The Group\u2019s activities expose it to a variety of \ufb01nancial risks. These are
market risk, including foreign exchange risk and interest rate risk, credit
risk, and liquidity risk. These risks are unchanged from those reported in
the 2025 Annual Report. The numeric disclosures in respect of \ufb01nancial
risks are included within later notes to the \ufb01nancial statements, to
provide a more transparent link between \ufb01nancial risks and results.
Financial risks represent part of the Group\u2019s risks in relation to its
strategy and business objectives. There is a full discussion of the most
signi\ufb01cant risks in the Risk management section of this Annual Report.
The Group\u2019s \ufb01nancial risk management focuses on the unpredictability
of\u00a0\ufb01nancial markets and seeks to minimise potentially adverse e\ufb00ects
on\u00a0the Group\u2019s \ufb01nancial performance. The Group seeks to reduce its
exposure to \ufb01nancial risks and uses derivative \ufb01nancial instruments to
hedge certain risk exposures. Such derivative \ufb01nancial instruments are
also used to manage the Group\u2019s borrowings so that amounts are held in
currencies broadly in the same proportion as the Group\u2019s main earnings.
However, the Group does not, nor does it currently intend to, borrow in
the Brazilian real.
The Group also ensures surplus funds are prudently managed and
controlled.
Foreign exchange risk
The Group is exposed to foreign exchange risk from future commercial
transactions, recognised assets and liabilities, and investments in, and
loans between, Group undertakings with di\ufb00erent functional currencies.
The Group manages such risk, primarily within undertakings whose
functional currencies are the US dollar, by:
\u2022 entering into forward foreign exchange contracts in the relevant
currencies in respect of investments in entities with functional
currencies other than the US dollar, whose net assets are exposed
to\u00a0foreign exchange translation risk
\u2022 swapping the proceeds of certain bonds issued in UK pounds sterling
and euros into US dollars
\u2022 managing the liquidity of Group undertakings in the functional currency
of those undertakings by using an in-house banking structure and
hedging any remaining foreign currency exposures with forward
foreign exchange contracts
\u2022 denominating internal loans in relevant currencies, to match the
currencies of assets and liabilities in entities with di\ufb00erent functional
currencies
\u2022 using forward foreign exchange contracts to hedge certain future
commercial transactions.
The principal transaction exposures are to the UK pound sterling, the
euro and the Brazilian real. An indication of the sensitivity to foreign
exchange risk is given in note 11.
Interest rate risk
The Group\u2019s interest rate risk arises principally from components of its
Net debt that are at variable rates.
The Group has a policy of normally maintaining between 50% and 100%
of Net funding at rates that are \ufb01xed for more than six months. The Group
manages its interest rate exposure by:
\u2022 using \ufb01xed and \ufb02oating rate borrowings, interest rate swaps and
cross-currency interest rate swaps to adjust the balance between
the\u00a0two
\u2022 mixing the duration of borrowings and interest rate swaps to smooth
the impact of interest rate \ufb02uctuations.
Further information in respect of the Group\u2019s net \ufb01nance expense for the
year and an indication of the sensitivity to interest rate risk is given in
note 16.
Credit risk
In the case of derivative \ufb01nancial instruments, deposits, contract assets
and trade receivables, the Group is exposed to credit risk from the
non-performance of contractual agreements by the contracted party.
Credit risk is managed by:
\u2022 only entering into contracts for derivative \ufb01nancial instruments and
deposits with banks and \ufb01nancial institutions with strong credit ratings,
within limits set for each organisation
\u2022 closely controlling dealing activity and regularly monitoring
counterparty positions.
The credit risk on derivative \ufb01nancial instruments and deposits held by
the Group is therefore not considered to be signi\ufb01cant. The Group does
not anticipate that any losses will arise from non-performance by its
chosen counterparties. Further information on the Group\u2019s derivative
\ufb01nancial instruments at the balance sheet dates is given in note 30 and
that in respect of amounts recognised in the Group income statement
is\u00a0given in note 16. Further information on the Group\u2019s cash and cash
equivalents at the balance sheet dates is given in note 25.
To minimise credit risk for trade receivables, the Group has implemented
policies that require appropriate credit checks on potential clients before
granting credit. The maximum credit risk in respect of such \ufb01nancial
assets is their carrying value. Further information in respect of the
Group\u2019s trade receivables is given in note 24.
Debt investments
All of the Group\u2019s debt investments at amortised cost and FVOCI are
considered to have low credit risk; the loss allowance is therefore limited
to 12 months\u2019 expected losses. Management considers \u2018low credit risk\u2019
for listed bonds to be an investment-grade credit rating with at least one
major rating agency. Other instruments are considered to be low credit
risk when they have a low risk of default and the issuer has a high
capacity to meet its contractual cash \ufb02ow obligations in the near term.
Financial assets at FVPL
The Group is also exposed to credit risk in relation to debt investments
that are measured at FVPL. The maximum exposure at the balance sheet
date is the carrying amount of these investments.
Liquidity risk
The Group manages liquidity risk by:
\u2022 issuing long-maturity bonds and notes
\u2022 entering into long-term committed bank borrowing facilities, to
ensure\u00a0the Group has su\ufb03cient funds available for operations
and\u00a0planned growth
\u2022 spreading the maturity dates of its debt
\u2022 monitoring rolling cash \ufb02ow forecasts, to ensure the Group has
adequate, unutilised committed bank borrowing facilities.
Details of such facilities are given in note 27. A maturity analysis of
contractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities is
provided in note 32.
(b) Capital risk management
The Group\u2019s de\ufb01nition and management of capital focuses on capital
employed:
\u2022 The Group\u2019s capital employed is reported in the net assets summary
table set out in the Financial review and analysed by segment in note
10(a)(iv).
\u2022 As part of its internal reporting processes, the Group monitors capital
employed by operating segment.
The Group\u2019s objectives in managing capital are to:
\u2022 safeguard its ability to continue as a going concern, in order to provide
returns for shareholders and bene\ufb01ts for other stakeholders
\u2022 maintain an optimal capital structure and cost of capital.
The Group\u2019s policy is to have:
\u2022 a prudent but e\ufb03cient balance sheet
\u2022 a target leverage ratio of 2.0 to 2.5 times Benchmark EBITDA,
consistent with the intention to retain strong investment-grade credit
ratings.
To maintain or adjust its capital structure, the Group may:
\u2022 adjust the amount of dividends paid to shareholders
\u2022 return capital to shareholders
\u2022 issue or purchase its own shares
\u2022 sell assets to reduce Net debt.
Dividend policy
The Group has a progressive dividend policy which aims to increase
the\u00a0dividend over time broadly in line with the underlying growth in
Benchmark EPS. This aligns shareholder returns with the underlying
pro\ufb01tability of the Group. In determining the level of dividend in any one
year, in accordance with the policy, the Board also considers a number
of\u00a0other factors, including the outlook for the Group, the opportunities for
organic investment, the opportunities to make acquisitions and disposals,
the cash \ufb02ow generated by the Group, and the level of dividend cover.
Further detail on the distributable reserves of the Company can be found
in note L to the Company \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "Foreign exchange risk
The Group is exposed to foreign exchange risk from future commercial
transactions, recognised assets and liabilities, and investments in, and
loans between, Group undertakings with di\ufb00erent functional currencies.
The Group manages such risk, primarily within undertakings whose
functional currencies are the US dollar, by:
\u2022 entering into forward foreign exchange contracts in the relevant
currencies in respect of investments in entities with functional
currencies other than the US dollar, whose net assets are exposed
to\u00a0foreign exchange translation risk
\u2022 swapping the proceeds of certain bonds issued in UK pounds sterling
and euros into US dollars
\u2022 managing the liquidity of Group undertakings in the functional currency
of those undertakings by using an in-house banking structure and
hedging any remaining foreign currency exposures with forward
foreign exchange contracts
\u2022 denominating internal loans in relevant currencies, to match the
currencies of assets and liabilities in entities with di\ufb00erent functional
currencies
\u2022 using forward foreign exchange contracts to hedge certain future
commercial transactions.
The principal transaction exposures are to the UK pound sterling, the
euro and the Brazilian real. An indication of the sensitivity to foreign
exchange risk is given in note 11.
Interest rate risk
The Group\u2019s interest rate risk arises principally from components of its
Net debt that are at variable rates.
The Group has a policy of normally maintaining between 50% and 100%
of Net funding at rates that are \ufb01xed for more than six months. The Group
manages its interest rate exposure by:
\u2022 using \ufb01xed and \ufb02oating rate borrowings, interest rate swaps and
cross-currency interest rate swaps to adjust the balance between
the\u00a0two
\u2022 mixing the duration of borrowings and interest rate swaps to smooth
the impact of interest rate \ufb02uctuations.
Further information in respect of the Group\u2019s net \ufb01nance expense for the
year and an indication of the sensitivity to interest rate risk is given in
note 16. (b) Foreign exchange risk
(i) Brazilian real intra-Group funding
A Group company whose functional currency is not the Brazilian real provides Brazilian real intra-Group funding to Serasa S.A. Foreign exchange gains
or losses on this funding are recognised in the Group income statement.
As a result of the strengthening of the Brazilian real by 9% against the US dollar during the year, a gain of US$82m (2025: US$58m charge due to a
15% weakening) has been recognised within \ufb01nancing fair value remeasurements (note 16(c)).
The Group is similarly exposed to the impact of the Brazilian real strengthening or weakening against the US dollar in the future. A movement of 9%
would result in a US$78m impact on pro\ufb01t before tax. There is no e\ufb00ect on total equity as a result of this exposure, since it arises on intra-Group
funding and there would be a related equal but opposite foreign exchange movement recognised in the translation reserve within equity.
(ii) Other exposures
On the basis of the pro\ufb01le of foreign exchange exposures, and an assessment of reasonably possible changes in such exposures, there are no other
material sensitivities to foreign exchange risk at the balance sheet dates. In making these assessments, actual data on movements in the principal
currencies over the most recent three-year period has been considered together with exposures at the balance sheet dates. This methodology has
been applied consistently.(d) Interest rate risk
The following table shows the sensitivity to interest rate risk, on the basis of the pro\ufb01le of Net debt at the balance sheet dates and an assessment
of\u00a0reasonably possible changes in the principal interest rates, with all other variables held constant. In making this assessment, actual movements
in\u00a0relevant interest rates over the most recent three-year period have been considered and a consistent methodology applied. An indication of the
primary cause of the reported sensitivity is included.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Gain/(loss)
US$m
US$m
Impact on pro\ufb01t for the \ufb01nancial year:
\u00a0\u00a0
E\ufb00ect of an increase of 1.2% (2025: 1.8%) on US dollar-denominated Net debt:
\u00a0\u00a0
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\u00a0\u00a0
income on cash and cash equivalents
(7)
43\u00a0
E\ufb00ect of an increase of 1.4% (2025: 1.8%) on UK pound sterling-denominated Net debt:
\u00a0\u00a0
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\u00a0\u00a0
income on cash and cash equivalents
2\u00a0
4\u00a0
E\ufb00ect of an increase of 2.3% (2025: 3.5%) on Brazilian real-denominated Net debt:
\u00a0\u00a0
Due to higher interest income on cash and cash equivalents
2\u00a0
5\u00a0
E\ufb00ect of an increase of 1.6% (2025: 1.6%) on euro-denominated Net debt:
\u00a0\u00a0
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\u00a0\u00a0
income on cash and cash equivalents
(6)
(10)
Impact on other components of equity:
\u00a0\u00a0
E\ufb00ect of an increase of 1.2% (2025: 1.8%):
\u00a0\u00a0
On the fair value of the US dollar leg of cross-currency swaps treated as a cash \ufb02ow hedge
n/a
4\u00a0
E\ufb00ect of an increase of 1.4% (2025: 1.8%):
\u00a0\u00a0
On the fair value of the UK pound sterling leg of cross-currency swaps treated as a cash \ufb02ow hedge
n/a
(4)
\n(d) Related risks
Through its de\ufb01ned bene\ufb01t pension plans and post-employment medical bene\ufb01ts plan, the Group is exposed to a number of risks that are inherent
in\u00a0such plans and arrangements, which can be summarised as follows:
\u2022 asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the related cash \ufb02ows
\u2022 changes in bond yields, with any reduction resulting in an increase in the present value of pension obligations, mitigated by an increase in the value
of\u00a0plan assets
\u2022 in\ufb02ation, as pension obligations are generally linked to in\ufb02ation and the prevailing rate of in\ufb02ation experienced for medical bene\ufb01ts is typically higher
than other in\ufb02ation measures in the UK
\u2022 life expectancy, as pension and medical bene\ufb01ts are generally provided for the life of bene\ufb01ciaries and their dependants.
There are no unusual, entity-speci\ufb01c or plan-speci\ufb01c risks, and no signi\ufb01cant concentrations of risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "Credit risk
In the case of derivative \ufb01nancial instruments, deposits, contract assets
and trade receivables, the Group is exposed to credit risk from the
non-performance of contractual agreements by the contracted party.
Credit risk is managed by:
\u2022 only entering into contracts for derivative \ufb01nancial instruments and
deposits with banks and \ufb01nancial institutions with strong credit ratings,
within limits set for each organisation
\u2022 closely controlling dealing activity and regularly monitoring
counterparty positions.
The credit risk on derivative \ufb01nancial instruments and deposits held by
the Group is therefore not considered to be signi\ufb01cant. The Group does
not anticipate that any losses will arise from non-performance by its
chosen counterparties. Further information on the Group\u2019s derivative
\ufb01nancial instruments at the balance sheet dates is given in note 30 and
that in respect of amounts recognised in the Group income statement
is\u00a0given in note 16. Further information on the Group\u2019s cash and cash
equivalents at the balance sheet dates is given in note 25.
To minimise credit risk for trade receivables, the Group has implemented
policies that require appropriate credit checks on potential clients before
granting credit. The maximum credit risk in respect of such \ufb01nancial
assets is their carrying value. Further information in respect of the
Group\u2019s trade receivables is given in note 24.
Debt investments
All of the Group\u2019s debt investments at amortised cost and FVOCI are
considered to have low credit risk; the loss allowance is therefore limited
to 12 months\u2019 expected losses. Management considers \u2018low credit risk\u2019
for listed bonds to be an investment-grade credit rating with at least one
major rating agency. Other instruments are considered to be low credit
risk when they have a low risk of default and the issuer has a high
capacity to meet its contractual cash \ufb02ow obligations in the near term.
Financial assets at FVPL
The Group is also exposed to credit risk in relation to debt investments
that are measured at FVPL. The maximum exposure at the balance sheet
date is the carrying amount of these investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "Liquidity risk
The Group manages liquidity risk by:
\u2022 issuing long-maturity bonds and notes
\u2022 entering into long-term committed bank borrowing facilities, to
ensure\u00a0the Group has su\ufb03cient funds available for operations
and\u00a0planned growth
\u2022 spreading the maturity dates of its debt
\u2022 monitoring rolling cash \ufb02ow forecasts, to ensure the Group has
adequate, unutilised committed bank borrowing facilities.
Details of such facilities are given in note 27. A maturity analysis of
contractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities is
provided in note 32.32. Contractual undiscounted future cash \ufb02ows for \ufb01nancial liabilities
\u00a0
Less than
One to
Two to
Three to
Four to
Over
\u00a0
\u00a0
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Total
At 31 March 2026
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Borrowings
1,061\u00a0
619\u00a0
665\u00a0
884\u00a0
109\u00a0
3,272\u00a0
6,610\u00a0
Net settled derivative \ufb01nancial instruments \u2013 interest rate swaps
16\u00a0
15\u00a0
11\u00a0
7\u00a0
\u2014\u00a0
\u2014\u00a0
49\u00a0
Gross settled derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Out\ufb02ows for derivative contracts
798\u00a0
362\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,160\u00a0
In\ufb02ows for derivative contracts
(782)
(354)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1,136)
Gross settled derivative \ufb01nancial instruments
16\u00a0
8\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
24\u00a0
Options in respect of non-controlling interests
\u2014\u00a0
24\u00a0
\u2014\u00a0
68\u00a0
\u2014\u00a0
\u2014\u00a0
92\u00a0
Trade and other payables
823\u00a0
72\u00a0
8\u00a0
359\u00a0
26\u00a0
2\u00a0
1,290\u00a0
Cash out\ufb02ows
1,916\u00a0
738\u00a0
684\u00a0
1,318\u00a0
135\u00a0
3,274\u00a0
8,065\u00a0
\u00a0
Less than
One to
Two to
Three to
Four to
Over
\u00a0
\u00a0
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Total
At 31 March 2025
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Borrowings
898\u00a0
776\u00a0
137\u00a0
625\u00a0
848\u00a0
2,588\u00a0
5,872\u00a0
Net settled derivative \ufb01nancial instruments \u2013 interest rate swaps
15\u00a0
15\u00a0
15\u00a0
15\u00a0
9\u00a0
\u2014\u00a0
69\u00a0
Gross settled derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Out\ufb02ows for derivative contracts
359\u00a0
555\u00a0
44\u00a0
44\u00a0
44\u00a0
928\u00a0
1,974\u00a0
In\ufb02ows for derivative contracts
(315)
(517)
(24)
(24)
(24)
(821)
(1,725)
Gross settled derivative \ufb01nancial instruments
44\u00a0
38\u00a0
20\u00a0
20\u00a0
20\u00a0
107\u00a0
249\u00a0
Options in respect of non-controlling interests
\u2014\u00a0
\u2014\u00a0
27\u00a0
\u2014\u00a0
108\u00a0
\u2014\u00a0
135\u00a0
Trade and other payables
853\u00a0
56\u00a0
71\u00a0
5\u00a0
2\u00a0
4\u00a0
991\u00a0
Cash out\ufb02ows
1,810\u00a0
885\u00a0
270\u00a0
665\u00a0
987\u00a0
2,699\u00a0
7,316\u00a0
\n
The table above analyses \ufb01nancial liabilities into maturity groupings, based on the period from the balance sheet date to the contractual maturity date.
As the amounts disclosed are the contractual undiscounted cash \ufb02ows, they di\ufb00er from the carrying values and fair values. Contractual undiscounted
future cash out\ufb02ows for derivative \ufb01nancial liabilities in total amount to US$73m (2025: US$318m).", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "(b) Capital risk management
The Group\u2019s de\ufb01nition and management of capital focuses on capital
employed:
\u2022 The Group\u2019s capital employed is reported in the net assets summary
table set out in the Financial review and analysed by segment in note
10(a)(iv).
\u2022 As part of its internal reporting processes, the Group monitors capital
employed by operating segment.
The Group\u2019s objectives in managing capital are to:
\u2022 safeguard its ability to continue as a going concern, in order to provide
returns for shareholders and bene\ufb01ts for other stakeholders
\u2022 maintain an optimal capital structure and cost of capital.
The Group\u2019s policy is to have:
\u2022 a prudent but e\ufb03cient balance sheet
\u2022 a target leverage ratio of 2.0 to 2.5 times Benchmark EBITDA,
consistent with the intention to retain strong investment-grade credit
ratings.
To maintain or adjust its capital structure, the Group may:
\u2022 adjust the amount of dividends paid to shareholders
\u2022 return capital to shareholders
\u2022 issue or purchase its own shares
\u2022 sell assets to reduce Net debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Dividend policy
The Group has a progressive dividend policy which aims to increase
the\u00a0dividend over time broadly in line with the underlying growth in
Benchmark EPS. This aligns shareholder returns with the underlying
pro\ufb01tability of the Group. In determining the level of dividend in any one
year, in accordance with the policy, the Board also considers a number
of\u00a0other factors, including the outlook for the Group, the opportunities for
organic investment, the opportunities to make acquisitions and disposals,
the cash \ufb02ow generated by the Group, and the level of dividend cover.
Further detail on the distributable reserves of the Company can be found
in note L to the Company \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "9. Revenue
(a) Disaggregation of revenue from contracts with customers
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
North
Latin
UK and
EMEA and
operating
\u00a0
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2026
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial Services
2,363\u00a0
949\u00a0
595\u00a0
556\u00a0
4,463\u00a0
Verticals
1,510\u00a0
25\u00a0
127\u00a0
43\u00a0
1,705\u00a0
Business-to-Business
3,873\u00a0
974\u00a0
722\u00a0
599\u00a0
6,168\u00a0
Consumer Services
1,714\u00a0
323\u00a0
220\u00a0
\u2014\u00a0
2,257\u00a0
Ongoing activities
5,587\u00a0
1,297\u00a0
942\u00a0
599\u00a0
8,425\u00a0
Exited business activities
\u2014\u00a0
2\u00a0
\u2014\u00a0
18\u00a0
20\u00a0
Total
5,587\u00a0
1,299\u00a0
942\u00a0
617\u00a0
8,445\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
North
Latin
UK and
EMEA and
operating
\u00a0
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2025
1
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial Services
2,073\u00a0
791\u00a0
555\u00a0
455\u00a0
3,874\u00a0
Verticals
1,356\u00a0
25\u00a0
127\u00a0
39\u00a0
1,547\u00a0
Business-to-Business
3,429\u00a0
816\u00a0
682\u00a0
494\u00a0
5,421\u00a0
Consumer Services
1,617\u00a0
250\u00a0
187\u00a0
\u2014\u00a0
2,054\u00a0
Ongoing activities
5,046\u00a0
1,066\u00a0
869\u00a0
494\u00a0
7,475\u00a0
Exited business activities
\u2014\u00a0
9\u00a0
\u2014\u00a0
39\u00a0
48\u00a0
Total
5,046\u00a0
1,075\u00a0
869\u00a0
533\u00a0
7,523\u00a0
\n
1
From FY26 we have updated the reporting structure of our business lines. E\ufb00ective 1 April 2025, the Business-to-Business business line is divided into Financial Services and Verticals, while the Consumer
Services business line remains unchanged. This categorisation more clearly re\ufb02ects the way we service our clients. The results for the year ended 31 March 2025 have been re-presented accordingly.
In addition, EMEA and Asia Paci\ufb01c Financial Services revenue of US$32m for the year ended 31 March 2025 has been re-presented to re\ufb02ect the reclassi\ufb01cation of certain B2B businesses to exited business
activities.
Revenue from exited business activities was derived from the Financial Services business line in both the current and prior year.
Financial Services revenue is derived from: transactional services (including both per-unit charges and fees over a contractual term), batch
data\u00a0services, software sales (comprising recurring licence, support and maintenance and implementation fees), and consultancy services.
Revenue from Verticals is predominantly transactional and batch-related, with a portion derived from licence fees.
Consumer Services revenue primarily comprises monthly subscriptions and one-o\ufb00 fees, and referral fees for \ufb01nancial products and white-label
partnerships.
The timing of recognition of these revenue streams is discussed in note 5(q).
(b) Signi\ufb01cant changes in contract balances
Contract assets predominantly relate to software licence services, where revenue for on-premise arrangements is recognised as the solution is
transferred to the customer, while invoicing is typically annual over the contract term. Contract assets recognised during the year totalled US$128m
(2025: US$109m). The contract asset balance for work completed but not invoiced upon satisfaction of a performance obligation unwinds over the
contract term. Contract assets are transferred to receivables when the right to consideration becomes unconditional, or conditional only on the
passage of time. During the year, contract assets of US$108m (2025: US$98m) were reclassi\ufb01ed to receivables. Contract assets decreased by US$3m
(2025: US$nil) due to disposals, and an impairment charge of US$nil (2025: US$3m) was recognised.
The majority of software licences are invoiced annually in advance. Where these licences relate to Experian-hosted solutions, revenue is recognised
over the period that the service is available to the customer, creating a contract liability. Delivery services are generally invoiced during the delivery
period, creating a contract liability for the consideration received in advance, until the delivery is complete. Where the delivery relates to Experian-
hosted solutions, revenue is recognised over the period that the service is available to the customer, reducing the contract liability over time. Where
the\u00a0delivery relates to an on-premise solution, the contract liability is released on delivery completion. Support and maintenance agreements are
often\u00a0invoiced annually in advance, creating a contract liability, which is released over the term of the maintenance period as revenue is recognised.
Revenue recognised in the year of US$397m (2025: US$381m) was included in the opening contract liability, while cash received in advance and not
recognised as revenue amounted to US$345m (2025: US$312m). Contract liabilities increased by US$11m (2025: US$8m) from acquisitions and
decreased by US$1m (2025: US$nil) as a result of disposals during the year.
Foreign exchange movements increased contract asset balances by US$1m and contract liability balances by US$10m during the year (2025:
decreased by US$1m and US$3m, respectively).
(c) Contract costs
The carrying amounts of assets recognised from costs to obtain, and costs to ful\ufb01l, contracts with customers at 31 March 2026 were US$18m and
US$58m, respectively (2025: US$19m and US$67m).
Amortisation of contract costs in the year was US$47m (2025: US$51m); there were no recognised impairment losses in the current or prior year.
Contract costs are amortised on a systematic basis consistent with the pattern of transfer of the related goods or services. The Group has applied a
portfolio approach to contracts with similar characteristics, where it reasonably expects that the outcome is not materially di\ufb00erent from calculating
contract costs at an individual contract level.
(d) Transaction price allocated to remaining performance obligations
The aggregate amount of the transaction price from non-cancellable contracts with customers with expected durations of 12 months or more,
allocated to the performance obligations that are unsatis\ufb01ed, or partially satis\ufb01ed, at 31 March 2026 was US$6.4bn (2025: US$6.1bn). We expect to
recognise approximately 46% (2025: 42%) of this value within one year, 30% (2025: 34%) within one to two years, 12% (2025: 14%) within two to three
years and 12% (2025: 10%) thereafter.
The aggregate amount of the transaction price allocated to unsatis\ufb01ed, or partially satis\ufb01ed, performance obligations which are transactional in nature
includes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
market factors that may impact future revenue recognised from such contracts.
A portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatis\ufb01ed, or partially satis\ufb01ed,
performance obligations for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a portfolio
approach does not di\ufb00er materially from calculating the amounts at an individual contract level.
We apply the practical expedient in paragraph 121(a) of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and do not disclose information about
remaining performance obligations that have original expected durations of one year or less. This excludes contracts across a number of business
units which have revenue due to be recognised in the \ufb01nancial year ending 31 March 2027; it also excludes the majority of our direct-to-consumer
arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "(a) Disaggregation of revenue from contracts with customers \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
North
Latin
UK and
EMEA and
operating
\u00a0
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2026
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial Services
2,363\u00a0
949\u00a0
595\u00a0
556\u00a0
4,463\u00a0
Verticals
1,510\u00a0
25\u00a0
127\u00a0
43\u00a0
1,705\u00a0
Business-to-Business
3,873\u00a0
974\u00a0
722\u00a0
599\u00a0
6,168\u00a0
Consumer Services
1,714\u00a0
323\u00a0
220\u00a0
\u2014\u00a0
2,257\u00a0
Ongoing activities
5,587\u00a0
1,297\u00a0
942\u00a0
599\u00a0
8,425\u00a0
Exited business activities
\u2014\u00a0
2\u00a0
\u2014\u00a0
18\u00a0
20\u00a0
Total
5,587\u00a0
1,299\u00a0
942\u00a0
617\u00a0
8,445\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0
North
Latin
UK and
EMEA and
operating
\u00a0
America
America
Ireland
Asia Paci\ufb01c
segments
Year ended 31 March 2025
1
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Financial Services
2,073\u00a0
791\u00a0
555\u00a0
455\u00a0
3,874\u00a0
Verticals
1,356\u00a0
25\u00a0
127\u00a0
39\u00a0
1,547\u00a0
Business-to-Business
3,429\u00a0
816\u00a0
682\u00a0
494\u00a0
5,421\u00a0
Consumer Services
1,617\u00a0
250\u00a0
187\u00a0
\u2014\u00a0
2,054\u00a0
Ongoing activities
5,046\u00a0
1,066\u00a0
869\u00a0
494\u00a0
7,475\u00a0
Exited business activities
\u2014\u00a0
9\u00a0
\u2014\u00a0
39\u00a0
48\u00a0
Total
5,046\u00a0
1,075\u00a0
869\u00a0
533\u00a0
7,523\u00a0
\n
1
From FY26 we have updated the reporting structure of our business lines. E\ufb00ective 1 April 2025, the Business-to-Business business line is divided into Financial Services and Verticals, while the Consumer
Services business line remains unchanged. This categorisation more clearly re\ufb02ects the way we service our clients. The results for the year ended 31 March 2025 have been re-presented accordingly.
In addition, EMEA and Asia Paci\ufb01c Financial Services revenue of US$32m for the year ended 31 March 2025 has been re-presented to re\ufb02ect the reclassi\ufb01cation of certain B2B businesses to exited business
activities.
Revenue from exited business activities was derived from the Financial Services business line in both the current and prior year.
Financial Services revenue is derived from: transactional services (including both per-unit charges and fees over a contractual term), batch
data\u00a0services, software sales (comprising recurring licence, support and maintenance and implementation fees), and consultancy services.
Revenue from Verticals is predominantly transactional and batch-related, with a portion derived from licence fees.
Consumer Services revenue primarily comprises monthly subscriptions and one-o\ufb00 fees, and referral fees for \ufb01nancial products and white-label
partnerships.
The timing of recognition of these revenue streams is discussed in note 5(q).
(b) Signi\ufb01cant changes in contract balances
Contract assets predominantly relate to software licence services, where revenue for on-premise arrangements is recognised as the solution is
transferred to the customer, while invoicing is typically annual over the contract term. Contract assets recognised during the year totalled US$128m
(2025: US$109m). The contract asset balance for work completed but not invoiced upon satisfaction of a performance obligation unwinds over the
contract term. Contract assets are transferred to receivables when the right to consideration becomes unconditional, or conditional only on the
passage of time. During the year, contract assets of US$108m (2025: US$98m) were reclassi\ufb01ed to receivables. Contract assets decreased by US$3m
(2025: US$nil) due to disposals, and an impairment charge of US$nil (2025: US$3m) was recognised.
The majority of software licences are invoiced annually in advance. Where these licences relate to Experian-hosted solutions, revenue is recognised
over the period that the service is available to the customer, creating a contract liability. Delivery services are generally invoiced during the delivery
period, creating a contract liability for the consideration received in advance, until the delivery is complete. Where the delivery relates to Experian-
hosted solutions, revenue is recognised over the period that the service is available to the customer, reducing the contract liability over time. Where
the\u00a0delivery relates to an on-premise solution, the contract liability is released on delivery completion. Support and maintenance agreements are
often\u00a0invoiced annually in advance, creating a contract liability, which is released over the term of the maintenance period as revenue is recognised.
Revenue recognised in the year of US$397m (2025: US$381m) was included in the opening contract liability, while cash received in advance and not
recognised as revenue amounted to US$345m (2025: US$312m). Contract liabilities increased by US$11m (2025: US$8m) from acquisitions and
decreased by US$1m (2025: US$nil) as a result of disposals during the year.
Foreign exchange movements increased contract asset balances by US$1m and contract liability balances by US$10m during the year (2025:
decreased by US$1m and US$3m, respectively). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "(d) Transaction price allocated to remaining performance obligations
The aggregate amount of the transaction price from non-cancellable contracts with customers with expected durations of 12 months or more,
allocated to the performance obligations that are unsatis\ufb01ed, or partially satis\ufb01ed, at 31 March 2026 was US$6.4bn (2025: US$6.1bn). We expect to
recognise approximately 46% (2025: 42%) of this value within one year, 30% (2025: 34%) within one to two years, 12% (2025: 14%) within two to three
years and 12% (2025: 10%) thereafter.
The aggregate amount of the transaction price allocated to unsatis\ufb01ed, or partially satis\ufb01ed, performance obligations which are transactional in nature
includes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
market factors that may impact future revenue recognised from such contracts.
A portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatis\ufb01ed, or partially satis\ufb01ed,
performance obligations for contracts with similar characteristics, where the Group reasonably expects that the e\ufb00ects of applying a portfolio
approach does not di\ufb00er materially from calculating the amounts at an individual contract level.
We apply the practical expedient in paragraph 121(a) of IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and do not disclose information about
remaining performance obligations that have original expected durations of one year or less. This excludes contracts across a number of business
units which have revenue due to be recognised in the \ufb01nancial year ending 31 March 2027; it also excludes the majority of our direct-to-consumer
arrangements.(a) Analysis by type and maturity \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Current
Non-current
\u00a0
US$m
US$m
US$m
US$m
Trade payables
322\u00a0
\u2014\u00a0
358\u00a0
\u2014\u00a0
VAT and other equivalent taxes payable
39\u00a0
\u2014\u00a0
36\u00a0
\u2014\u00a0
Social security costs
145\u00a0
\u2014\u00a0
145\u00a0
\u2014\u00a0
Accruals
1,060\u00a0
10\u00a0
949\u00a0
8\u00a0
Contract liabilities
375\u00a0
43\u00a0
392\u00a0
61\u00a0
Other payables
1
290\u00a0
450\u00a0
247\u00a0
103\u00a0
\u00a0
2,231\u00a0
503\u00a0
2,127\u00a0
172\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "10. Segment information
(a) IFRS 8 disclosures
(i) Income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
\u00a0 \u00a0
\u00a0
North
Latin
UK and
EMEA and
operating
Central
Total
\u00a0
America
America
Ireland
Asia Paci\ufb01c
segments
Activities
Group
Year ended 31 March 2026
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ongoing activities
5,587\u00a0
1,297\u00a0
942\u00a0
599\u00a0
8,425\u00a0
\u2014\u00a0
8,425\u00a0
Exited business activities
\u2014\u00a0
2\u00a0
\u2014\u00a0
18\u00a0
20\u00a0
\u2014\u00a0
20\u00a0
Total
5,587\u00a0
1,299\u00a0
942\u00a0
617\u00a0
8,445\u00a0
\u2014\u00a0
8,445\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Benchmark EBIT
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ongoing activities
1,912\u00a0
399\u00a0
220\u00a0
40\u00a0
2,571\u00a0
(164)
2,407\u00a0
Exited business activities
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(10)
(10)
\u2014\u00a0
(10)
Total
1
1,912\u00a0
399\u00a0
220\u00a0
30\u00a0
2,561\u00a0
(164)
2,397\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(2)
(1)
4\u00a0
(2)
(1)
(184)
(185)
Benchmark PBT
2
1,910\u00a0
398\u00a0
224\u00a0
28\u00a0
2,560\u00a0
(348)
2,212\u00a0
Exceptional items (note 15(a))
(22)
\u2014\u00a0
(4)
6\u00a0
(20)
\u2014\u00a0
(20)
Amortisation and impairment of acquisition intangibles (note 21)
(136)
(39)
(6)
(90)
(271)
\u2014\u00a0
(271)
Acquisition and disposal expenses
(8)
(24)
(5)
(22)
(59)
\u2014\u00a0
(59)
Adjustment to the fair value of contingent consideration
\u2014\u00a0
2\u00a0
1\u00a0
(1)
2\u00a0
\u2014\u00a0
2\u00a0
Interest on tax liabilities
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(14)
(14)
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
101\u00a0
101\u00a0
Pro\ufb01t/(loss) before tax
1,744\u00a0
337\u00a0
210\u00a0
(79)
2,212\u00a0
(261)
1,951\u00a0
\n
1
Benchmark EBITDA excludes depreciation and amortisation of US$613m, which are included in Benchmark EBIT.
2
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange di\ufb00erences of US$(22)m.
(i) Income statement continued
\n\n \n
Total
North
Latin
UK and
EMEA and
operating
Central
Total
America
America
Ireland
Asia Paci\ufb01c
segments
Activities
Group
Year ended 31 March 2025
\u00b9
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Ongoing activities
\u00a05,046\u00a0
\u00a01,066\u00a0
\u00a0869\u00a0
\u00a0494\u00a0
\u00a07,475\u00a0
\u2014\u00a0
\u00a07,475\u00a0
Exited business activities
\u2014\u00a0
9\u00a0
\u2014\u00a0
\u00a039\u00a0
\u00a048\u00a0
\u2014\u00a0
\u00a048\u00a0
Total
5,046\u00a0
1,075\u00a0
869\u00a0
533\u00a0
7,523\u00a0
\u2014\u00a0
7,523\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
Benchmark EBIT
Ongoing activities
1,686\u00a0
341\u00a0
202\u00a0
17\u00a0
2,246\u00a0
(144)
2,102\u00a0
Exited business activities
\u2014\u00a0
(5)
1\u00a0
(15)
(19)
\u2014\u00a0
(19)
Total
2
1,686\u00a0
336\u00a0
203\u00a0
2\u00a0
2,227\u00a0
(144)
2,083\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(3)
(1)
3\u00a0
(1)
(2)
(155)
(157)
Benchmark PBT
3
1,683\u00a0
335\u00a0
206\u00a0
1\u00a0
2,225\u00a0
(299)
1,926\u00a0
Exceptional items (note 15(a))
(13)
(3)
(15)
(5)
(36)
(3)
(39)
Amortisation of acquisition intangibles (note 21)
(123)
(21)
(6)
(61)
(211)
\u2014\u00a0
(211)
Acquisition and disposal expenses
(10)
(9)
(1)
(17)
(37)
\u2014\u00a0
(37)
Adjustment to the fair value of contingent consideration
4\u00a0
(5)
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Interest on tax liabilities
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(4)
(4)
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(85)
(85)
Pro\ufb01t/(loss) before tax
1,541\u00a0
297\u00a0
184\u00a0
(82)
1,940\u00a0
(391)
1,549\u00a0
\n
1
Revenue of US$32m and Benchmark EBIT of US$5m for the year ended 31 March 2025 have been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\n
2
Benchmark EBITDA excludes depreciation and amortisation of US$547m, which are included in Benchmark EBIT.
\n
3
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange di\ufb00erences of US$3m.
\n
Additional information by operating segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.
\n
(ii) Reconciliation of revenue from ongoing activities
\n\n \n
Total
North
Latin
UK and
EMEA and
ongoing
America
America
Ireland
Asia Paci\ufb01c
activities
US$m
US$m
US$m
US$m
US$m
Revenue for the year ended 31 March 2025
1
5,046\u00a0
1,066\u00a0
869\u00a0
494\u00a0
7,475\u00a0
Adjustment to constant exchange rates
2
\u2014\u00a0
2\u00a0
3\u00a0
2\u00a0
7\u00a0
Revenue at constant exchange rates for the year ended 31 March 2025
2
5,046\u00a0
1,068\u00a0
872\u00a0
496\u00a0
7,482\u00a0
Organic revenue growth
494\u00a0
86\u00a0
19\u00a0
23\u00a0
622\u00a0
Revenue from acquisitions
47\u00a0
98\u00a0
10\u00a0
59\u00a0
214\u00a0
Revenue at constant exchange rates for the year ended 31 March 2026
5,587\u00a0
1,252\u00a0
901\u00a0
578\u00a0
8,318\u00a0
Adjustment to actual exchange rates
\u2014\u00a0
45\u00a0
41\u00a0
21\u00a0
107\u00a0
Revenue for the year ended 31 March 2026
5,587\u00a0
1,297\u00a0
942\u00a0
599\u00a0
8,425\u00a0
Organic revenue growth at constant exchange rates
10%
8%
2%
5%
8%
Revenue growth at constant exchange rates
11%
17%
3%
17%
11%
\n
1
Revenue of US$32m for the year ended 31 March 2025 has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\n
2
Non-GAAP constant exchange rate measures are calculated using the prior year\u2019s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
\n
the latest prior year average exchange rates.
\n
The table above demonstrates the application of the methodology set out in note 7 in determining organic and total revenue growth at constant
\n
exchange rates. Revenue at constant exchange rates is reported for both years using the average exchange rates applicable for the year ended
\n
31\u00a0March 2025.
(iii) Reconciliation of Benchmark EBIT from ongoing activities
\n\n \n
Total
Total
North
Latin
UK and
EMEA and
operating
Central
ongoing
America
America
Ireland
Asia Paci\ufb01c
segments
Activities
activities
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Benchmark EBIT for the year ended 31 March 2025
1
1,686\u00a0
341\u00a0
202\u00a0
17\u00a0
\u00a02,246\u00a0
(144)
\u00a02,102\u00a0
Adjustment to constant exchange rates
2
(1)
3\u00a0
\u2014\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
Benchmark EBIT at constant exchange rates for FY25
2
1,685\u00a0
344\u00a0
202\u00a0
18\u00a0
\u00a02,249\u00a0
(144)
\u00a02,105\u00a0
Benchmark EBIT growth
227\u00a0
38\u00a0
8\u00a0
22\u00a0
295\u00a0
(16)
279\u00a0
Benchmark EBIT at constant exchange rates for FY26
1,912\u00a0
382\u00a0
210\u00a0
40\u00a0
\u00a02,544\u00a0
(160)
\u00a02,384\u00a0
Adjustment to actual exchange rates
\u2014\u00a0
17\u00a0
10\u00a0
\u2014\u00a0
27\u00a0
(4)
23\u00a0
Benchmark EBIT for the year ended 31 March 2026
1,912\u00a0
399\u00a0
220\u00a0
40\u00a0
2,571\u00a0
(164)
2,407\u00a0
Benchmark EBIT growth at constant exchange rates
13%
11%
4%
116%
13%
n/a
13%
Benchmark EBIT growth at actual exchange rates
13%
17%
9%
135%
14%
n/a
15%
Benchmark EBIT margin at constant exchange rates FY25
33.4%
32.2%
23.2%
3.6%
30.1%
n/a
28.1%
Benchmark EBIT margin at actual exchange rates FY25
33.4%
32.0%
23.2%
3.4%
30.0%
n/a
28.1%
Benchmark EBIT margin at constant exchange rates FY26
34.2%
30.5%
23.3%
6.9%
30.6%
n/a
28.7%
Benchmark EBIT margin at actual exchange rates FY26
34.2%
30.8%
23.4%
6.7%
30.5%
n/a
28.6%
\n
1
Benchmark EBIT of US$5m for the year ended 31 March 2025 has been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
\n
2
Non-GAAP constant exchange rate measures are calculated using the prior year\u2019s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
\n
the latest prior year average exchange rates.
\n
*
Growth rates and margins are calculated using exact numbers.
\n
(iv) Balance sheet
\n
Net assets/(liabilities)
\n\n \n
Total
Central
North
Latin
UK and
EMEA and
operating
Activities
Total
America
America
Ireland
Asia Paci\ufb01c
segments
and other
Group
At 31 March 2026
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Goodwill
4,308\u00a0
1,213\u00a0
868\u00a0
872\u00a0
7,261\u00a0
\u2014\u00a0
7,261\u00a0
Investments in associates
7\u00a0
\u2014\u00a0
11\u00a0
\u2014\u00a0
18\u00a0
\u2014\u00a0
18\u00a0
Right-of-use assets
39\u00a0
16\u00a0
31\u00a0
19\u00a0
105\u00a0
5\u00a0
110\u00a0
Other assets
2,958\u00a0
1,617\u00a0
704\u00a0
570\u00a0
5,849\u00a0
1,052\u00a0
6,901\u00a0
Total assets
7,312\u00a0
2,846\u00a0
1,614\u00a0
1,461\u00a0
13,233\u00a0
1,057\u00a0
14,290\u00a0
Lease obligations
(52)
(19)
(36)
(22)
(129)
(4)
(133)
Other liabilities
(1,367)
(797)
(320)
(235)
(2,719)
(5,855)
(8,574)
Total liabilities
(1,419)
(816)
(356)
(257)
(2,848)
(5,859)
(8,707)
Net assets/(liabilities)
5,893\u00a0
2,030\u00a0
1,258\u00a0
1,204\u00a0
10,385\u00a0
(4,802)
5,583\u00a0
\n\n \n
Total
Central
North
Latin
UK and
EMEA and
operating
Activities
Total
America
America
Ireland
Asia Paci\ufb01c
segments
and other
Group
At 31 March 2025
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Goodwill
4,170\u00a0
904\u00a0
763\u00a0
817\u00a0
6,654\u00a0
\u2014\u00a0
6,654\u00a0
Investments in associates
4\u00a0
\u2014\u00a0
9\u00a0
\u2014\u00a0
13\u00a0
\u2014\u00a0
13\u00a0
Right-of-use assets
43\u00a0
14\u00a0
35\u00a0
17\u00a0
109\u00a0
5\u00a0
114\u00a0
Other assets
2,829\u00a0
900\u00a0
611\u00a0
643\u00a0
4,983\u00a0
1,122\u00a0
6,105\u00a0
Total assets
7,046\u00a0
1,818\u00a0
1,418\u00a0
1,477\u00a0
11,759\u00a0
1,127\u00a0
12,886\u00a0
Lease obligations
(56)
(17)
(42)
(17)
(132)
(4)
(136)
Other liabilities
(1,353)
(408)
(307)
(255)
(2,323)
(5,337)
(7,660)
Total liabilities
(1,409)
(425)
(349)
(272)
(2,455)
(5,341)
(7,796)
Net assets/(liabilities)
5,637\u00a0
1,393\u00a0
1,069\u00a0
1,205\u00a0
9,304\u00a0
(4,214)
5,090\u00a0
(iv) Balance sheet continued
\n
Central Activities and other comprises:
\n\n \n
2026
2025
Net assets/
Net assets/
Assets
Liabilities
(liabilities)
Assets
Liabilities
(liabilities)
US$m
US$m
US$m
US$m
US$m
US$m
Central Activities
549\u00a0
(194)
355\u00a0
602\u00a0
(155)
447\u00a0
Net debt
1
397\u00a0
(5,448)
(5,051)
402\u00a0
(4,955)
(4,553)
Tax
111\u00a0
(217)
(106)
123\u00a0
(231)
(108)
1,057\u00a0
(5,859)
(4,802)
1,127\u00a0
(5,341)
(4,214)
\n
1
Lease obligations in operating segments net of interest of US$128m (2025: US$131m), are excluded from Net debt reported within Central Activities.
\n\n \n
Capital employed
2026
2025
US$m
US$m
Net assets
5,583\u00a0
5,090\u00a0
Add: Net debt (note 28)
5,179\u00a0
4,684\u00a0
Add: Tax
106\u00a0
108\u00a0
Less: right-of-use assets
(110)
(114)
Less: non-controlling interests
(38)
(36)
Capital employed attributable to owners
10,720\u00a0
9,732\u00a0
\n
ROCE is determined by dividing Benchmark EBIT of US$2,397m (2025: 2,083m), less tax at the Benchmark rate of 25.5% (2025: 25.3%) and Benchmark
\n
EBIT attributable to non-controlling interests of US$7m (2025: US$5m), by the three-point average capital employed. This average of US$10,335m
\n
(2025:\u00a0US$9,355m) is calculated as the arithmetic average of capital employed at 31 March 2026, 30 September 2025 and 31 March 2025.
\n
(v) Capital expenditure, amortisation and depreciation
\n\n \n
Capital expenditure
Right-of-use asset additions
Amortisation
Depreciation
2026
2025
2026
2025
2026
2025
2026
2025
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
North America
350\u00a0
342\u00a0
16\u00a0
8\u00a0
246\u00a0
218\u00a0
40\u00a0
46\u00a0
Latin America
190\u00a0
140\u00a0
6\u00a0
8\u00a0
120\u00a0
97\u00a0
17\u00a0
14\u00a0
UK and Ireland
73\u00a0
66\u00a0
5\u00a0
8\u00a0
50\u00a0
47\u00a0
20\u00a0
19\u00a0
EMEA and Asia Paci\ufb01c
52\u00a0
49\u00a0
16\u00a0
6\u00a0
46\u00a0
39\u00a0
19\u00a0
15\u00a0
Total operating segments
665\u00a0
597\u00a0
43\u00a0
30\u00a0
462\u00a0
401\u00a0
96\u00a0
94\u00a0
Central Activities
61\u00a0
54\u00a0
1\u00a0
1\u00a0
51\u00a0
49\u00a0
4\u00a0
3\u00a0
Total Group
726\u00a0
651\u00a0
44\u00a0
31\u00a0
513\u00a0
450\u00a0
100\u00a0
97\u00a0
\n
Amortisation and depreciation above only include amounts charged to Benchmark PBT.
\n
(vi) Revenue by country
\n\n \n
2026
2025
US$m
US$m
USA
5,585\u00a0
5,044\u00a0
Brazil
1,146\u00a0
936\u00a0
UK
937\u00a0
866\u00a0
Other
777\u00a0
677\u00a0
8,445\u00a0
7,523\u00a0
\n
Revenue is primarily attributable to countries other than Ireland. No single client accounted for 10% or more of revenue in the current or prior year.
\n
Revenue from the USA, Brazil and the UK in aggregate comprises 91% (2025: 91%) of Group revenue. Other comprises a number of other countries,
\n
none of which has revenue that is individually material.
(vii) Non-current assets by country
\n\n \n
2026
2025
US$m
US$m
USA
1,905\u00a0
1,859\u00a0
UK
487\u00a0
432\u00a0
Brazil
762\u00a0
536\u00a0
Australia
313\u00a0
300\u00a0
Germany
58\u00a0
103\u00a0
Other
239\u00a0
244\u00a0
Segment non-current assets by country
3,764\u00a0
3,474\u00a0
Goodwill
7,261\u00a0
6,654\u00a0
Central Activities
480\u00a0
546\u00a0
Deferred tax
46\u00a0
71\u00a0
11,551\u00a0
10,745\u00a0
\n
To add clarity to the presentation of this information, non-current assets for Central Activities and deferred tax have been excluded from the analysis
\n
by\u00a0country. Goodwill is allocated and monitored based on regional groups of CGUs, this allocation is shown in note 20. The Group has no signi\ufb01cant
\n
non-current assets located in Ireland.
\n
(b) Information on business lines (including non-GAAP disclosures)
\n\n \n
Business-to-
Consumer
Total business
Central
Total
Business
Services
lines
Activities
Group
Year ended 31 March 2026
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
Ongoing activities
6,168\u00a0
2,257\u00a0
8,425\u00a0
\u2014\u00a0
8,425\u00a0
Exited business activities
20\u00a0
\u2014\u00a0
20\u00a0
\u2014\u00a0
20\u00a0
Total
6,188\u00a0
2,257\u00a0
8,445\u00a0
\u2014\u00a0
8,445\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
Benchmark EBIT
Ongoing activities
1,903\u00a0
668\u00a0
2,571\u00a0
(164)
2,407\u00a0
Exited business activities
(10)
\u2014\u00a0
(10)
\u2014\u00a0
(10)
Total
1
1,893\u00a0
668\u00a0
2,561\u00a0
(164)
2,397\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(1)
\u2014\u00a0
(1)
(184)
(185)
Benchmark PBT
2
1,892\u00a0
668\u00a0
2,560\u00a0
(348)
2,212\u00a0
Exceptional items (note 15(a))
(13)
(7)
(20)
\u2014\u00a0
(20)
Amortisation and impairment of acquisition intangibles (note 21)
(242)
(29)
(271)
\u2014\u00a0
(271)
Acquisition and disposal expenses
(49)
(10)
(59)
\u2014\u00a0
(59)
Adjustment to the fair value of contingent consideration
(9)
11\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
Interest on tax liabilities
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(14)
(14)
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
101\u00a0
101\u00a0
Pro\ufb01t/(loss) before tax
1,579\u00a0
633\u00a0
2,212\u00a0
(261)
1,951\u00a0
\n
1
Benchmark EBITDA excludes depreciation and amortisation of US$613m, which are included in Benchmark EBIT.
\n
2
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange di\ufb00erences of US$(22)m.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Business-to-
Consumer
Total business
Central
Total
\u00a0
Business
Services
lines
Activities
Group
Year ended 31 March 2025\u00b9
US$m
US$m
US$m
US$m
US$m
Revenue from external customers
\u00a0\u00a0\u00a0\u00a0\u00a0
Ongoing activities
5,421\u00a0
2,054\u00a0
7,475\u00a0
\u2014\u00a0
7,475\u00a0
Exited business activities
48\u00a0
\u2014\u00a0
48\u00a0
\u2014\u00a0
48\u00a0
Total
5,469\u00a0
2,054\u00a0
7,523\u00a0
\u2014\u00a0
7,523\u00a0
Reconciliation from Benchmark EBIT to pro\ufb01t/(loss) before tax
\u00a0\u00a0\u00a0\u00a0\u00a0
Benchmark EBIT
\u00a0\u00a0\u00a0\u00a0\u00a0
Ongoing activities
1,684\u00a0
562\u00a0
2,246\u00a0
(144)
2,102\u00a0
Exited business activities
(20)
1\u00a0
(19)
\u2014\u00a0
(19)
Total
2
1,664\u00a0
563\u00a0
2,227\u00a0
(144)
2,083\u00a0
Net interest expense included in Benchmark PBT (note 16(b))
(1)
(1)
(2)
(155)
(157)
Benchmark PBT
3
1,663\u00a0
562\u00a0
2,225\u00a0
(299)
1,926\u00a0
Exceptional items (note 15(a))
(27)
(9)
(36)
(3)
(39)
Amortisation of acquisition intangibles (note 21)
(183)
(28)
(211)
\u2014\u00a0
(211)
Acquisition and disposal expenses
(36)
(1)
(37)
\u2014\u00a0
(37)
Adjustment to the fair value of contingent consideration
1\u00a0
(2)
(1)
\u2014\u00a0
(1)
Interest on tax liabilities
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(4)
(4)
Financing fair value remeasurements (note 16(c))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(85)
(85)
Pro\ufb01t/(loss) before tax
1,418\u00a0
522\u00a0
1,940\u00a0
(391)
1,549\u00a0
\n
1
Revenue of US$32m and Benchmark EBIT of US$5m for the year ended 31 March 2025 have been re-presented for the reclassi\ufb01cation to exited business activities of certain B2B businesses.
2
Benchmark EBITDA excludes depreciation and amortisation of US$547m, which are included in Benchmark EBIT.
3
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange di\ufb00erences of US$3m.
Additional information by business line, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "11. Foreign currency
(a) Principal exchange rates used
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\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
Average
Closing
\u00a0
2026
2025
2026
2025
2024
US dollar : Brazilian real
5.44
5.61
5.23
5.76
5.01
UK pound sterling : US dollar
1.34
1.28
1.32
1.29
1.26
Euro : US dollar
1.16
1.07
1.15
1.08
1.08
US dollar : Australian dollar
1.51
1.53
1.45
1.60
1.53
\n
(b) Foreign exchange risk
(i) Brazilian real intra-Group funding
A Group company whose functional currency is not the Brazilian real provides Brazilian real intra-Group funding to Serasa S.A. Foreign exchange gains
or losses on this funding are recognised in the Group income statement.
As a result of the strengthening of the Brazilian real by 9% against the US dollar during the year, a gain of US$82m (2025: US$58m charge due to a
15% weakening) has been recognised within \ufb01nancing fair value remeasurements (note 16(c)).
The Group is similarly exposed to the impact of the Brazilian real strengthening or weakening against the US dollar in the future. A movement of 9%
would result in a US$78m impact on pro\ufb01t before tax. There is no e\ufb00ect on total equity as a result of this exposure, since it arises on intra-Group
funding and there would be a related equal but opposite foreign exchange movement recognised in the translation reserve within equity.
(ii) Other exposures
On the basis of the pro\ufb01le of foreign exchange exposures, and an assessment of reasonably possible changes in such exposures, there are no other
material sensitivities to foreign exchange risk at the balance sheet dates. In making these assessments, actual data on movements in the principal
currencies over the most recent three-year period has been considered together with exposures at the balance sheet dates. This methodology has
been applied consistently.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "12. Labour costs and employee numbers
(a) Labour costs (including executive directors)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Wages and salaries
\u00a0
1,863\u00a0
1,710\u00a0
Social security costs
\u00a0
353\u00a0
332\u00a0
Share incentive plans
33(a)
155\u00a0
138\u00a0
Pension costs \u2013 de\ufb01ned bene\ufb01t plans
35(a)
3\u00a0
3\u00a0
Pension costs \u2013 de\ufb01ned contribution plans
\u00a0
85\u00a0
75\u00a0
Other employee bene\ufb01t costs
\u00a0
42\u00a0
35\u00a0
Employee bene\ufb01t costs
\u00a0
2,501\u00a0
2,293\u00a0
Other labour costs
\u00a0
230\u00a0
287\u00a0
\u00a0 \u00a0
2,731\u00a0
2,580\u00a0
\n
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
employees. The de\ufb01nition of key management personnel, and an analysis of their remuneration, is given in note 44(d).
(b) Average monthly number of employees (including executive directors)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
North America
9,399\u00a0
9,207\u00a0
Latin America
7,563\u00a0
6,071\u00a0
UK and Ireland
3,761\u00a0
3,790\u00a0
EMEA and Asia Paci\ufb01c
4,225\u00a0
3,964\u00a0
Total operating segments
24,948\u00a0
23,032\u00a0
Central Activities
273\u00a0
265\u00a0
\u00a0
25,221\u00a0
23,297\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "(a) Labour costs (including executive directors) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Wages and salaries
\u00a0
1,863\u00a0
1,710\u00a0
Social security costs
\u00a0
353\u00a0
332\u00a0
Share incentive plans
33(a)
155\u00a0
138\u00a0
Pension costs \u2013 de\ufb01ned bene\ufb01t plans
35(a)
3\u00a0
3\u00a0
Pension costs \u2013 de\ufb01ned contribution plans
\u00a0
85\u00a0
75\u00a0
Other employee bene\ufb01t costs
\u00a0
42\u00a0
35\u00a0
Employee bene\ufb01t costs
\u00a0
2,501\u00a0
2,293\u00a0
Other labour costs
\u00a0
230\u00a0
287\u00a0
\u00a0 \u00a0
2,731\u00a0
2,580\u00a0
\n
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
employees. The de\ufb01nition of key management personnel, and an analysis of their remuneration, is given in note 44(d).
(b) Average monthly number of employees (including executive directors)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
North America
9,399\u00a0
9,207\u00a0
Latin America
7,563\u00a0
6,071\u00a0
UK and Ireland
3,761\u00a0
3,790\u00a0
EMEA and Asia Paci\ufb01c
4,225\u00a0
3,964\u00a0
Total operating segments
24,948\u00a0
23,032\u00a0
Central Activities
273\u00a0
265\u00a0
\u00a0
25,221\u00a0
23,297\u00a0
13. Amortisation and depreciation charges
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Benchmark:
\u00a0 \u00a0
Amortisation of other intangible assets
513\u00a0
450\u00a0
Depreciation of property, plant and equipment
100\u00a0
97\u00a0
\u00a0
613\u00a0
547\u00a0
Non-benchmark:
\u00a0 \u00a0
Amortisation of acquisition intangibles
263\u00a0
211\u00a0
\u00a0
876\u00a0
758\u00a0
\n
An analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(v). Analyses by asset type are given in notes 21 and 22.
The\u00a0depreciation charge for the year includes US$43m (2025: US$43m) in respect of right-of-use assets.
14. Fees payable to the Company's auditor
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Audit of the Company and Group \ufb01nancial statements
1.2\u00a0
1.2\u00a0
Audit of the \ufb01nancial statements of the Company's subsidiaries
6.6\u00a0
6.4\u00a0
Audit-related assurance services
2.5\u00a0
1.3\u00a0
Other assurance services
0.1\u00a0
0.1\u00a0
Total fees payable to the Company's auditor and its associates
10.4\u00a0
9.0\u00a0
Summary of fees by nature:
\u00a0 \u00a0
Fees for audit services
7.8\u00a0
7.6\u00a0
Fees for audit-related assurance services
2.5\u00a0
1.3\u00a0
Fees for other assurance services
0.1\u00a0
0.1\u00a0
\u00a0
10.4\u00a0
9.0\u00a0
\n
The guidelines covering the use of the Company\u2019s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
services are capped at 70% of the average audit fees paid over the previous three consecutive \ufb01nancial years. In the year ended 31 March 2026, fees
payable for non-audit services, were 36% (2025: 20%) of the average audit fees paid over the previous three consecutive \ufb01nancial years. Such fees are
reported within Other operating charges.
15. Exceptional items and other adjustments made to derive Benchmark PBT
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Exceptional items:
\u00a0 \u00a0 \u00a0
(Pro\ufb01t)/loss on disposal of operations
1
15(b), 41(d)
(9)
4
Restructuring costs
15(c)
28
50
Legal provisions movements
1
15(d)
1
(15)
Net charge for Exceptional items
\u00a0
20
39
Other adjustments made to derive Benchmark PBT:
\u00a0 \u00a0 \u00a0
Amortisation and impairment of acquisition intangibles
2
13, 21
271
211
Acquisition and disposal expenses
3
\u00a0
59
37
Adjustment to the fair value of contingent consideration
1
30(h)
(2)
1
Interest on tax liabilities
16(c)
14
4
Financing fair value remeasurements
16(c)
(101)
85
Net charge for other adjustments made to derive Benchmark PBT
\u00a0
241
338
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\u00a0
261
377
By income statement caption:
\u00a0 \u00a0 \u00a0
Labour costs
\u00a0
45
60
Amortisation and depreciation charges
\u00a0
263
211
Other operating charges
\u00a0
40
17
Within operating pro\ufb01t
\u00a0
348
288
Within \ufb01nance expense
16(a)
(87)
89
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\u00a0
261
377
\n
1
Included in other operating charges.
2
The impairment charge on acquisition intangibles of US$8m (2025: US$nil) is included in other operating charges.
3
Acquisition and disposal expenses represent professional fees and expenses associated with completed, ongoing and terminated acquisition and disposal processes, as well as the integration and separation
costs associated with completed deals. Of the total, US$25m (2025: US$10m) is recorded within labour costs and US$34m (2025: US$27m) is included within other operating charges in the Group income
statement.
(b) (Pro\ufb01t)/loss on disposal of operations
The pro\ufb01t on the disposal of operations of US$9m (2025: loss on disposal of US$4m) relates to the disposal of a number of subsidiary undertakings
primarily in EMEA and Asia Paci\ufb01c.
(c) Restructuring costs
Substantial progress has been made in completing the \ufb01nal stages of our technology transformation and cloud migration, including the realignment
of\u00a0sta\ufb00 resources to our new technology architecture and the acceleration of the shift to our global development centres to enhance productivity.
Severance costs of US$20m (2025: US$50m) and other restructuring costs of US$8m (2025: US$nil) were recognised during the year in relation
to\u00a0this\u00a0programme. The associated cash out\ufb02ow was US$21m (2025: US$30m).
(d) Legal provisions movements
Movements in provisions were recognised in respect of a number of historical legal claims in North America, with associated costs presented net
of\u00a0insurance recoveries.
16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n
(b) Net interest expense included in Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income
(34)
(21)
Interest expense
219\u00a0
178\u00a0
Net interest expense included in Benchmark PBT
185\u00a0
157\u00a0
\n
(c) Analysis of net non-benchmark \ufb01nance (income)/expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Fair value (gains)/ losses on borrowings \u2013 attributable to interest rate risk
(9)
14\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
123\u00a0
43\u00a0
Gains on interest rate swaps \u2013 fair value hedges
(6)
(9)
Gains on cross-currency swaps \u2013 fair value hedges
(105)
(39)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(11)
(12)
Gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
Fair value losses on non-hedging derivatives
17\u00a0
34\u00a0
Foreign exchange (gains)/losses on Brazilian real intra-Group funding
(82)
58\u00a0
Other foreign exchange (gains)/losses on \ufb01nancing activities
(7)
8\u00a0
Monetary loss on hyperin\ufb02ation
2\u00a0
\u2014\u00a0
Decrease in the present value of put options
(19)
(5)
Movement in Other \ufb01nancial assets at FVPL
(4)
(6)
Movement in connection with commitments to purchase own shares
\u2014\u00a0
(1)
Net (credit)/charge for \ufb01nancing fair value remeasurements
(101)
85\u00a0
Interest on tax liabilities
14\u00a0
4\u00a0
\u00a0
(87)
89\u00a0
\n
(d) Interest rate risk
The following table shows the sensitivity to interest rate risk, on the basis of the pro\ufb01le of Net debt at the balance sheet dates and an assessment
of\u00a0reasonably possible changes in the principal interest rates, with all other variables held constant. In making this assessment, actual movements
in\u00a0relevant interest rates over the most recent three-year period have been considered and a consistent methodology applied. An indication of the
primary cause of the reported sensitivity is included.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
Gain/(loss)
US$m
US$m
Impact on pro\ufb01t for the \ufb01nancial year:
\u00a0\u00a0
E\ufb00ect of an increase of 1.2% (2025: 1.8%) on US dollar-denominated Net debt:
\u00a0\u00a0
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\u00a0\u00a0
income on cash and cash equivalents
(7)
43\u00a0
E\ufb00ect of an increase of 1.4% (2025: 1.8%) on UK pound sterling-denominated Net debt:
\u00a0\u00a0
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\u00a0\u00a0
income on cash and cash equivalents
2\u00a0
4\u00a0
E\ufb00ect of an increase of 2.3% (2025: 3.5%) on Brazilian real-denominated Net debt:
\u00a0\u00a0
Due to higher interest income on cash and cash equivalents
2\u00a0
5\u00a0
E\ufb00ect of an increase of 1.6% (2025: 1.6%) on euro-denominated Net debt:
\u00a0\u00a0
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest
\u00a0\u00a0
income on cash and cash equivalents
(6)
(10)
Impact on other components of equity:
\u00a0\u00a0
E\ufb00ect of an increase of 1.2% (2025: 1.8%):
\u00a0\u00a0
On the fair value of the US dollar leg of cross-currency swaps treated as a cash \ufb02ow hedge
n/a
4\u00a0
E\ufb00ect of an increase of 1.4% (2025: 1.8%):
\u00a0\u00a0
On the fair value of the UK pound sterling leg of cross-currency swaps treated as a cash \ufb02ow hedge
n/a
(4)
\n
17. Tax charge
(a) Analysis of tax charge in the Group income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Current tax:
\u00a0 \u00a0
Tax on income for the year
437\u00a0
503\u00a0
Global minimum top-up tax
10\u00a0
7\u00a0
Adjustments in respect of earlier years
(39)
(10)
Total current tax charge
408\u00a0
500\u00a0
Deferred tax:
\u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
29\u00a0
(111)
Adjustments in respect of earlier years
6\u00a0
(10)
Total deferred tax charge/(credit)
35\u00a0
(121)
Tax charge
443\u00a0
379\u00a0
The tax charge comprises:
\u00a0 \u00a0
UK tax
38\u00a0
18\u00a0
Non-UK tax
405\u00a0
361\u00a0
\u00a0
443\u00a0
379\u00a0
\n
(b) Tax reconciliations
\n
(i) Reconciliation of the tax charge
\n
As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate
\n
of\u00a0corporation tax in the UK. The e\ufb00ective rate of tax based on pro\ufb01t before tax is lower (2025: lower) than the main rate of corporation tax in the UK,
\n
with the di\ufb00erences explained in note 17(c).
\n\n \n
2026
2025
US$m
US$m
Pro\ufb01t before tax
1,951\u00a0
1,549\u00a0
Pro\ufb01t before tax multiplied by the main rate of UK corporation tax of 25% (2025: 25%)
488\u00a0
387\u00a0
E\ufb00ects of:
Adjustments in respect of earlier years
1
(33)
(20)
Income not taxable
1
(46)
(11)
Losses not recognised
10\u00a0
9\u00a0
Expenses not deductible
1
69\u00a0
62\u00a0
Di\ufb00erent e\ufb00ective tax rates in non-UK businesses
(75)
(64)
Local taxes
2
69\u00a0
61\u00a0
Current year movement in uncertain tax positions
20\u00a0
20\u00a0
Recognition of previously unrecognised tax losses
3
(17)
(27)
Research and development incentive claims
(42)
(38)
Tax charge
443\u00a0
379\u00a0
E\ufb00ective rate of tax based on pro\ufb01t before tax
22.7%
24.5%
\n
1
Refer to note 17(c).
\n
2
Local taxes comprise US state taxes and the current tax expense related to the global minimum top-up tax, re\ufb02ected in note17(a) above.
\n
3
Recognition of previously unrecognised tax losses acquired with the illion Group (2025: relates to tax losses supported by the acquisition of the illion Group).
\n
(ii) Reconciliation of the tax charge to the Benchmark tax charge
\n\n \n
2026
2025
US$m
US$m
Tax charge
443\u00a0
379\u00a0
Tax relief on Exceptional items and other adjustments made to derive Benchmark PBT
120\u00a0
108\u00a0
Benchmark tax charge
563\u00a0
487\u00a0
Benchmark PBT
2,212\u00a0
1,926\u00a0
Benchmark tax rate
25.5%
25.3%
\n
(c) Factors that a\ufb00ect the tax charge
\n
The Group\u2019s tax rate re\ufb02ects its internal \ufb01nancing arrangements in place to fund non-UK businesses and is in\ufb02uenced by the pro\ufb01le of pro\ufb01ts earned
\n
in the di\ufb00erent countries in which the Group\u2019s subsidiaries operate, in particular our three core economies of the USA, Brazil and the UK.
\n
Expenses not deductible include acquisition and disposal expenses as well as business expenses that are not deductible for tax. Income not taxable
\n
includes \ufb01nancing fair value remeasurements which are not subject to tax.
\n
Adjustments in respect of earlier years re\ufb02ect adjustments for matters that have been substantively agreed with local tax authorities.
\n
At 31 March 2026, the Group held current tax liabilities of US$93m (2025: US$76m) and deferred tax liabilities of US$14m (2025: US$12m) in respect
\n
of uncertain tax positions. In both FY26 and FY25, the net increase in provisions recognised during the year re\ufb02ects the Group\u2019s assessment of open
\n
and judgmental matters and whether additional taxes will be due, after taking into account external advice where appropriate.
\n
While the timing of developments in resolving these matters is inherently uncertain, the Group does not expect to materially increase its uncertain
\n
tax\u00a0provisions in the next 12 months.
\n
The Group is subject to the global minimum top-up tax under the Organisation for Economic Co-operation and Development\u2019s (OECD) Pillar Two tax
\n
legislation. In FY26, the Group recognised a current tax expense of US$10m (2025: US$7m) related to the top-up tax, of which US$9m (2025: US$7m)
\n
is\u00a0levied on Experian plc.
(d) Other factors that a\ufb00ect the future tax charge
The Group\u2019s tax charge will continue to be in\ufb02uenced by the pro\ufb01le of pro\ufb01ts earned in the di\ufb00erent countries in which the Group\u2019s subsidiaries
operate. Continued focus on tax reform is expected in FY27, particularly in Brazil noting that the Group could be impacted by the introduction of
a\u00a010%\u00a0withholding tax on dividends which is e\ufb00ective from 1 January 2026. There is no impact of this legislative change in the current period,
nor\u00a0is\u00a0a\u00a0material impact expected in future periods.
In addition, indirect tax reforms are ongoing in Brazil and tax reform was implemented in the USA during the \ufb01rst half of the year. Both matters
do\u00a0not\u00a0materially impact the Group\u2019s e\ufb00ective tax rate in the current period, nor are they expected to do so in future periods.
The main rate of UK corporation tax for the year ended 31 March 2026 was 25% (2025: 25%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "(a) Labour costs (including executive directors) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Wages and salaries
\u00a0
1,863\u00a0
1,710\u00a0
Social security costs
\u00a0
353\u00a0
332\u00a0
Share incentive plans
33(a)
155\u00a0
138\u00a0
Pension costs \u2013 de\ufb01ned bene\ufb01t plans
35(a)
3\u00a0
3\u00a0
Pension costs \u2013 de\ufb01ned contribution plans
\u00a0
85\u00a0
75\u00a0
Other employee bene\ufb01t costs
\u00a0
42\u00a0
35\u00a0
Employee bene\ufb01t costs
\u00a0
2,501\u00a0
2,293\u00a0
Other labour costs
\u00a0
230\u00a0
287\u00a0
\u00a0 \u00a0
2,731\u00a0
2,580\u00a0
\n
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
employees. The de\ufb01nition of key management personnel, and an analysis of their remuneration, is given in note 44(d).34. Post-employment bene\ufb01t plans and related risks
An overview of the Group\u2019s post-employment bene\ufb01t plans and the related risks is given below. The additional information required by IAS 19
\u2018Employee Bene\ufb01ts\u2019, which relates only to the Group\u2019s de\ufb01ned bene\ufb01t pension plans and post-employment medical bene\ufb01ts obligations, is set out
in\u00a0note 35.
(a) Funded pension plans
The Group\u2019s principal de\ufb01ned bene\ufb01t plan is the Experian Pension Scheme in the UK. The plan was closed to new entrants in 2009 and to the future
accrual of new bene\ufb01ts from 1 April 2022. Active member bene\ufb01ts were crystallised as deferred pensions and all UK employees were o\ufb00ered
membership of the Group\u2019s UK de\ufb01ned contribution plan from that date.
The Experian Pension Scheme has rules which specify the bene\ufb01ts to be paid, with the level of pension bene\ufb01t payable on retirement dependent on
age, length of service and salary. At 31 March 2026 there were 981 (2025: 1,063) deferred and 2,384 (2025: 2,411) pensioner members of the plan.
A full actuarial funding valuation of the Experian Pension Scheme is carried out every three years, with interim reviews in the intervening years. The
latest full valuation was carried out as at 31 March 2025 by independent quali\ufb01ed actuaries Mercer Limited, using the projected unit credit method.
The\u00a02025 actuarial valuation has been agreed and indicated a funding surplus. The funding position improved compared with the valuation at 31 March
2022, primarily re\ufb02ecting an increase in the discount rate and a decrease in long-term in\ufb02ation expectations. While these market movements reduced
the value of the plan\u2019s liabilities, the value of the assets also reduced but to a lesser extent, resulting in an increase in the funding surplus. As the plan
is in surplus, the Group is not expected to make any de\ufb01cit-reduction contributions. The next full valuation will be carried out as at 31 March 2028.
The Experian Pension Scheme is governed by a trust deed, which ensures that its \ufb01nances and governance are independent from those of the Group.
The Trustee is responsible for overseeing the investments and funding of the plan and plan administration. The UK pensions environment is regulated
by The Pensions Regulator whose statutory objectives and regulatory powers are described on its website at
thepensionsregulator.gov.uk
.
The majority of the Group\u2019s employees have the option to join local de\ufb01ned contribution plans and under the plans employee and employer
contributions are paid into independently administered funds, which are used to provide retirement bene\ufb01ts for members. The Group\u2019s obligation is
limited to the contributions made and details of amounts paid to de\ufb01ned contribution plans are set out in note 12(a). There are no other material
funded pension arrangements.
(b) Unfunded pension arrangements
The Group\u2019s unfunded pension arrangements are designed to ensure that certain senior managers who are a\ufb00ected by the earnings cap, which was
introduced by the UK government some years ago to set a ceiling on the amount of bene\ufb01ts that could be paid by de\ufb01ned bene\ufb01t pension plans, were
placed in broadly the same position as those who were not. There are also unfunded arrangements for certain former directors and employees of,
the\u00a0subsidiary undertakings, Experian Finance plc and Experian Limited. Certain of these unfunded arrangements in the UK have been secured by
the\u00a0grant to an independent trustee of charges over an independently managed portfolio of marketable securities owned by the Group and reported
as\u00a0\ufb01nancial assets revalued through OCI (note 30(a)). Bene\ufb01t accrual under the unfunded arrangements ceased from 1 April 2022.
(c) Post-employment medical bene\ufb01ts
The Group operates a plan which provides post-employment medical bene\ufb01ts to eligible former UK employees who retired prior to 1 April 1994
and\u00a0their dependant relatives.
(d) Related risks
Through its de\ufb01ned bene\ufb01t pension plans and post-employment medical bene\ufb01ts plan, the Group is exposed to a number of risks that are inherent
in\u00a0such plans and arrangements, which can be summarised as follows:
\u2022 asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the related cash \ufb02ows
\u2022 changes in bond yields, with any reduction resulting in an increase in the present value of pension obligations, mitigated by an increase in the value
of\u00a0plan assets
\u2022 in\ufb02ation, as pension obligations are generally linked to in\ufb02ation and the prevailing rate of in\ufb02ation experienced for medical bene\ufb01ts is typically higher
than other in\ufb02ation measures in the UK
\u2022 life expectancy, as pension and medical bene\ufb01ts are generally provided for the life of bene\ufb01ciaries and their dependants.
There are no unusual, entity-speci\ufb01c or plan-speci\ufb01c risks, and no signi\ufb01cant concentrations of risk.
35. Post-employment bene\ufb01ts \u2013 IAS 19 information
\n
(a) Post-employment bene\ufb01t amounts recognised in the Group \ufb01nancial statements
\n
(i) Balance sheet assets/(obligations)
\n\n \n
2026
2025
US$m
US$m
Retirement bene\ufb01t assets/(obligations) \u2013 funded de\ufb01ned bene\ufb01t plans:
Fair value of funded plans' assets
852\u00a0
828\u00a0
Present value of funded plans' obligations
(634)
(626)
Assets in the Group balance sheet for funded de\ufb01ned bene\ufb01t pensions
218\u00a0
202\u00a0
Obligations for unfunded post-employment bene\ufb01ts:
Present value of de\ufb01ned bene\ufb01t pensions \u2013 unfunded plans
(33)
(35)
Present value of post-employment medical bene\ufb01ts
(2)
(2)
Liabilities in the Group balance sheet
(35)
(37)
Net post-employment bene\ufb01t assets
183\u00a0
165\u00a0
\n
Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as, under the rules of the
\n
UK\u00a0Experian Pension Scheme, future economic bene\ufb01ts are available to the Group in the form of reductions in any future contribution requirements
\n
or\u00a0refunds of surplus.
\n
(ii) Income statement (credit)/charge
\n\n \n
2026
2025
US$m
US$m
By nature of expense:
Administration expenses
3\u00a0
3\u00a0
Charge within labour costs and operating pro\ufb01t
3\u00a0
3\u00a0
Interest income (note 16(a))
(10)
(7)
Total net credit to the Group income statement
(7)
(4)
\n
The Group income statement credit and the remeasurement recognised in the Group statement of comprehensive income relate to de\ufb01ned bene\ufb01t
\n
pension plans.
\n
(b) Movements in net post-employment bene\ufb01t assets/(obligations) recognised in the Group balance
\n
sheet
\n\n \n
Present value of obligations
De\ufb01ned
De\ufb01ned
Post-
bene\ufb01t
bene\ufb01t
employment
Fair value of
pensions
pensions
medical
Movements in
plan assets
\u2013 funded
\u2013 unfunded
bene\ufb01ts
Total
net position
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
828\u00a0
(626)
(35)
(2)
(663)
165\u00a0
Income statement credit/(charge):
Administration expenses
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
Interest income/(expense)
48\u00a0
(36)
(2)
\u2014\u00a0
(38)
10\u00a0
Total credit/(charge) to the Group income statement
45\u00a0
(36)
(2)
\u2014\u00a0
(38)
7\u00a0
Remeasurements:
Return on plan assets other than interest
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
Gains from change in demographic assumptions
\u2014\u00a0
5\u00a0
1\u00a0
\u2014\u00a0
6\u00a0
6\u00a0
Gains from change in \ufb01nancial assumptions
\u2014\u00a0
10\u00a0
1\u00a0
\u2014\u00a0
11\u00a0
11\u00a0
Experience (losses)/gains
\u2014\u00a0
(15)
1\u00a0
\u2014\u00a0
(14)
(14)
Remeasurement of post-employment bene\ufb01t assets
and obligations
2\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
5\u00a0
Di\ufb00erences on exchange
20\u00a0
(16)
(1)
\u2014\u00a0
(17)
3\u00a0
Contributions paid by the Group
3\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
Bene\ufb01ts paid
(46)
44\u00a0
2\u00a0
\u2014\u00a0
46\u00a0
\u2014\u00a0
At 31 March 2026
852\u00a0
(634)
(33)
(2)
(669)
183\u00a0
\n \n
Present value of obligations
De\ufb01ned
De\ufb01ned
Post-
bene\ufb01t
bene\ufb01t
employment
Fair value of
pensions
pensions
medical
Movements in
plan assets
\u2013 funded
\u2013 unfunded
bene\ufb01ts
Total
net position
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
871\u00a0
(685)
(37)
(2)
(724)
147\u00a0
Income statement credit/(charge):
Administration expenses
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
Interest income/(expense)
42\u00a0
(33)
(2)
\u2014\u00a0
(35)
7\u00a0
Total credit/(charge) to the Group income statement
39\u00a0
(33)
(2)
\u2014\u00a0
(35)
4\u00a0
Remeasurements:
Return on plan assets other than interest
(64)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(64)
Gains from change in demographic assumptions
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
2\u00a0
Gains from change in \ufb01nancial assumptions
\u2014\u00a0
68\u00a0
2\u00a0
\u2014\u00a0
70\u00a0
70\u00a0
Experience losses
\u2014\u00a0
(2)
\u2014\u00a0
\u2014\u00a0
(2)
(2)
Remeasurement of post-employment bene\ufb01t assets
and obligations
(64)
68\u00a0
2\u00a0
\u2014\u00a0
70\u00a0
6\u00a0
Di\ufb00erences on exchange
21\u00a0
(15)
(1)
\u2014\u00a0
(16)
5\u00a0
Contributions paid by the Group
3\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
Bene\ufb01ts paid
(42)
39\u00a0
3\u00a0
\u2014\u00a0
42\u00a0
\u2014\u00a0
At 31 March 2025
828\u00a0
(626)
(35)
(2)
(663)
165\u00a0
\n
(c) Actuarial assumptions and sensitivities
\n
The accounting valuations at 31 March 2026 have been based on the most recent actuarial valuations, updated to take account of the requirements
\n
of\u00a0IAS 19. The assumptions for the real discount rate, pension increases and mortality, used to calculate the present value of the de\ufb01ned bene\ufb01t
\n
obligations, all have a signi\ufb01cant e\ufb00ect on the accounting valuation.
\n
The assumed single equivalent margin between RPI and CPI has been reduced to 35 basis points from 40 basis points at 31 March 2025, consistent
\n
with our continued assumption of a 100-basis-point margin prior to 2030 and a ten-basis-point margin assumed thereafter. This results in an increase
\n
in retirement bene\ufb01t obligations at 31 March 2026 of approximately US$1m. The single equivalent di\ufb00erential is expected to reduce over time
\n
towards\u00a02030.
\n
Assumptions for eligibility for dependant bene\ufb01ts and mortality have been updated to re\ufb02ect the latest analysis undertaken for the full actuarial
\n
funding valuation of the Experian Pension Scheme at 31 March 2025. Mortality assumptions also incorporate the most recent published UK model
\n
for\u00a0projected improvements in life expectancy. These updates decreased retirement bene\ufb01t obligations at 31 March 2026 by approximately US$5m.
\n
The other methods and assumptions used are consistent with those used in the prior year. Changes to these assumptions in the light of prevailing
\n
conditions may have a signi\ufb01cant impact on future valuations. Indications of the sensitivity of the amounts reported at 31 March 2026 to changes
\n
in\u00a0the\u00a0real discount rate, pension increases, life expectancy and medical costs are included below.
\n
The absolute sensitivity numbers are stated on a basis consistent with the methodology used in determining the accounting valuation as at 31 March
\n
2026. The methodology evaluates the e\ufb00ect of a change in each assumption on the relevant obligations, while holding all other assumptions constant.
\n
(i) Financial actuarial assumptions
\n\n \n
2026
2025
% p.a.
% p.a.
Discount rate
6.1\u00a0
5.8\u00a0
In\ufb02ation rate \u2013 based on the UK Retail Prices Index (the RPI)
3.4\u00a0
3.2\u00a0
In\ufb02ation rate \u2013 based on the UK Consumer Prices Index (the CPI)
3.0\u00a0
2.8\u00a0
Increase for pensions in payment \u2013 element based on the RPI (where cap is 5%)
3.1\u00a0
3.0\u00a0
Increase for pensions in payment \u2013 element based on the CPI (where cap is 2.5%)
2.0\u00a0
1.9\u00a0
Increase for pensions in payment \u2013 element based on the CPI (where cap is 3%)
2.2\u00a0
2.2\u00a0
Increase for pensions in deferment
3.0\u00a0
2.8\u00a0
In\ufb02ation in medical costs
6.5\u00a0
6.5\u00a0
\n
The principal \ufb01nancial assumption is the real discount rate, which is the excess of the discount rate over the rate of in\ufb02ation. The discount rate is based
\n
on the market yields of high-quality corporate bonds of a currency and term appropriate to the de\ufb01ned bene\ufb01t obligations. The Experian Pension
\n
Scheme obligations are in UK pounds sterling and have a maturity on average of 11 years. If the real discount rate increased/decreased by 0.25%, the
\n
de\ufb01ned bene\ufb01t obligations at 31 March 2026 would decrease/increase by approximately US$17m and the fair value of plan assets would decrease/
\n
increase by approximately US$19m.
\n
The rates of increase for pensions in payment re\ufb02ect the separate arrangements applying to di\ufb00erent groups of Experian\u2019s pensioners. If the in\ufb02ation
\n
rate underlying the pension increases (both in payment and in deferment) increased/decreased by 0.1%, the de\ufb01ned bene\ufb01t obligations at 31 March
\n
2026 would increase/decrease by approximately US$6m.
(ii) Mortality assumptions - average life expectancy on retirement at age 65 in normal health
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
years
years
For a male currently aged 65
21.7\u00a0
22.1\u00a0
For a female currently aged 65
23.6\u00a0
24.2\u00a0
For a male currently aged 50
22.8\u00a0
23.1\u00a0
For a female currently aged 50
24.9\u00a0
25.3\u00a0
\n
The accounting valuation assumes that mortality will be in line with standard tables adjusted to re\ufb02ect the expected experience of the Experian
Pension Scheme membership, based on analysis carried out for the 2025 actuarial valuation. A speci\ufb01c allowance for anticipated future improvements
in life expectancy is also incorporated.
The Group has also considered the potential impact of climate change and, at the present time, we do not believe that there is su\ufb03cient evidence to
require a change in the long-term mortality assumptions. We will continue to monitor any potential future impact on the mortality assumptions used.
An increase in assumed life expectancy of 0.1 years would increase the de\ufb01ned bene\ufb01t obligations at 31 March 2026 by approximately US$2m.
(iii) Post-employment medical bene\ufb01ts
The accounting valuation in respect of post-employment medical bene\ufb01ts assumes a rate of increase for medical costs. If this rate increased/
decreased by 1.0% per annum, the obligations at 31 March 2026 and the \ufb01nance expense would remain unchanged.
(d) Assets of the Group's de\ufb01ned bene\ufb01t plans at fair value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025 (Re-presented)
\u00a0
US$m
%
US$m
%
Alternative Credit
1
242\u00a0
28\u00a0
166\u00a0
20\u00a0
Index-linked gilts/Liability Driven Investments
225\u00a0
26\u00a0
227\u00a0
28\u00a0
Global corporate bonds
210\u00a0
25\u00a0
276\u00a0
33\u00a0
Equities
94\u00a0
11\u00a0
116\u00a0
14\u00a0
Other
81\u00a0
10\u00a0
43\u00a0
5\u00a0
\u00a0
852\u00a0
100\u00a0
828\u00a0
100\u00a0
\n
1
The FY26 asset categories have been updated to better re\ufb02ect underlying portfolio characteristics. Senior private debt and secured credit, previously reported separately, are now combined into a single category:
alternative credit. Accordingly, the categorisation of assets as at 31 March 2025 has been re-presented.
The funded de\ufb01ned bene\ufb01t pension plans hold a range of assets including global equities, global corporate bonds, alternative credit and a Liability
Driven Investment strategy which is used to hedge the interest rate and in\ufb02ation sensitivities of the obligations. Collateral levels within the Liability
Driven Investment strategy are closely monitored and remain robust.
The primary drivers impacting the fair value of the plans\u2019 funded assets and obligations are changes to expectations for future UK pound sterling
interest rates and in\ufb02ation expectations, as well as the retranslation of assets and obligations into US dollars.
The Experian Pension Scheme investment strategy aims to reduce investment risk and funding volatility. With the exception of a small allocation within
the Alternative Credit category, all other assets are regarded as being marketable and regularly traded. Over time, the Scheme is expected to increase
its allocation to liability matching assets, to provide cash \ufb02ows to match expected bene\ufb01t payments.
Other assets listed above mainly comprise highly liquid investments and cash held for bene\ufb01t payments, together with a small with-pro\ufb01ts investment.
The Trustee believes that sustainability factors may have a material impact on investment risk and return outcomes. Sustainability factors, including
climate change and stewardship, are increasingly integrated within investment processes both in appointing new investment managers and in
monitoring existing investment managers. Monitoring is undertaken and documented on a regular basis, making use of the investment consultant\u2019s
rating framework.
The Group\u2019s de\ufb01ned bene\ufb01t plans have no holdings of ordinary shares or debt of the Company.
(e) Virgin Media case
In June 2023, the English High Court handed down its decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others, relating
to the validity of certain historical pension changes due to the lack of actuarial con\ufb01rmation required by law. Following enactment on 29 April 2026,
the\u00a0UK Pension Schemes Act 2026 enables a\ufb00ected pension schemes to retrospectively obtain written actuarial con\ufb01rmation that historical bene\ufb01t
changes met the necessary standards.
Accordingly, the directors do not expect the Virgin Media ruling to give rise to any additional liabilities and consequently the de\ufb01ned bene\ufb01t obligations
have not been adjusted and continue to re\ufb02ect the bene\ufb01ts currently being administered.
(f) Future payments
Payments of US$3m are currently expected to be made during the year ending 31 March 2027 in respect of unfunded post-employment bene\ufb01ts.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "13. Amortisation and depreciation charges \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Benchmark:
\u00a0 \u00a0
Amortisation of other intangible assets
513\u00a0
450\u00a0
Depreciation of property, plant and equipment
100\u00a0
97\u00a0
\u00a0
613\u00a0
547\u00a0
Non-benchmark:
\u00a0 \u00a0
Amortisation of acquisition intangibles
263\u00a0
211\u00a0
\u00a0
876\u00a0
758\u00a0
\n
An analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(v). Analyses by asset type are given in notes 21 and 22.
The\u00a0depreciation charge for the year includes US$43m (2025: US$43m) in respect of right-of-use assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "14. Fees payable to the Company's auditor \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Audit of the Company and Group \ufb01nancial statements
1.2\u00a0
1.2\u00a0
Audit of the \ufb01nancial statements of the Company's subsidiaries
6.6\u00a0
6.4\u00a0
Audit-related assurance services
2.5\u00a0
1.3\u00a0
Other assurance services
0.1\u00a0
0.1\u00a0
Total fees payable to the Company's auditor and its associates
10.4\u00a0
9.0\u00a0
Summary of fees by nature:
\u00a0 \u00a0
Fees for audit services
7.8\u00a0
7.6\u00a0
Fees for audit-related assurance services
2.5\u00a0
1.3\u00a0
Fees for other assurance services
0.1\u00a0
0.1\u00a0
\u00a0
10.4\u00a0
9.0\u00a0
\n
The guidelines covering the use of the Company\u2019s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
services are capped at 70% of the average audit fees paid over the previous three consecutive \ufb01nancial years. In the year ended 31 March 2026, fees
payable for non-audit services, were 36% (2025: 20%) of the average audit fees paid over the previous three consecutive \ufb01nancial years. Such fees are
reported within Other operating charges.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "15. Exceptional items and other adjustments made to derive Benchmark PBT
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Exceptional items:
\u00a0 \u00a0 \u00a0
(Pro\ufb01t)/loss on disposal of operations
1
15(b), 41(d)
(9)
4
Restructuring costs
15(c)
28
50
Legal provisions movements
1
15(d)
1
(15)
Net charge for Exceptional items
\u00a0
20
39
Other adjustments made to derive Benchmark PBT:
\u00a0 \u00a0 \u00a0
Amortisation and impairment of acquisition intangibles
2
13, 21
271
211
Acquisition and disposal expenses
3
\u00a0
59
37
Adjustment to the fair value of contingent consideration
1
30(h)
(2)
1
Interest on tax liabilities
16(c)
14
4
Financing fair value remeasurements
16(c)
(101)
85
Net charge for other adjustments made to derive Benchmark PBT
\u00a0
241
338
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\u00a0
261
377
By income statement caption:
\u00a0 \u00a0 \u00a0
Labour costs
\u00a0
45
60
Amortisation and depreciation charges
\u00a0
263
211
Other operating charges
\u00a0
40
17
Within operating pro\ufb01t
\u00a0
348
288
Within \ufb01nance expense
16(a)
(87)
89
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
\u00a0
261
377
\n
1
Included in other operating charges.
2
The impairment charge on acquisition intangibles of US$8m (2025: US$nil) is included in other operating charges.
3
Acquisition and disposal expenses represent professional fees and expenses associated with completed, ongoing and terminated acquisition and disposal processes, as well as the integration and separation
costs associated with completed deals. Of the total, US$25m (2025: US$10m) is recorded within labour costs and US$34m (2025: US$27m) is included within other operating charges in the Group income
statement.
(b) (Pro\ufb01t)/loss on disposal of operations
The pro\ufb01t on the disposal of operations of US$9m (2025: loss on disposal of US$4m) relates to the disposal of a number of subsidiary undertakings
primarily in EMEA and Asia Paci\ufb01c.
(c) Restructuring costs
Substantial progress has been made in completing the \ufb01nal stages of our technology transformation and cloud migration, including the realignment
of\u00a0sta\ufb00 resources to our new technology architecture and the acceleration of the shift to our global development centres to enhance productivity.
Severance costs of US$20m (2025: US$50m) and other restructuring costs of US$8m (2025: US$nil) were recognised during the year in relation
to\u00a0this\u00a0programme. The associated cash out\ufb02ow was US$21m (2025: US$30m).
(d) Legal provisions movements
Movements in provisions were recognised in respect of a number of historical legal claims in North America, with associated costs presented net
of\u00a0insurance recoveries.", "dimensions": { "concept": "exp:DisclosureOfExceptionalItemsAndOtherAdjustmentsMadeToDeriveBenchmarkPbtContinuingOperationsTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n
(b) Net interest expense included in Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income
(34)
(21)
Interest expense
219\u00a0
178\u00a0
Net interest expense included in Benchmark PBT
185\u00a0
157\u00a0
\n
(c) Analysis of net non-benchmark \ufb01nance (income)/expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Fair value (gains)/ losses on borrowings \u2013 attributable to interest rate risk
(9)
14\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
123\u00a0
43\u00a0
Gains on interest rate swaps \u2013 fair value hedges
(6)
(9)
Gains on cross-currency swaps \u2013 fair value hedges
(105)
(39)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(11)
(12)
Gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
Fair value losses on non-hedging derivatives
17\u00a0
34\u00a0
Foreign exchange (gains)/losses on Brazilian real intra-Group funding
(82)
58\u00a0
Other foreign exchange (gains)/losses on \ufb01nancing activities
(7)
8\u00a0
Monetary loss on hyperin\ufb02ation
2\u00a0
\u2014\u00a0
Decrease in the present value of put options
(19)
(5)
Movement in Other \ufb01nancial assets at FVPL
(4)
(6)
Movement in connection with commitments to purchase own shares
\u2014\u00a0
(1)
Net (credit)/charge for \ufb01nancing fair value remeasurements
(101)
85\u00a0
Interest on tax liabilities
14\u00a0
4\u00a0
\u00a0
(87)
89\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n
(b) Net interest expense included in Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income
(34)
(21)
Interest expense
219\u00a0
178\u00a0
Net interest expense included in Benchmark PBT
185\u00a0
157\u00a0
\n
(c) Analysis of net non-benchmark \ufb01nance (income)/expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Fair value (gains)/ losses on borrowings \u2013 attributable to interest rate risk
(9)
14\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
123\u00a0
43\u00a0
Gains on interest rate swaps \u2013 fair value hedges
(6)
(9)
Gains on cross-currency swaps \u2013 fair value hedges
(105)
(39)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(11)
(12)
Gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
Fair value losses on non-hedging derivatives
17\u00a0
34\u00a0
Foreign exchange (gains)/losses on Brazilian real intra-Group funding
(82)
58\u00a0
Other foreign exchange (gains)/losses on \ufb01nancing activities
(7)
8\u00a0
Monetary loss on hyperin\ufb02ation
2\u00a0
\u2014\u00a0
Decrease in the present value of put options
(19)
(5)
Movement in Other \ufb01nancial assets at FVPL
(4)
(6)
Movement in connection with commitments to purchase own shares
\u2014\u00a0
(1)
Net (credit)/charge for \ufb01nancing fair value remeasurements
(101)
85\u00a0
Interest on tax liabilities
14\u00a0
4\u00a0
\u00a0
(87)
89\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "16. Net \ufb01nance expense
(a) Net \ufb01nance expense included in pro\ufb01t before tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n
(b) Net interest expense included in Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income
(34)
(21)
Interest expense
219\u00a0
178\u00a0
Net interest expense included in Benchmark PBT
185\u00a0
157\u00a0
\n
(c) Analysis of net non-benchmark \ufb01nance (income)/expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Fair value (gains)/ losses on borrowings \u2013 attributable to interest rate risk
(9)
14\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
123\u00a0
43\u00a0
Gains on interest rate swaps \u2013 fair value hedges
(6)
(9)
Gains on cross-currency swaps \u2013 fair value hedges
(105)
(39)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(11)
(12)
Gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
Fair value losses on non-hedging derivatives
17\u00a0
34\u00a0
Foreign exchange (gains)/losses on Brazilian real intra-Group funding
(82)
58\u00a0
Other foreign exchange (gains)/losses on \ufb01nancing activities
(7)
8\u00a0
Monetary loss on hyperin\ufb02ation
2\u00a0
\u2014\u00a0
Decrease in the present value of put options
(19)
(5)
Movement in Other \ufb01nancial assets at FVPL
(4)
(6)
Movement in connection with commitments to purchase own shares
\u2014\u00a0
(1)
Net (credit)/charge for \ufb01nancing fair value remeasurements
(101)
85\u00a0
Interest on tax liabilities
14\u00a0
4\u00a0
\u00a0
(87)
89\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "(a) Net \ufb01nance expense included in pro\ufb01t before tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n
(b) Net interest expense included in Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income
(34)
(21)
Interest expense
219\u00a0
178\u00a0
Net interest expense included in Benchmark PBT
185\u00a0
157\u00a0
\n
(c) Analysis of net non-benchmark \ufb01nance (income)/expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Fair value (gains)/ losses on borrowings \u2013 attributable to interest rate risk
(9)
14\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
123\u00a0
43\u00a0
Gains on interest rate swaps \u2013 fair value hedges
(6)
(9)
Gains on cross-currency swaps \u2013 fair value hedges
(105)
(39)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(11)
(12)
Gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
Fair value losses on non-hedging derivatives
17\u00a0
34\u00a0
Foreign exchange (gains)/losses on Brazilian real intra-Group funding
(82)
58\u00a0
Other foreign exchange (gains)/losses on \ufb01nancing activities
(7)
8\u00a0
Monetary loss on hyperin\ufb02ation
2\u00a0
\u2014\u00a0
Decrease in the present value of put options
(19)
(5)
Movement in Other \ufb01nancial assets at FVPL
(4)
(6)
Movement in connection with commitments to purchase own shares
\u2014\u00a0
(1)
Net (credit)/charge for \ufb01nancing fair value remeasurements
(101)
85\u00a0
Interest on tax liabilities
14\u00a0
4\u00a0
\u00a0
(87)
89\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "(a) Net \ufb01nance expense included in pro\ufb01t before tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n
(b) Net interest expense included in Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income
(34)
(21)
Interest expense
219\u00a0
178\u00a0
Net interest expense included in Benchmark PBT
185\u00a0
157\u00a0
\n
(c) Analysis of net non-benchmark \ufb01nance (income)/expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Fair value (gains)/ losses on borrowings \u2013 attributable to interest rate risk
(9)
14\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
123\u00a0
43\u00a0
Gains on interest rate swaps \u2013 fair value hedges
(6)
(9)
Gains on cross-currency swaps \u2013 fair value hedges
(105)
(39)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(11)
(12)
Gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
Fair value losses on non-hedging derivatives
17\u00a0
34\u00a0
Foreign exchange (gains)/losses on Brazilian real intra-Group funding
(82)
58\u00a0
Other foreign exchange (gains)/losses on \ufb01nancing activities
(7)
8\u00a0
Monetary loss on hyperin\ufb02ation
2\u00a0
\u2014\u00a0
Decrease in the present value of put options
(19)
(5)
Movement in Other \ufb01nancial assets at FVPL
(4)
(6)
Movement in connection with commitments to purchase own shares
\u2014\u00a0
(1)
Net (credit)/charge for \ufb01nancing fair value remeasurements
(101)
85\u00a0
Interest on tax liabilities
14\u00a0
4\u00a0
\u00a0
(87)
89\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "(a) Net \ufb01nance expense included in pro\ufb01t before tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n
(b) Net interest expense included in Benchmark PBT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Interest income
(34)
(21)
Interest expense
219\u00a0
178\u00a0
Net interest expense included in Benchmark PBT
185\u00a0
157\u00a0
\n
(c) Analysis of net non-benchmark \ufb01nance (income)/expense
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Fair value (gains)/ losses on borrowings \u2013 attributable to interest rate risk
(9)
14\u00a0
Fair value losses on borrowings \u2013 attributable to currency risk
123\u00a0
43\u00a0
Gains on interest rate swaps \u2013 fair value hedges
(6)
(9)
Gains on cross-currency swaps \u2013 fair value hedges
(105)
(39)
Foreign currency gains on cross-currency swaps designated as a cash \ufb02ow hedge \u2013 transfer from OCI
(11)
(12)
Gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
Fair value losses on non-hedging derivatives
17\u00a0
34\u00a0
Foreign exchange (gains)/losses on Brazilian real intra-Group funding
(82)
58\u00a0
Other foreign exchange (gains)/losses on \ufb01nancing activities
(7)
8\u00a0
Monetary loss on hyperin\ufb02ation
2\u00a0
\u2014\u00a0
Decrease in the present value of put options
(19)
(5)
Movement in Other \ufb01nancial assets at FVPL
(4)
(6)
Movement in connection with commitments to purchase own shares
\u2014\u00a0
(1)
Net (credit)/charge for \ufb01nancing fair value remeasurements
(101)
85\u00a0
Interest on tax liabilities
14\u00a0
4\u00a0
\u00a0
(87)
89\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "(a) Net \ufb01nance expense included in pro\ufb01t before tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
US$m
US$m
Interest income:
\u00a0\u00a0
Bank deposits, short-term investments and loan notes
(24)
(14)
Interest on pension plan assets (note 35(a)(ii))
(10)
(7)
Interest income
(34)
(21)
Finance expense:
\u00a0\u00a0
Eurobonds and notes
151\u00a0
104\u00a0
Bank loans, commercial paper, overdrafts and other
29\u00a0
40\u00a0
Interest di\ufb00erentials on derivatives
26\u00a0
22\u00a0
Interest on leases
7\u00a0
7\u00a0
Commitment and facility fees
6\u00a0
5\u00a0
Interest expense
219\u00a0
178\u00a0
Net non-benchmark \ufb01nance (income)/expense (note 16(c))
(87)
89\u00a0
Finance expense
132\u00a0
267\u00a0
Net \ufb01nance expense included in pro\ufb01t before tax
98\u00a0
246\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "17. Tax charge
(a) Analysis of tax charge in the Group income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Current tax:
\u00a0 \u00a0
Tax on income for the year
437\u00a0
503\u00a0
Global minimum top-up tax
10\u00a0
7\u00a0
Adjustments in respect of earlier years
(39)
(10)
Total current tax charge
408\u00a0
500\u00a0
Deferred tax:
\u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
29\u00a0
(111)
Adjustments in respect of earlier years
6\u00a0
(10)
Total deferred tax charge/(credit)
35\u00a0
(121)
Tax charge
443\u00a0
379\u00a0
The tax charge comprises:
\u00a0 \u00a0
UK tax
38\u00a0
18\u00a0
Non-UK tax
405\u00a0
361\u00a0
\u00a0
443\u00a0
379\u00a0
\n
\n\n\n\n\n
(b) Tax reconciliations
\n
(i) Reconciliation of the tax charge
\n
As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate
\n
of\u00a0corporation tax in the UK. The e\ufb00ective rate of tax based on pro\ufb01t before tax is lower (2025: lower) than the main rate of corporation tax in the UK,
\n
with the di\ufb00erences explained in note 17(c).
\n\n \n
2026
2025
US$m
US$m
Pro\ufb01t before tax
1,951\u00a0
1,549\u00a0
Pro\ufb01t before tax multiplied by the main rate of UK corporation tax of 25% (2025: 25%)
488\u00a0
387\u00a0
E\ufb00ects of:
Adjustments in respect of earlier years
1
(33)
(20)
Income not taxable
1
(46)
(11)
Losses not recognised
10\u00a0
9\u00a0
Expenses not deductible
1
69\u00a0
62\u00a0
Di\ufb00erent e\ufb00ective tax rates in non-UK businesses
(75)
(64)
Local taxes
2
69\u00a0
61\u00a0
Current year movement in uncertain tax positions
20\u00a0
20\u00a0
Recognition of previously unrecognised tax losses
3
(17)
(27)
Research and development incentive claims
(42)
(38)
Tax charge
443\u00a0
379\u00a0
E\ufb00ective rate of tax based on pro\ufb01t before tax
22.7%
24.5%
\n
1
Refer to note 17(c).
\n
2
Local taxes comprise US state taxes and the current tax expense related to the global minimum top-up tax, re\ufb02ected in note17(a) above.
\n
3
Recognition of previously unrecognised tax losses acquired with the illion Group (2025: relates to tax losses supported by the acquisition of the illion Group).
\n
(ii) Reconciliation of the tax charge to the Benchmark tax charge
\n\n \n
2026
2025
US$m
US$m
Tax charge
443\u00a0
379\u00a0
Tax relief on Exceptional items and other adjustments made to derive Benchmark PBT
120\u00a0
108\u00a0
Benchmark tax charge
563\u00a0
487\u00a0
Benchmark PBT
2,212\u00a0
1,926\u00a0
Benchmark tax rate
25.5%
25.3%
\n
(c) Factors that a\ufb00ect the tax charge
\n
The Group\u2019s tax rate re\ufb02ects its internal \ufb01nancing arrangements in place to fund non-UK businesses and is in\ufb02uenced by the pro\ufb01le of pro\ufb01ts earned
\n
in the di\ufb00erent countries in which the Group\u2019s subsidiaries operate, in particular our three core economies of the USA, Brazil and the UK.
\n
Expenses not deductible include acquisition and disposal expenses as well as business expenses that are not deductible for tax. Income not taxable
\n
includes \ufb01nancing fair value remeasurements which are not subject to tax.
\n
Adjustments in respect of earlier years re\ufb02ect adjustments for matters that have been substantively agreed with local tax authorities.
\n
At 31 March 2026, the Group held current tax liabilities of US$93m (2025: US$76m) and deferred tax liabilities of US$14m (2025: US$12m) in respect
\n
of uncertain tax positions. In both FY26 and FY25, the net increase in provisions recognised during the year re\ufb02ects the Group\u2019s assessment of open
\n
and judgmental matters and whether additional taxes will be due, after taking into account external advice where appropriate.
\n
While the timing of developments in resolving these matters is inherently uncertain, the Group does not expect to materially increase its uncertain
\n
tax\u00a0provisions in the next 12 months.
\n
The Group is subject to the global minimum top-up tax under the Organisation for Economic Co-operation and Development\u2019s (OECD) Pillar Two tax
\n
legislation. In FY26, the Group recognised a current tax expense of US$10m (2025: US$7m) related to the top-up tax, of which US$9m (2025: US$7m)
\n
is\u00a0levied on Experian plc.
(d) Other factors that a\ufb00ect the future tax charge
The Group\u2019s tax charge will continue to be in\ufb02uenced by the pro\ufb01le of pro\ufb01ts earned in the di\ufb00erent countries in which the Group\u2019s subsidiaries
operate. Continued focus on tax reform is expected in FY27, particularly in Brazil noting that the Group could be impacted by the introduction of
a\u00a010%\u00a0withholding tax on dividends which is e\ufb00ective from 1 January 2026. There is no impact of this legislative change in the current period,
nor\u00a0is\u00a0a\u00a0material impact expected in future periods.
In addition, indirect tax reforms are ongoing in Brazil and tax reform was implemented in the USA during the \ufb01rst half of the year. Both matters
do\u00a0not\u00a0materially impact the Group\u2019s e\ufb00ective tax rate in the current period, nor are they expected to do so in future periods.
The main rate of UK corporation tax for the year ended 31 March 2026 was 25% (2025: 25%). 36. Deferred and current tax
(a) Deferred tax
(i) Net deferred tax assets/(liabilities)
The net deferred tax liability at the end of the year is presented in the Group balance sheet as:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Deferred tax assets
46\u00a0
71\u00a0
Deferred tax liabilities
(179)
(155)
Net deferred tax liability
(133)
(84)
\n
(ii) Movements in net deferred tax assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
intangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
\u00a0\u00a0
Share
\u00a0
Post-
Accounting
\u00a0\u00a0
\u00a0
(excluding
\u00a0
Tax losses
incentive
Accelerated
employment
provisions
Deferred
\u00a0
\u00a0
goodwill)
Goodwill
and credits
plans
depreciation
bene\ufb01ts
and accruals
interest
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
(199)
(381)
86\u00a0
68\u00a0
193\u00a0
(40)
166\u00a0
23\u00a0
(84)
Di\ufb00erences on exchange
(3)
(9)
2\u00a0
1\u00a0
1\u00a0
(1)
1\u00a0
\u2014\u00a0
(8)
(Charge)/credit recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
58\u00a0
(21)
(5)
(6)
(67)
(4)
1\u00a0
9\u00a0
(35)
Additions through business
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
combinations
(10)
\u2014\u00a0
24\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
Disposal of businesses
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
Charge recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
\u2014\u00a0
\u2014\u00a0
(2)
Charge recognised directly in equity on
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(17)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(17)
Transfers
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
\u2014\u00a0
(3)
At 31 March 2026
(152)
(411)
107\u00a0
46\u00a0
127\u00a0
(47)
165\u00a0
32\u00a0
(133)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
intangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
\u00a0\u00a0
Share
\u00a0
Post-
Accounting
\u00a0\u00a0
\u00a0
(excluding
\u00a0
Tax losses
incentive
Accelerated
employment
provisions
Deferred
\u00a0
\u00a0
goodwill)
Goodwill
and credits
plans
depreciation
bene\ufb01ts
and accruals
interest
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(109)
(394)
72\u00a0
60\u00a0
151\u00a0
(32)
154\u00a0
24\u00a0
(74)
Di\ufb00erences on exchange
1\u00a0
21\u00a0
(2)
(1)
\u2014\u00a0
\u2014\u00a0
(6)
\u2014\u00a0
13\u00a0
Credit/(charge) recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
55\u00a0
(8)
16\u00a0
4\u00a0
42\u00a0
(1)
14\u00a0
(1)
121\u00a0
Additions through business
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
combinations
(146)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
(143)
Charge recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(7)
(2)
\u2014\u00a0
(9)
Credit recognised directly in equity on
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Transfers
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
At 31 March 2025
(199)
(381)
86\u00a0
68\u00a0
193\u00a0
(40)
166\u00a0
23\u00a0
(84)
\n
(iii) Other information on deferred tax assets and liabilities
Judgment is required when assessing the recognition of deferred tax assets. The Group has not recognised deferred tax on losses of US$546m (2025:
US$431m) that could be utilised against future taxable income or on US$231m (2025: US$209m) of capital losses that could be utilised against future
taxable gains. While these losses are available inde\ufb01nitely, they have arisen in undertakings in which it is not currently anticipated that future bene\ufb01t
will be available from their use.
No deferred tax liability has been recognised on temporary di\ufb00erences of US$8,537m (2025: US$9,212m) relating to the unremitted earnings of
overseas subsidiaries. The Group is able to control the timing of the reversal of these temporary di\ufb00erences and it is probable that they will not reverse
in the foreseeable future. In addition, tax legislation and double tax treaties provide for exemptions from tax for most repatriated pro\ufb01ts, subject to
certain exceptions.
During the year the main rate of UK corporation tax was 25% (2025: 25%). Deferred tax is recognised at the rate prevailing when temporary di\ufb00erences
are expected to reverse.
(b) Net current tax assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2026
2025
\u00a0
Notes
US$m
US$m
At 1 April
\u00a0
(24)
14\u00a0
Di\ufb00erences on exchange
\u00a0
2\u00a0
(2)
Tax charge in the Group income statement
17(a)
(408)
(500)
Tax recognised directly in equity on transactions with owners
\u00a0
16\u00a0
9\u00a0
Other tax paid
\u00a0
438\u00a0
447\u00a0
Transfers
\u00a0
3\u00a0
8\u00a0
At 31 March
\u00a0
27\u00a0
(24)
Presented in the Group balance sheet as:
\u00a0\u00a0\u00a0
Current tax assets
\u00a0
65\u00a0
52\u00a0
Current tax liabilities
\u00a0
(38)
(76)
\u00a0\u00a0
27\u00a0
(24)
\nTax recognised directly in equity on transactions with owners relates to employee share incentive plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "(a) Analysis of tax charge in the Group income statement \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Current tax:
\u00a0 \u00a0
Tax on income for the year
437\u00a0
503\u00a0
Global minimum top-up tax
10\u00a0
7\u00a0
Adjustments in respect of earlier years
(39)
(10)
Total current tax charge
408\u00a0
500\u00a0
Deferred tax:
\u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
29\u00a0
(111)
Adjustments in respect of earlier years
6\u00a0
(10)
Total deferred tax charge/(credit)
35\u00a0
(121)
Tax charge
443\u00a0
379\u00a0
The tax charge comprises:
\u00a0 \u00a0
UK tax
38\u00a0
18\u00a0
Non-UK tax
405\u00a0
361\u00a0
\u00a0
443\u00a0
379\u00a0
\n(a) Deferred tax
(i) Net deferred tax assets/(liabilities)
The net deferred tax liability at the end of the year is presented in the Group balance sheet as:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Deferred tax assets
46\u00a0
71\u00a0
Deferred tax liabilities
(179)
(155)
Net deferred tax liability
(133)
(84)
\n
(ii) Movements in net deferred tax assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
intangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
\u00a0\u00a0
Share
\u00a0
Post-
Accounting
\u00a0\u00a0
\u00a0
(excluding
\u00a0
Tax losses
incentive
Accelerated
employment
provisions
Deferred
\u00a0
\u00a0
goodwill)
Goodwill
and credits
plans
depreciation
bene\ufb01ts
and accruals
interest
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
(199)
(381)
86\u00a0
68\u00a0
193\u00a0
(40)
166\u00a0
23\u00a0
(84)
Di\ufb00erences on exchange
(3)
(9)
2\u00a0
1\u00a0
1\u00a0
(1)
1\u00a0
\u2014\u00a0
(8)
(Charge)/credit recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
58\u00a0
(21)
(5)
(6)
(67)
(4)
1\u00a0
9\u00a0
(35)
Additions through business
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
combinations
(10)
\u2014\u00a0
24\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
Disposal of businesses
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
Charge recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
\u2014\u00a0
\u2014\u00a0
(2)
Charge recognised directly in equity on
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(17)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(17)
Transfers
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
\u2014\u00a0
(3)
At 31 March 2026
(152)
(411)
107\u00a0
46\u00a0
127\u00a0
(47)
165\u00a0
32\u00a0
(133)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
intangible
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
\u00a0\u00a0
Share
\u00a0
Post-
Accounting
\u00a0\u00a0
\u00a0
(excluding
\u00a0
Tax losses
incentive
Accelerated
employment
provisions
Deferred
\u00a0
\u00a0
goodwill)
Goodwill
and credits
plans
depreciation
bene\ufb01ts
and accruals
interest
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(109)
(394)
72\u00a0
60\u00a0
151\u00a0
(32)
154\u00a0
24\u00a0
(74)
Di\ufb00erences on exchange
1\u00a0
21\u00a0
(2)
(1)
\u2014\u00a0
\u2014\u00a0
(6)
\u2014\u00a0
13\u00a0
Credit/(charge) recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
55\u00a0
(8)
16\u00a0
4\u00a0
42\u00a0
(1)
14\u00a0
(1)
121\u00a0
Additions through business
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
combinations
(146)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
(143)
Charge recognised within OCI
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(7)
(2)
\u2014\u00a0
(9)
Credit recognised directly in equity on
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
transactions with owners
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
5\u00a0
Transfers
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
At 31 March 2025
(199)
(381)
86\u00a0
68\u00a0
193\u00a0
(40)
166\u00a0
23\u00a0
(84)
\n
(iii) Other information on deferred tax assets and liabilities
Judgment is required when assessing the recognition of deferred tax assets. The Group has not recognised deferred tax on losses of US$546m (2025:
US$431m) that could be utilised against future taxable income or on US$231m (2025: US$209m) of capital losses that could be utilised against future
taxable gains. While these losses are available inde\ufb01nitely, they have arisen in undertakings in which it is not currently anticipated that future bene\ufb01t
will be available from their use.
No deferred tax liability has been recognised on temporary di\ufb00erences of US$8,537m (2025: US$9,212m) relating to the unremitted earnings of
overseas subsidiaries. The Group is able to control the timing of the reversal of these temporary di\ufb00erences and it is probable that they will not reverse
in the foreseeable future. In addition, tax legislation and double tax treaties provide for exemptions from tax for most repatriated pro\ufb01ts, subject to
certain exceptions.
During the year the main rate of UK corporation tax was 25% (2025: 25%). Deferred tax is recognised at the rate prevailing when temporary di\ufb00erences
are expected to reverse.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "18. Earnings per share disclosures
(a) Earnings per share
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
Basic
Diluted
\u00a0
2026
2025
2026
2025
\u00a0
US cents
US cents
US cents
US cents
EPS
164.5\u00a0
127.6\u00a0
163.4\u00a0
126.5\u00a0
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of
\u00a0 \u00a0 \u00a0 \u00a0
related tax
15.3\u00a0
29.3\u00a0
15.3\u00a0
29.0\u00a0
Benchmark EPS (non-GAAP measure)
179.8\u00a0
156.9\u00a0
178.7\u00a0
155.5\u00a0
Adjustment to constant exchange rates
1
(1.8)
0.2\u00a0
(1.9)
0.2\u00a0
Benchmark EPS at constant exchange rates (non-GAAP measure)
1
178.0\u00a0
157.1\u00a0
176.8\u00a0
155.7\u00a0
\n
1
Non-GAAP constant exchange rate measures are calculated using the prior year\u2019s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
the latest prior year average exchange rates.
(b) Analysis of earnings
(i) Attributable to owners of Experian plc
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
US$m
US$m
Pro\ufb01t for the \ufb01nancial year attributable to owners of Experian plc
1,502\u00a0
1,166\u00a0
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax
140\u00a0
268\u00a0
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure)
1,642\u00a0
1,434\u00a0
Adjustment to constant exchange rates
1
(17)
2\u00a0
Benchmark earnings attributable to owners of Experian plc at constant FX (non-GAAP measure)
1
1,625\u00a0
1,436\u00a0
\n
1
Non-GAAP constant exchange rate measures are calculated using the prior year\u2019s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
the latest prior year average exchange rates.
(ii) Attributable to non-controlling interests
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Pro\ufb01t for the \ufb01nancial year attributable to non-controlling interests
6\u00a0
4\u00a0
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax
1\u00a0
1\u00a0
Benchmark earnings attributable to non-controlling interests (non-GAAP measure)
7\u00a0
5\u00a0
\n
(c) Reconciliation of Total Benchmark earnings to pro\ufb01t for the \ufb01nancial year
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Total Benchmark earnings (non-GAAP measure)
1,649\u00a0
1,439\u00a0
Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax:
\u00a0\u00a0
\u2013 attributable to owners of Experian plc
(140)
(268)
\u2013 attributable to non-controlling interests
(1)
(1)
Pro\ufb01t for the \ufb01nancial year
1,508\u00a0
1,170\u00a0
\n
(d) Weighted average number of ordinary shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
million
million
Weighted average number of ordinary shares
913\u00a0
914\u00a0
Add: dilutive e\ufb00ect of share incentive awards, options and share purchases
6\u00a0
8\u00a0
Diluted weighted average number of ordinary shares
919\u00a0
922\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "19. Dividends on ordinary shares \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US cents
\u00a0
US cents
\u00a0
\u00a0
per share
US$m
per share
US$m
Amounts recognised and paid during the \ufb01nancial year:
\u00a0 \u00a0 \u00a0 \u00a0
First interim \u2013 paid in February 2026 (2025: February 2025)
21.25\u00a0
194\u00a0
19.25\u00a0
176\u00a0
Second interim \u2013 paid in July 2025 (2025: July 2024)
1
43.25\u00a0
396\u00a0
40.50\u00a0
370\u00a0
Dividends paid on ordinary shares
64.50\u00a0
590\u00a0
59.75\u00a0
546\u00a0
Full-year dividend for the \ufb01nancial year
69.25\u00a0
626\u00a0
62.50\u00a0
571\u00a0
\n
1
The cost of the second interim dividend for the year ended 31 March 2025, paid in July 2025, was US$1m higher than the announced amount due to foreign exchange rate movements.
A second interim dividend in respect of the year ended 31 March 2026 of 48.00 US cents per ordinary share will be paid on 24 July 2026, to
shareholders on the register at the close of business on 26 June 2026 and is not included as a liability in these \ufb01nancial statements. This second
interim dividend and the \ufb01rst interim dividend paid in February 2026 comprise the full-year dividend for the \ufb01nancial year of 69.25 US cents per
ordinary share. Further administrative information on dividends is given in the Shareholder and corporate information section. Dividend amounts
are\u00a0quoted gross.
In the year ended 31 March 2026, the employee trusts waived their entitlements to dividends of US$2m (2025: US$3m). There is no entitlement to
dividends in respect of own shares held as treasury shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "0.645", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "0.5975", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "0.6925", "decimals": 4, "dimensions": { "concept": "exp:FullYearDividendPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "0.625", "decimals": 4, "dimensions": { "concept": "exp:FullYearDividendPerShare", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:MeasurementAxis": "exp:BenchmarkMember", "unit": "iso4217:USD/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "20. Goodwill
(a) Movements in goodwill
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
US$m
US$m
Cost
\u00a0 \u00a0
At 1 April
6,902\u00a0
6,208\u00a0
Di\ufb00erences on exchange
204\u00a0
(121)
Additions through business combinations (note 41(a))
429\u00a0
815\u00a0
Disposal of businesses
(16)
\u2014\u00a0
At 31 March
7,519\u00a0
6,902\u00a0
Accumulated impairment
\u00a0 \u00a0
At 1 April
248\u00a0
246\u00a0
Di\ufb00erences on exchange
10\u00a0
2\u00a0
At 31 March
258\u00a0
248\u00a0
Net book amount at 1 April
6,654\u00a0
5,962\u00a0
Net book amount at 31 March
7,261\u00a0
6,654\u00a0
\n
(b) Goodwill by group of CGUs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
North America
4,308\u00a0
4,170\u00a0
Latin America
1,213\u00a0
904\u00a0
UK and Ireland
868\u00a0
763\u00a0
EMEA and Asia Paci\ufb01c
872\u00a0
817\u00a0
At 31 March
7,261\u00a0
6,654\u00a0
\n
(c) Key assumptions for value-in-use calculations by group of CGUs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0 \u00a0
Long-term
\u00a0
Long-term
\u00a0
Discount rate
growth rate
Discount rate
growth rate
\u00a0
% p.a.
% p.a.
% p.a.
% p.a.
North America
10.2\u00a0
3.5\u00a0
9.7\u00a0
3.5\u00a0
Latin America
17.4\u00a0
5.0\u00a0
17.6\u00a0
5.2\u00a0
UK and Ireland
11.2\u00a0
2.9\u00a0
10.7\u00a0
2.8\u00a0
EMEA and Asia Paci\ufb01c
12.7\u00a0
4.1\u00a0
12.2\u00a0
4.1\u00a0
As indicated in note 6(a), value-in-use calculations are underpinned by \ufb01nancial forecasts, which continue to re\ufb02ect our current assessment of the
impact of climate change and associated commitments the Group has made. Management\u2019s key assumptions for the initial \ufb01ve-year period in the
value-in-use calculations were as follows:
\u2022 Forecast revenue growth rates were based on past experience, adjusted for the strategic opportunities within each group of CGUs; the forecasts
used\u00a0average nominal growth rates of up to 16%, with rates of up to 11% in EMEA and Asia Paci\ufb01c.
\u2022 Benchmark EBIT was forecast based on historical margins and expectations of future performance. Margins were expected to improve modestly
throughout the period in the mature CGUs and improve annually by an absolute mid-single-digit amount in EMEA and Asia Paci\ufb01c.
\u2022 Forecast Benchmark operating cash \ufb02ow conversion rates were based on historical conversion rates achieved and performance expectations in
the\u00a0respective CGUs, with long-term conversion rates of 94% used in EMEA and Asia Paci\ufb01c.
Further details of the principles used in determining the basis of allocation by group of CGUs and annual impairment testing are given in note 6(a).
(d) Results of annual impairment review for the year ended 31 March 2026
The annual impairment review of goodwill was performed as at 30 September 2025. We have assessed the movement in modelling assumptions
in\u00a0the second half of the year. Despite recent increases in risk-free rates, our discount rates remained in line with those used in September. The
sector-wide share price movements driven by risks and opportunities of arti\ufb01cial intelligence do not signi\ufb01cantly impact our forecasts. Our proprietary
data assets, deeply embedded platforms and di\ufb00erentiated strategy position us well to take advantage of these developments. There have been
no\u00a0other signi\ufb01cant changes in the key modelling assumptions discussed in note 20(c) that would trigger a further review to be required at
31\u00a0March\u00a02026.
The recoverable amount of the EMEA and Asia Paci\ufb01c group of CGUs exceeded its carrying value by US$374m. Any decline in the estimated
value-in-use in excess of that amount would result in the recognition of an impairment charge. The sensitivities, which result in the recoverable
amount being equal to the carrying value, are summarised as follows:
\u2022 an absolute increase of 2.0 percentage points in the discount rate, from 12.7% to 14.7%, or
\u2022 an absolute reduction of 3.0 percentage points in the long-term growth rate, from 4.1% to 1.1%, or
\u2022 a reduction of 5.8 percentage points in the forecast FY31 pro\ufb01t margin, from 27.6% to 21.8%. A reduction in the annual margin improvement of
approximately 1.2 percentage points per year over the \ufb01ve-year forecast period would also reduce the recoverable amount to the carrying value, or
\u2022 an absolute reduction of 21% in the forecast FY31 pro\ufb01t.
The recoverable amounts of all other groups of CGUs exceeded their carrying value, on the basis of the assumptions set out in the table in note 20(c)
and any reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by considering the results of the scenario analysis performed consistent
with the recommendations of the TCFD. There was no impact on the reported amounts of goodwill as a result of this review.
21. Other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Acquisition intangibles
\u00a0\u00a0\u00a0
\u00a0
Customer
Acquired
Marketing-
\u00a0
Developed
\u00a0
\u00a0
and other
software
related
\u00a0
and purchased
\u00a0
\u00a0
relationships
development
assets
Databases
software
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
1,763\u00a0
647\u00a0
60\u00a0
1,668\u00a0
2,452\u00a0
6,590\u00a0
Di\ufb00erences on exchange
59\u00a0
21\u00a0
5\u00a0
89\u00a0
57\u00a0
231\u00a0
Additions through business combinations (note 41)
134\u00a0
50\u00a0
28\u00a0
9\u00a0
28\u00a0
249\u00a0
Other additions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
216\u00a0
461\u00a0
677\u00a0
Disposal of businesses
(8)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(4)
(12)
Other disposals
1
\u2014\u00a0
\u2014\u00a0
(1)
(197)
(247)
(445)
At 31 March 2026
1,948\u00a0
718\u00a0
92\u00a0
1,785\u00a0
2,747\u00a0
7,290\u00a0
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
881\u00a0
330\u00a0
44\u00a0
1,161\u00a0
1,319\u00a0
3,735\u00a0
Di\ufb00erences on exchange
23\u00a0
9\u00a0
3\u00a0
69\u00a0
34\u00a0
138\u00a0
Charge for the year
174\u00a0
81\u00a0
8\u00a0
193\u00a0
320\u00a0
776\u00a0
Impairment charge
5\u00a0
3\u00a0
\u2014\u00a0
\u2014\u00a0
4\u00a0
12\u00a0
Disposal of businesses
(2)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
(4)
Other disposals
1
\u2014\u00a0
\u2014\u00a0
(1)
(197)
(247)
(445)
At 31 March 2026
1,081\u00a0
423\u00a0
54\u00a0
1,226\u00a0
1,428\u00a0
4,212\u00a0
Net book amount at 31 March 2026
867\u00a0
295\u00a0
38\u00a0
559\u00a0
1,319\u00a0
3,078\u00a0
\n
1
As we complete the \ufb01nal stages of our technology transformation and cloud migration, and realign to our new technology architecture, we have disposed of a number of assets with US$nil net book value.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Acquisition intangibles
\u00a0
Developed
\u00a0
\u00a0
Customer
Acquired
Marketing-
\u00a0
and purchased
\u00a0
\u00a0
and other
software
related
\u00a0
software
\u00a0
\u00a0
relationships
development
assets
Databases
(Re-presented)
1
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
1,645\u00a0
544\u00a0
98\u00a0
1,655\u00a0
2,168\u00a0
6,110\u00a0
Di\ufb00erences on exchange
(41)
(13)
(5)
(90)
(26)
(175)
Additions through business combinations
318\u00a0
200\u00a0
7\u00a0
11\u00a0
27\u00a0
563\u00a0
Other additions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
203\u00a0
400\u00a0
603\u00a0
Disposals
(159)
(84)
(40)
(111)
(117)
(511)
At 31 March 2025
1,763\u00a0
647\u00a0
60\u00a0
1,668\u00a0
2,452\u00a0
6,590\u00a0
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
907\u00a0
357\u00a0
84\u00a0
1,159\u00a0
1,166\u00a0
3,673\u00a0
Di\ufb00erences on exchange
(12)
(6)
(3)
(69)
(11)
(101)
Charge for the year
145\u00a0
63\u00a0
3\u00a0
178\u00a0
272\u00a0
661\u00a0
Impairment charge
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
4\u00a0
9\u00a0
13\u00a0
Disposals
(159)
(84)
(40)
(111)
(117)
(511)
At 31 March 2025
881\u00a0
330\u00a0
44\u00a0
1,161\u00a0
1,319\u00a0
3,735\u00a0
Net book amount at 1 April 2024
738\u00a0
187\u00a0
14\u00a0
496\u00a0
1,002\u00a0
2,437\u00a0
Net book amount at 31 March 2025
882\u00a0
317\u00a0
16\u00a0
507\u00a0
1,133\u00a0
2,855\u00a0
\n
1
During the year, the former asset categories \u2018internal-use software\u2019 and \u2018internally generated software\u2019 were combined into a single asset class, \u2018developed and purchased software\u2019. The assets have similar
characteristics and are managed together within the business. Separate disclosure is not considered to provide more relevant information. Comparative amounts have been re-presented accordingly.
Within the above are the following individually material assets at 31 March 2026:
\u2022 Credit Data Solutions Pty Ltd (illion) core customer relationships with a net book value of US$168m (2025: US$163m) and a remaining amortisation
period of 15 years (2025: 16 years). The increase in the asset value during the year is attributable to exchange rate movements.
\u2022 Tapad, Inc. customer relationships with a net book value of US$106m (2025: US$115m) and a remaining amortisation period of 12 years (2025:
13\u00a0years).
\u2022 Predictive Pop, Inc. (Audigent) acquired software development with a net book value of US$79m (2025: US$97m) and a remaining amortisation
period\u00a0of \ufb01ve years (2025: six years).
\u2022 North America Healthcare customer relationships with a net book value of US$47m (2025: US$75m) and a remaining amortisation period of
two\u00a0years (2025: three years).
In addition to the development capitalised above we charged US$418m (2025: US$384m) of research and development costs in the Group
income\u00a0statement.
The impairment charge for the year includes US$4m (2025: US$7m) for the fair value write-down of technology due to planned upgrades and US$nil
(2025: US$6m) in relation to exited businesses. There were no indicators of material impairment as a result of climate-related matters in either the
current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "20. Goodwill
(a) Movements in goodwill
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Cost
\u00a0 \u00a0
At 1 April
6,902\u00a0
6,208\u00a0
Di\ufb00erences on exchange
204\u00a0
(121)
Additions through business combinations (note 41(a))
429\u00a0
815\u00a0
Disposal of businesses
(16)
\u2014\u00a0
At 31 March
7,519\u00a0
6,902\u00a0
Accumulated impairment
\u00a0 \u00a0
At 1 April
248\u00a0
246\u00a0
Di\ufb00erences on exchange
10\u00a0
2\u00a0
At 31 March
258\u00a0
248\u00a0
Net book amount at 1 April
6,654\u00a0
5,962\u00a0
Net book amount at 31 March
7,261\u00a0
6,654\u00a0
\n
(b) Goodwill by group of CGUs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
North America
4,308\u00a0
4,170\u00a0
Latin America
1,213\u00a0
904\u00a0
UK and Ireland
868\u00a0
763\u00a0
EMEA and Asia Paci\ufb01c
872\u00a0
817\u00a0
At 31 March
7,261\u00a0
6,654\u00a0
\n
(c) Key assumptions for value-in-use calculations by group of CGUs
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0 \u00a0
Long-term
\u00a0
Long-term
\u00a0
Discount rate
growth rate
Discount rate
growth rate
\u00a0
% p.a.
% p.a.
% p.a.
% p.a.
North America
10.2\u00a0
3.5\u00a0
9.7\u00a0
3.5\u00a0
Latin America
17.4\u00a0
5.0\u00a0
17.6\u00a0
5.2\u00a0
UK and Ireland
11.2\u00a0
2.9\u00a0
10.7\u00a0
2.8\u00a0
EMEA and Asia Paci\ufb01c
12.7\u00a0
4.1\u00a0
12.2\u00a0
4.1\u00a0
As indicated in note 6(a), value-in-use calculations are underpinned by \ufb01nancial forecasts, which continue to re\ufb02ect our current assessment of the
impact of climate change and associated commitments the Group has made. Management\u2019s key assumptions for the initial \ufb01ve-year period in the
value-in-use calculations were as follows:
\u2022 Forecast revenue growth rates were based on past experience, adjusted for the strategic opportunities within each group of CGUs; the forecasts
used\u00a0average nominal growth rates of up to 16%, with rates of up to 11% in EMEA and Asia Paci\ufb01c.
\u2022 Benchmark EBIT was forecast based on historical margins and expectations of future performance. Margins were expected to improve modestly
throughout the period in the mature CGUs and improve annually by an absolute mid-single-digit amount in EMEA and Asia Paci\ufb01c.
\u2022 Forecast Benchmark operating cash \ufb02ow conversion rates were based on historical conversion rates achieved and performance expectations in
the\u00a0respective CGUs, with long-term conversion rates of 94% used in EMEA and Asia Paci\ufb01c.
Further details of the principles used in determining the basis of allocation by group of CGUs and annual impairment testing are given in note 6(a).
(d) Results of annual impairment review for the year ended 31 March 2026
The annual impairment review of goodwill was performed as at 30 September 2025. We have assessed the movement in modelling assumptions
in\u00a0the second half of the year. Despite recent increases in risk-free rates, our discount rates remained in line with those used in September. The
sector-wide share price movements driven by risks and opportunities of arti\ufb01cial intelligence do not signi\ufb01cantly impact our forecasts. Our proprietary
data assets, deeply embedded platforms and di\ufb00erentiated strategy position us well to take advantage of these developments. There have been
no\u00a0other signi\ufb01cant changes in the key modelling assumptions discussed in note 20(c) that would trigger a further review to be required at
31\u00a0March\u00a02026.
The recoverable amount of the EMEA and Asia Paci\ufb01c group of CGUs exceeded its carrying value by US$374m. Any decline in the estimated
value-in-use in excess of that amount would result in the recognition of an impairment charge. The sensitivities, which result in the recoverable
amount being equal to the carrying value, are summarised as follows:
\u2022 an absolute increase of 2.0 percentage points in the discount rate, from 12.7% to 14.7%, or
\u2022 an absolute reduction of 3.0 percentage points in the long-term growth rate, from 4.1% to 1.1%, or
\u2022 a reduction of 5.8 percentage points in the forecast FY31 pro\ufb01t margin, from 27.6% to 21.8%. A reduction in the annual margin improvement of
approximately 1.2 percentage points per year over the \ufb01ve-year forecast period would also reduce the recoverable amount to the carrying value, or
\u2022 an absolute reduction of 21% in the forecast FY31 pro\ufb01t.
The recoverable amounts of all other groups of CGUs exceeded their carrying value, on the basis of the assumptions set out in the table in note 20(c)
and any reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by considering the results of the scenario analysis performed consistent
with the recommendations of the TCFD. There was no impact on the reported amounts of goodwill as a result of this review.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "(d) Results of annual impairment review for the year ended 31 March 2026
The annual impairment review of goodwill was performed as at 30 September 2025. We have assessed the movement in modelling assumptions
in\u00a0the second half of the year. Despite recent increases in risk-free rates, our discount rates remained in line with those used in September. The
sector-wide share price movements driven by risks and opportunities of arti\ufb01cial intelligence do not signi\ufb01cantly impact our forecasts. Our proprietary
data assets, deeply embedded platforms and di\ufb00erentiated strategy position us well to take advantage of these developments. There have been
no\u00a0other signi\ufb01cant changes in the key modelling assumptions discussed in note 20(c) that would trigger a further review to be required at
31\u00a0March\u00a02026.
The recoverable amount of the EMEA and Asia Paci\ufb01c group of CGUs exceeded its carrying value by US$374m. Any decline in the estimated
value-in-use in excess of that amount would result in the recognition of an impairment charge. The sensitivities, which result in the recoverable
amount being equal to the carrying value, are summarised as follows:
\u2022 an absolute increase of 2.0 percentage points in the discount rate, from 12.7% to 14.7%, or
\u2022 an absolute reduction of 3.0 percentage points in the long-term growth rate, from 4.1% to 1.1%, or
\u2022 a reduction of 5.8 percentage points in the forecast FY31 pro\ufb01t margin, from 27.6% to 21.8%. A reduction in the annual margin improvement of
approximately 1.2 percentage points per year over the \ufb01ve-year forecast period would also reduce the recoverable amount to the carrying value, or
\u2022 an absolute reduction of 21% in the forecast FY31 pro\ufb01t.
The recoverable amounts of all other groups of CGUs exceeded their carrying value, on the basis of the assumptions set out in the table in note 20(c)
and any reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by considering the results of the scenario analysis performed consistent
with the recommendations of the TCFD. There was no impact on the reported amounts of goodwill as a result of this review.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "21. Other intangible assets \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Acquisition intangibles
\u00a0\u00a0\u00a0
\u00a0
Customer
Acquired
Marketing-
\u00a0
Developed
\u00a0
\u00a0
and other
software
related
\u00a0
and purchased
\u00a0
\u00a0
relationships
development
assets
Databases
software
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
1,763\u00a0
647\u00a0
60\u00a0
1,668\u00a0
2,452\u00a0
6,590\u00a0
Di\ufb00erences on exchange
59\u00a0
21\u00a0
5\u00a0
89\u00a0
57\u00a0
231\u00a0
Additions through business combinations (note 41)
134\u00a0
50\u00a0
28\u00a0
9\u00a0
28\u00a0
249\u00a0
Other additions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
216\u00a0
461\u00a0
677\u00a0
Disposal of businesses
(8)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(4)
(12)
Other disposals
1
\u2014\u00a0
\u2014\u00a0
(1)
(197)
(247)
(445)
At 31 March 2026
1,948\u00a0
718\u00a0
92\u00a0
1,785\u00a0
2,747\u00a0
7,290\u00a0
Accumulated amortisation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
881\u00a0
330\u00a0
44\u00a0
1,161\u00a0
1,319\u00a0
3,735\u00a0
Di\ufb00erences on exchange
23\u00a0
9\u00a0
3\u00a0
69\u00a0
34\u00a0
138\u00a0
Charge for the year
174\u00a0
81\u00a0
8\u00a0
193\u00a0
320\u00a0
776\u00a0
Impairment charge
5\u00a0
3\u00a0
\u2014\u00a0
\u2014\u00a0
4\u00a0
12\u00a0
Disposal of businesses
(2)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(2)
(4)
Other disposals
1
\u2014\u00a0
\u2014\u00a0
(1)
(197)
(247)
(445)
At 31 March 2026
1,081\u00a0
423\u00a0
54\u00a0
1,226\u00a0
1,428\u00a0
4,212\u00a0
Net book amount at 31 March 2026
867\u00a0
295\u00a0
38\u00a0
559\u00a0
1,319\u00a0
3,078\u00a0
\n
1
As we complete the \ufb01nal stages of our technology transformation and cloud migration, and realign to our new technology architecture, we have disposed of a number of assets with US$nil net book 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\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Acquisition intangibles
\u00a0
Developed
\u00a0
\u00a0
Customer
Acquired
Marketing-
\u00a0
and purchased
\u00a0
\u00a0
and other
software
related
\u00a0
software
\u00a0
\u00a0
relationships
development
assets
Databases
(Re-presented)
1
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
1,645\u00a0
544\u00a0
98\u00a0
1,655\u00a0
2,168\u00a0
6,110\u00a0
Di\ufb00erences on exchange
(41)
(13)
(5)
(90)
(26)
(175)
Additions through business combinations
318\u00a0
200\u00a0
7\u00a0
11\u00a0
27\u00a0
563\u00a0
Other additions
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
203\u00a0
400\u00a0
603\u00a0
Disposals
(159)
(84)
(40)
(111)
(117)
(511)
At 31 March 2025
1,763\u00a0
647\u00a0
60\u00a0
1,668\u00a0
2,452\u00a0
6,590\u00a0
Accumulated amortisation and impairment
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
907\u00a0
357\u00a0
84\u00a0
1,159\u00a0
1,166\u00a0
3,673\u00a0
Di\ufb00erences on exchange
(12)
(6)
(3)
(69)
(11)
(101)
Charge for the year
145\u00a0
63\u00a0
3\u00a0
178\u00a0
272\u00a0
661\u00a0
Impairment charge
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
4\u00a0
9\u00a0
13\u00a0
Disposals
(159)
(84)
(40)
(111)
(117)
(511)
At 31 March 2025
881\u00a0
330\u00a0
44\u00a0
1,161\u00a0
1,319\u00a0
3,735\u00a0
Net book amount at 1 April 2024
738\u00a0
187\u00a0
14\u00a0
496\u00a0
1,002\u00a0
2,437\u00a0
Net book amount at 31 March 2025
882\u00a0
317\u00a0
16\u00a0
507\u00a0
1,133\u00a0
2,855\u00a0
\n
1
During the year, the former asset categories \u2018internal-use software\u2019 and \u2018internally generated software\u2019 were combined into a single asset class, \u2018developed and purchased software\u2019. The assets have similar
characteristics and are managed together within the business. Separate disclosure is not considered to provide more relevant information. Comparative amounts have been re-presented accordingly.
Within the above are the following individually material assets at 31 March 2026:
\u2022 Credit Data Solutions Pty Ltd (illion) core customer relationships with a net book value of US$168m (2025: US$163m) and a remaining amortisation
period of 15 years (2025: 16 years). The increase in the asset value during the year is attributable to exchange rate movements.
\u2022 Tapad, Inc. customer relationships with a net book value of US$106m (2025: US$115m) and a remaining amortisation period of 12 years (2025:
13\u00a0years).
\u2022 Predictive Pop, Inc. (Audigent) acquired software development with a net book value of US$79m (2025: US$97m) and a remaining amortisation
period\u00a0of \ufb01ve years (2025: six years).
\u2022 North America Healthcare customer relationships with a net book value of US$47m (2025: US$75m) and a remaining amortisation period of
two\u00a0years (2025: three years).
In addition to the development capitalised above we charged US$418m (2025: US$384m) of research and development costs in the Group
income\u00a0statement.
The impairment charge for the year includes US$4m (2025: US$7m) for the fair value write-down of technology due to planned upgrades and US$nil
(2025: US$6m) in relation to exited businesses. There were no indicators of material impairment as a result of climate-related matters in either the
current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "In addition to the development capitalised above we charged US$418m (2025: US$384m) of research and development costs in the Group income\u00a0statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "22. Property, plant and equipment \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Right-of-use assets
\u00a0
\u00a0
Freehold
Leasehold
Plant and
Land and
Motor vehicles
\u00a0
\u00a0
properties
improvements
equipment
buildings
and equipment
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
83\u00a0
138\u00a0
578\u00a0
196\u00a0
49\u00a0
1,044\u00a0
Di\ufb00erences on exchange
2\u00a0
1\u00a0
15\u00a0
5\u00a0
1\u00a0
24\u00a0
Additions through business combinations
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
2\u00a0
Other additions
\u2014\u00a0
7\u00a0
42\u00a0
30\u00a0
14\u00a0
93\u00a0
Disposal of businesses
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
(1)
Other disposals
(9)
(4)
(195)
(41)
(16)
(265)
At 31 March 2026
76\u00a0
143\u00a0
439\u00a0
191\u00a0
48\u00a0
897\u00a0
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2025
25\u00a0
71\u00a0
467\u00a0
107\u00a0
24\u00a0
694\u00a0
Di\ufb00erences on exchange
1\u00a0
\u2014\u00a0
10\u00a0
3\u00a0
1\u00a0
15\u00a0
Charge for the year
3\u00a0
6\u00a0
48\u00a0
30\u00a0
13\u00a0
100\u00a0
Impairment charge
1\u00a0
\u2014\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
5\u00a0
Disposal of businesses
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
(1)
Other disposals
(4)
(3)
(194)
(37)
(15)
(253)
At 31 March 2026
26\u00a0
74\u00a0
331\u00a0
106\u00a0
23\u00a0
560\u00a0
Net book amount at 31 March 2026
50\u00a0
69\u00a0
108\u00a0
85\u00a0
25\u00a0
337\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Right-of-use assets
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0
Motor vehicles
\u00a0
\u00a0
Freehold
Leasehold
Plant and
Land and
and equipment
\u00a0
\u00a0
properties
improvements
equipment
buildings
(Re-presented)
1
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2024
84\u00a0
154\u00a0
652\u00a0
210\u00a0
64\u00a0
1,164\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
(3)
(5)
(2)
\u2014\u00a0
(10)
Additions through business combinations
\u2014\u00a0
1\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
5\u00a0
Other additions
\u2014\u00a0
7\u00a0
41\u00a0
15\u00a0
16\u00a0
79\u00a0
Disposals
(1)
(21)
(111)
(30)
(31)
(194)
At 31 March 2025
83\u00a0
138\u00a0
578\u00a0
196\u00a0
49\u00a0
1,044\u00a0
Accumulated depreciation and impairment
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
At 1 April 2024
22\u00a0
87\u00a0
533\u00a0
105\u00a0
38\u00a0
785\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
(3)
(1)
\u2014\u00a0
(4)
Charge for the year
2\u00a0
5\u00a0
47\u00a0
29\u00a0
14\u00a0
97\u00a0
Impairment charge
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
Disposals
(1)
(21)
(110)
(26)
(28)
(186)
At 31 March 2025
25\u00a0
71\u00a0
467\u00a0
107\u00a0
24\u00a0
694\u00a0
Net book amount at 1 April 2024
62\u00a0
67\u00a0
119\u00a0
105\u00a0
26\u00a0
379\u00a0
Net book amount at 31 March 2025
58\u00a0
67\u00a0
111\u00a0
89\u00a0
25\u00a0
350\u00a0
\n
1
During the year, the former right-of-use asset categories \u2018motor vehicles\u2019 and \u2018plant and equipment\u2019 were combined into a single asset class, \u2018motor vehicles and equipment\u2019, as neither category was individually
material and further disaggregation is not considered to provide more relevant information. Comparative amounts have been re-presented accordingly.
There were no indicators of material impairment as a result of climate-related matters in the current or prior year. The disposal of right-of-use assets
for both years presented is largely as a result of the early termination and restructuring of leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "23. Investments in associates \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
US$m
US$m
At 1 April
13\u00a0
11\u00a0
Di\ufb00erences on exchange
1\u00a0
\u2014\u00a0
Share of pro\ufb01t after tax
4\u00a0
2\u00a0
At 31 March
18\u00a0
13\u00a0
\n(iv) Associate undertakings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Country of
Company
Holding
incorporation
Simple KYC Pty Ltd
20.0%
Australia
London & Country Mortgages Limited
25.0%
England and Wales
Who Owns Whom (Pty) Limited
32.9%
South Africa
Online Data Exchange LLC
25.0%
USA
Opt-Out Services, LLC
25.0%
USA
Central Source LLC
33.3%
USA
New Management Services, LLC
33.3%
USA
VantageScore Solutions, LLC
33.3%
USA
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "23. Investments in associates \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
At 1 April
13\u00a0
11\u00a0
Di\ufb00erences on exchange
1\u00a0
\u2014\u00a0
Share of pro\ufb01t after tax
4\u00a0
2\u00a0
At 31 March
18\u00a0
13\u00a0
\n(iv) Associate 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\n
\u00a0 \u00a0
\u00a0 \u00a0
Country of
Company
Holding
incorporation
Simple KYC Pty Ltd
20.0%
Australia
London & Country Mortgages Limited
25.0%
England and Wales
Who Owns Whom (Pty) Limited
32.9%
South Africa
Online Data Exchange LLC
25.0%
USA
Opt-Out Services, LLC
25.0%
USA
Central Source LLC
33.3%
USA
New Management Services, LLC
33.3%
USA
VantageScore Solutions, LLC
33.3%
USA
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "24. Trade and other receivables
(a) Analysis by type and maturity
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Trade and unbilled receivables
1,733\u00a0
1,508\u00a0
Credit note provision
(63)
(41)
Trade receivables \u2013 after credit note provision
1,670\u00a0
1,467\u00a0
Contract assets
171\u00a0
153\u00a0
Trade receivables and contract assets
1,841\u00a0
1,620\u00a0
Loss allowance
(61)
(46)
Net trade receivables and contract assets
1,780\u00a0
1,574\u00a0
VAT and equivalent taxes recoverable
10\u00a0
11\u00a0
Prepayments and other debtors
1
695\u00a0
239\u00a0
Contract costs
76\u00a0
86\u00a0
\u00a0
2,561\u00a0
1,910\u00a0
As reported in the Group balance sheet:
\u00a0 \u00a0
Current trade and other receivables
2,315\u00a0
1,684\u00a0
Non-current trade and other receivables
246\u00a0
226\u00a0
\u00a0
2,561\u00a0
1,910\u00a0
\n
1
Prepayments and other debtors include an amount of US$389m (2025: US$nil) relating to the operation of a creditors\u2019 rights investment fund (FIDC), with an associated balance of US$350m recognised within
other creditors. The operation of the FIDC involves the investment of funds received from senior (US$350m) and subordinated (US$39m) quota holders. These funds are restricted and may only be used for the
direct operations of the sub-acquiring business. The assets are assigned into credit card receivables through trading operations, and are recorded within prepayments and other debtors. Cash collected from
credit card receivables and payments made to remunerate senior quota holders arise from operating settlement activities, and are presented within operating cash \ufb02ows. Further details are provided in note 5(a).
There is no material di\ufb00erence between the fair value and the book value stated above. Non-current trade and other receivables comprise
prepayments, contract assets, unbilled receivables and contract costs.
At 31 March 2024, the value of trade and unbilled receivables was US$1,419m and contract assets was US$146m.
(b) Loss allowance matrix
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0 \u00a0
Gross carrying
\u00a0
Gross carrying
\u00a0
Loss allowance
amount
Loss allowance
amount
\u00a0
US$m
US$m
US$m
US$m
Not past-due
(7)
1,408\u00a0
(6)
1,246\u00a0
Up to three months past-due
(3)
260\u00a0
(1)
201\u00a0
Three to six months past-due
(9)
45\u00a0
(2)
40\u00a0
Over six months past-due
(42)
128\u00a0
(37)
133\u00a0
Trade receivables and contract assets
(61)
1,841\u00a0
(46)
1,620\u00a0
Loss allowance (note 24(c))
\u00a0
(61)
\u00a0
(46)
Net trade receivables and contract assets
\u00a0
1,780\u00a0
 \u00a0
1,574\u00a0
\n
(c) Movements in the loss allowance
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
At 1 April
46\u00a0
27\u00a0
Increase in the loss allowance recognised in the Group income statement
24\u00a0
31\u00a0
Receivables written o\ufb00 in the year as uncollectable
(11)
(12)
Di\ufb00erences on exchange
2\u00a0
\u2014\u00a0
At 31 March
61\u00a0
46\u00a0
\n
(d) Analysis by currency denomination
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Contract assets
Trade receivables
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
US dollar
106\u00a0
76\u00a0
896\u00a0
822\u00a0
Brazilian real
1\u00a0
3\u00a0
359\u00a0
276\u00a0
UK pound sterling
36\u00a0
38\u00a0
209\u00a0
195\u00a0
Euro
10\u00a0
15\u00a0
48\u00a0
50\u00a0
Other
18\u00a0
21\u00a0
97\u00a0
78\u00a0
\u00a0
171\u00a0
153\u00a0
1,609\u00a0
1,421\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "(a) Analysis by type and maturity \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Trade and unbilled receivables
1,733\u00a0
1,508\u00a0
Credit note provision
(63)
(41)
Trade receivables \u2013 after credit note provision
1,670\u00a0
1,467\u00a0
Contract assets
171\u00a0
153\u00a0
Trade receivables and contract assets
1,841\u00a0
1,620\u00a0
Loss allowance
(61)
(46)
Net trade receivables and contract assets
1,780\u00a0
1,574\u00a0
VAT and equivalent taxes recoverable
10\u00a0
11\u00a0
Prepayments and other debtors
1
695\u00a0
239\u00a0
Contract costs
76\u00a0
86\u00a0
\u00a0
2,561\u00a0
1,910\u00a0
As reported in the Group balance sheet:
\u00a0 \u00a0
Current trade and other receivables
2,315\u00a0
1,684\u00a0
Non-current trade and other receivables
246\u00a0
226\u00a0
\u00a0
2,561\u00a0
1,910\u00a0
\n
1
Prepayments and other debtors include an amount of US$389m (2025: US$nil) relating to the operation of a creditors\u2019 rights investment fund (FIDC), with an associated balance of US$350m recognised within
other creditors. The operation of the FIDC involves the investment of funds received from senior (US$350m) and subordinated (US$39m) quota holders. These funds are restricted and may only be used for the
direct operations of the sub-acquiring business. The assets are assigned into credit card receivables through trading operations, and are recorded within prepayments and other debtors. Cash collected from
credit card receivables and payments made to remunerate senior quota holders arise from operating settlement activities, and are presented within operating cash \ufb02ows. Further details are provided in note 5(a).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "(b) Loss allowance matrix \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0 \u00a0
Gross carrying
\u00a0
Gross carrying
\u00a0
Loss allowance
amount
Loss allowance
amount
\u00a0
US$m
US$m
US$m
US$m
Not past-due
(7)
1,408\u00a0
(6)
1,246\u00a0
Up to three months past-due
(3)
260\u00a0
(1)
201\u00a0
Three to six months past-due
(9)
45\u00a0
(2)
40\u00a0
Over six months past-due
(42)
128\u00a0
(37)
133\u00a0
Trade receivables and contract assets
(61)
1,841\u00a0
(46)
1,620\u00a0
Loss allowance (note 24(c))
\u00a0
(61)
\u00a0
(46)
Net trade receivables and contract assets
\u00a0
1,780\u00a0
 \u00a0
1,574\u00a0
\n
(c) Movements in the loss allowance
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
At 1 April
46\u00a0
27\u00a0
Increase in the loss allowance recognised in the Group income statement
24\u00a0
31\u00a0
Receivables written o\ufb00 in the year as uncollectable
(11)
(12)
Di\ufb00erences on exchange
2\u00a0
\u2014\u00a0
At 31 March
61\u00a0
46\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "25. Cash and cash equivalents \u2013 excluding bank overdrafts
(a) Analysis by nature
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Cash at bank and in hand
72\u00a0
129\u00a0
Short-term investments
256\u00a0
239\u00a0
\u00a0
328\u00a0
368\u00a0
\n
The e\ufb00ective interest rate for cash and cash equivalents held at 31 March 2026 was 8.0% (2025: 7.4%). There is no material di\ufb00erence between the fair
value and the book value stated above.
(b) Analysis by external credit rating
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Counterparty holding of more than US$2m:
\u00a0 \u00a0
A rated
154\u00a0
223\u00a0
B rated
159\u00a0
133\u00a0
Non-rated
4\u00a0
\u2014\u00a0
Counterparty holding of more than US$2m
317\u00a0
356\u00a0
Counterparty holding of less than US$2m
11\u00a0
12\u00a0
\u00a0
328\u00a0
368\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "26. Trade and other payables
(a) Analysis by type and maturity
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Current
Non-current
\u00a0
US$m
US$m
US$m
US$m
Trade payables
322\u00a0
\u2014\u00a0
358\u00a0
\u2014\u00a0
VAT and other equivalent taxes payable
39\u00a0
\u2014\u00a0
36\u00a0
\u2014\u00a0
Social security costs
145\u00a0
\u2014\u00a0
145\u00a0
\u2014\u00a0
Accruals
1,060\u00a0
10\u00a0
949\u00a0
8\u00a0
Contract liabilities
375\u00a0
43\u00a0
392\u00a0
61\u00a0
Other payables
1
290\u00a0
450\u00a0
247\u00a0
103\u00a0
\u00a0
2,231\u00a0
503\u00a0
2,127\u00a0
172\u00a0
\n
1
Other payables include employee bene\ufb01ts of US$152m (2025:\u00a0US$136m); deferred and contingent consideration of US$120m (2025: US$140m); interest payable of US$26m (2025: US$15m) and liabilities
of\u00a0US$350m (2025: US$nil) relating to the operation of a creditors\u2019 rights investment fund (FIDC), for which an associated balance of US$389m is recognised within prepayments and other debtors. FIDC senior
quota holders receive contractually agreed remuneration, which is settled through withdrawal of assets from the fund and will recover their investment at the end of the four-year contractual agreement,
following the liquidation of\u00a0the\u00a0fund (further details are provided in note 5(a)).
There is no material di\ufb00erence between the fair value and the book value stated above.
At 31 March 2024, the value of contract liabilities was
US$520m.
(b) Analysis by nature
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Financial instruments
1,280\u00a0
963\u00a0
VAT and other equivalent taxes payable
39\u00a0
36\u00a0
Social security costs
145\u00a0
145\u00a0
Amounts within accruals and contract liabilities
1,270\u00a0
1,155\u00a0
Items other than \ufb01nancial instruments
1,454\u00a0
1,336\u00a0
\u00a0
2,734\u00a0
2,299\u00a0
\nContractual undiscounted future cash \ufb02ows in respect of \ufb01nancial instruments are shown in note 32. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "(a) Analysis by type and maturity \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Current
Non-current
\u00a0
US$m
US$m
US$m
US$m
Trade payables
322\u00a0
\u2014\u00a0
358\u00a0
\u2014\u00a0
VAT and other equivalent taxes payable
39\u00a0
\u2014\u00a0
36\u00a0
\u2014\u00a0
Social security costs
145\u00a0
\u2014\u00a0
145\u00a0
\u2014\u00a0
Accruals
1,060\u00a0
10\u00a0
949\u00a0
8\u00a0
Contract liabilities
375\u00a0
43\u00a0
392\u00a0
61\u00a0
Other payables
1
290\u00a0
450\u00a0
247\u00a0
103\u00a0
\u00a0
2,231\u00a0
503\u00a0
2,127\u00a0
172\u00a0
\n(b) Analysis by nature \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Financial instruments
1,280\u00a0
963\u00a0
VAT and other equivalent taxes payable
39\u00a0
36\u00a0
Social security costs
145\u00a0
145\u00a0
Amounts within accruals and contract liabilities
1,270\u00a0
1,155\u00a0
Items other than \ufb01nancial instruments
1,454\u00a0
1,336\u00a0
\u00a0
2,734\u00a0
2,299\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "27. Borrowings
(a) Analysis by carrying amounts and fair value
\u00a0
Carrying amount
Fair value
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u00a3400m 0.739% Euronotes 2025
\u2014\u00a0
519\u00a0
\u2014\u00a0
505\u00a0
\u20ac500m 1.375% Euronotes 2026
579\u00a0
\u2014\u00a0
574\u00a0
\u2014\u00a0
Commercial paper
278\u00a0
214\u00a0
278\u00a0
214\u00a0
Bank overdrafts
5\u00a0
2\u00a0
5\u00a0
2\u00a0
Lease obligations (note 29)
38\u00a0
39\u00a0
38\u00a0
39\u00a0
\u00a0
900\u00a0
774\u00a0
895\u00a0
760\u00a0
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u20ac500m 1.375% Euronotes 2026
\u2014\u00a0
538\u00a0
\u2014\u00a0
533\u00a0
\u20ac300m \ufb02oating rate Euronotes 2028
345\u00a0
\u2014\u00a0
345\u00a0
\u2014\u00a0
US$500m 4.25% Notes 2029
502\u00a0
502\u00a0
496\u00a0
495\u00a0
US$750m 2.75% Notes 2030
725\u00a0
718\u00a0
702\u00a0
686\u00a0
\u20ac500m 1.56% Euronotes 2031
581\u00a0
545\u00a0
520\u00a0
495\u00a0
\u00a3400m 3.25% Euronotes 2032
543\u00a0
530\u00a0
475\u00a0
460\u00a0
\u20ac500m 3.51% Euronotes 2033
565\u00a0
536\u00a0
561\u00a0
535\u00a0
\u20ac650m 3.375% Euronotes 2034
724\u00a0
692\u00a0
717\u00a0
683\u00a0
US$500m 5.25% Notes 2035
495\u00a0
\u2014\u00a0
506\u00a0
\u2014\u00a0
Bank loans
90\u00a0
84\u00a0
90\u00a0
84\u00a0
Lease obligations (note 29)
95\u00a0
97\u00a0
95\u00a0
97\u00a0
\u00a0
4,665\u00a0
4,242\u00a0
4,507\u00a0
4,068\u00a0
Total borrowings
5,565\u00a0
5,016\u00a0
5,402\u00a0
4,828\u00a0
\n
The e\ufb00ective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured.
Further information on the methodology used in determining fair values is given in note 31.
(b) Analysis by maturity
\u00a0
2026
2025
\u00a0
US$m
US$m
Less than one year
900\u00a0
774\u00a0
One to two years
468\u00a0
652\u00a0
Two to three years
524\u00a0
24\u00a0
Three to four years
739\u00a0
515\u00a0
Four to \ufb01ve years
9\u00a0
726\u00a0
Over \ufb01ve years
2,925\u00a0
2,325\u00a0
\u00a0
5,565\u00a0
5,016\u00a0
\n
(c) Analysis by currency
\u00a0
2026
2025
\u00a0
US$m
US$m
US dollar
4,457\u00a0
4,001\u00a0
Euro
557\u00a0
547\u00a0
UK pound sterling
369\u00a0
297\u00a0
Australian dollar
165\u00a0
126\u00a0
Other
17\u00a0
45\u00a0
\u00a0
5,565\u00a0
5,016\u00a0
\n
The above analysis takes account of the e\ufb00ect of cross-currency swaps and forward foreign exchange contracts and re\ufb02ects the way in which the
Group manages its exposures.
(d) Undrawn committed bank borrowing facilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Facilities expiring in:
\u00a0 \u00a0
Less than one year
150\u00a0
\u2014\u00a0
One to two years
60\u00a0
316\u00a0
Two to three years
200\u00a0
\u2014\u00a0
Three to four years
2,100\u00a0
2,050\u00a0
\u00a0
2,510\u00a0
2,366\u00a0
\n
These facilities are at variable interest rates and are in place for general corporate purposes, including the \ufb01nancing of acquisitions and the re\ufb01nancing
of other borrowings. On 17 April 2026, the Group executed a new US$250m facility agreement, which was fully drawn on 23 April 2026. On 8 May 2026,
a further US$250m facility was executed, which remained undrawn as at 19 May 2026.
(e) Covenants and leverage ratio
There is one \ufb01nancial covenant in connection with the borrowing facilities. Benchmark EBIT must exceed three times net interest expense before
\ufb01nancing fair value remeasurements. The calculation of the \ufb01nancial covenant excludes the e\ufb00ects of IFRS 16 \u2018Leases\u2019. The Group monitors this,
and\u00a0the Net debt to Benchmark EBITDA leverage ratio, and has complied with this covenant throughout the year.
28. Net debt (non-GAAP measure)
(a) Analysis by nature
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Cash and cash equivalents (net of overdrafts)
323\u00a0
366\u00a0
Term deposits
3\u00a0
\u2014\u00a0
Debt due within one year \u2013 bonds and notes
(572)
(518)
Debt due within one year \u2013 commercial paper
(278)
(214)
Debt due within one year \u2013 lease obligations
(38)
(38)
Debt due after more than one year \u2013 bonds and notes
(4,456)
(4,031)
Debt due after more than one year \u2013 bank loans
(90)
(84)
Debt due after more than one year \u2013 lease obligations
(95)
(97)
Derivatives hedging borrowings
24\u00a0
(68)
Net debt
(5,179)
(4,684)
\n
(b) Analysis by balance sheet caption
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Cash and cash equivalents
328\u00a0
368\u00a0
Other \ufb01nancial assets
1
3\u00a0
\u2014\u00a0
Current borrowings
(900)
(774)
Non-current borrowings
(4,665)
(4,242)
Borrowings
(5,565)
(5,016)
Total of Group balance sheet line items
(5,234)
(4,648)
Accrued interest reported within borrowings excluded from Net debt
31\u00a0
32\u00a0
Derivatives reported within Other \ufb01nancial assets
66\u00a0
34\u00a0
Derivatives reported within Other \ufb01nancial liabilities
(42)
(102)
Net debt
(5,179)
(4,684)
\n
1
Other \ufb01nancial assets included in Net debt comprise highly liquid bank deposits with original maturities greater than three months.
(c) Analysis of movements in Net debt (non-GAAP measure)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Derivatives
\u00a0 \u00a0
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
hedging
\u00a0 \u00a0
from
\u00a0
Other
Cash
\u00a0
\u00a0
loans and
Current
Non-current
\ufb01nancing
Accrued
\ufb01nancial
and cash
\u00a0
\u00a0
borrowings
borrowings
borrowings
activities
interest
assets
equivalents
Net debt
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
(68)
(774)
(4,242)
(5,084)
32\u00a0
\u2014\u00a0
368\u00a0
(4,684)
Cash \ufb02ow
(29)
48\u00a0
\u2014\u00a0
19\u00a0
\u2014\u00a0
2\u00a0
790\u00a0
811\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
464\u00a0
(845)
(381)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(381)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(609)
609\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(198)
(198)
Movement on accrued interest
\u2014\u00a0
(5)
6\u00a0
1\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(29)
(102)
(230)
(361)
(1)
2\u00a0
592\u00a0
232\u00a0
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(9)
(31)
(40)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(40)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
48\u00a0
48\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(698)
(698)
Additions through business combinations
\u2014\u00a0
\u2014\u00a0
(1)
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Fair value gains
4\u00a0
\u2014\u00a0
9\u00a0
13\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
Exchange and other movements
117\u00a0
(15)
(170)
(68)
\u2014\u00a0
1\u00a0
18\u00a0
(49)
At 31 March 2026
24\u00a0
(900)
(4,665)
(5,541)
31\u00a0
3\u00a0
328\u00a0
(5,179)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Derivatives
\u00a0\u00a0
Liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
hedging
\u00a0\u00a0
from
\u00a0
Other
Cash
\u00a0
\u00a0
loans and
Current
Non-current
\ufb01nancing
Accrued
\ufb01nancial
and cash
\u00a0
\u00a0
borrowings
borrowings
borrowings
activities
interest
assets
equivalents
Net debt
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(123)
(772)
(3,494)
(4,389)
24\u00a0
\u2014\u00a0
312\u00a0
(4,053)
Cash \ufb02ow
(34)
41\u00a0
\u2014\u00a0
7\u00a0
\u2014\u00a0
\u2014\u00a0
400\u00a0
407\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
625\u00a0
(1,321)
(696)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(696)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(637)
637\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(165)
(165)
Movement on accrued interest
\u2014\u00a0
4\u00a0
(12)
(8)
8\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(34)
33\u00a0
(696)
(697)
8\u00a0
\u2014\u00a0
235\u00a0
(454)
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(6)
(18)
(24)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(24)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
41\u00a0
41\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(179)
(179)
Additions through business combinations
\u2014\u00a0
(1)
(2)
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
Fair value gains/(losses)
49\u00a0
(5)
(8)
36\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
36\u00a0
Exchange and other movements
40\u00a0
(23)
(24)
(7)
\u2014\u00a0
\u2014\u00a0
(41)
(48)
At 31 March 2025
(68)
(774)
(4,242)
(5,084)
32\u00a0
\u2014\u00a0
368\u00a0
(4,684)
\n
1
Non-cash lease obligation movements include additions of US$44m (2025: US$31m) and disposals of US$4m (2025: US$7m). \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0 \u00a0
amount of fair
\u00a0 \u00a0
amount of fair
\u00a0
\u00a0 \u00a0
value hedge
\u00a0 \u00a0
value hedge
\u00a0
\u00a0 \u00a0
adjustments
\u00a0 \u00a0
adjustments
\u00a0
\u00a0 \u00a0
included in
\u00a0 \u00a0
included in
\u00a0
\u00a0 \u00a0
the carrying
Changes in fair value
\u00a0
the carrying
Changes in fair value
\u00a0
Carrying amount
amount of the
used for calculating
Carrying amount of
amount of the
used for calculating
\u00a0
of hedged item
hedged item
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
\u00a0
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(2,088)
(62)
(9)
(1,983)
(52)
14\u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,810)
99\u00a0
112\u00a0
(1,712)
(13)
31\u00a0
Cash \ufb02ow hedge
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
n/a
n/a
12\u00a0
(519)
n/a
11\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "27. Borrowings
(a) Analysis by carrying amounts and fair value
\u00a0
Carrying amount
Fair value
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u00a3400m 0.739% Euronotes 2025
\u2014\u00a0
519\u00a0
\u2014\u00a0
505\u00a0
\u20ac500m 1.375% Euronotes 2026
579\u00a0
\u2014\u00a0
574\u00a0
\u2014\u00a0
Commercial paper
278\u00a0
214\u00a0
278\u00a0
214\u00a0
Bank overdrafts
5\u00a0
2\u00a0
5\u00a0
2\u00a0
Lease obligations (note 29)
38\u00a0
39\u00a0
38\u00a0
39\u00a0
\u00a0
900\u00a0
774\u00a0
895\u00a0
760\u00a0
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u20ac500m 1.375% Euronotes 2026
\u2014\u00a0
538\u00a0
\u2014\u00a0
533\u00a0
\u20ac300m \ufb02oating rate Euronotes 2028
345\u00a0
\u2014\u00a0
345\u00a0
\u2014\u00a0
US$500m 4.25% Notes 2029
502\u00a0
502\u00a0
496\u00a0
495\u00a0
US$750m 2.75% Notes 2030
725\u00a0
718\u00a0
702\u00a0
686\u00a0
\u20ac500m 1.56% Euronotes 2031
581\u00a0
545\u00a0
520\u00a0
495\u00a0
\u00a3400m 3.25% Euronotes 2032
543\u00a0
530\u00a0
475\u00a0
460\u00a0
\u20ac500m 3.51% Euronotes 2033
565\u00a0
536\u00a0
561\u00a0
535\u00a0
\u20ac650m 3.375% Euronotes 2034
724\u00a0
692\u00a0
717\u00a0
683\u00a0
US$500m 5.25% Notes 2035
495\u00a0
\u2014\u00a0
506\u00a0
\u2014\u00a0
Bank loans
90\u00a0
84\u00a0
90\u00a0
84\u00a0
Lease obligations (note 29)
95\u00a0
97\u00a0
95\u00a0
97\u00a0
\u00a0
4,665\u00a0
4,242\u00a0
4,507\u00a0
4,068\u00a0
Total borrowings
5,565\u00a0
5,016\u00a0
5,402\u00a0
4,828\u00a0
\n
The e\ufb00ective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured.
Further information on the methodology used in determining fair values is given in note 31.(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\u00a0
2026
2025
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
74\u00a0
1,735\u00a0
4\u00a0
349\u00a0
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
Interest rate swaps
97\u00a0
1,700\u00a0
36\u00a0
1,050\u00a0
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
Foreign exchange contracts
6\u00a0
556\u00a0
14\u00a0
928\u00a0
10\u00a0
402\u00a0
4\u00a0
608\u00a0
Equity swaps
\u2014\u00a0
\u2014\u00a0
9\u00a0
35\u00a0
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a0
177\u00a0
3,991\u00a0
63\u00a0
2,362\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
\n
Notional principal amounts represent the principal amounts underlying the derivative contracts at the reporting date.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\u00a0
Assets
Liabilities
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
177\u00a0
160\u00a0
63\u00a0
105\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(57)
(86)
(57)
(86)
Net amount
120\u00a0
74\u00a0
6\u00a0
19\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
(c) Hedge accounting
(i) Fair value and cash \ufb02ow hedges
We use interest rate swaps to hedge the interest rate risk arising on \ufb01xed rate borrowings, and cross-currency swaps to hedge the currency and
interest rate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined
in\u00a0note 8.
We determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
interest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
We have established a hedge ratio of 1:1 for the hedging relationships, as the underlying risk of interest rate swaps and cross-currency swaps is
identical to the hedged risk components.
The main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\u2022 The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument, due to currency
basis spread.
\u2022 Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\u2022 The di\ufb00erent impact of the counterparty\u2019s credit risk on the fair value movements of the hedging instrument compared to the hedged item.
\n\n\n\n\n
(ii) Analysis of hedging instruments
\n
The Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
\n\n \n
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2026
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
Weighted average \ufb01xed interest rate
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
\n\n \n
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2025
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
\u00a0504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a01,232\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(d) Impact of hedging instruments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
2026
\u00a0\u00a0\u00a0\u00a0
Changes in fair value
\u00a0\u00a0\u00a0\u00a0
used for calculating
\u00a0
Notional amount of
Carrying amount of hedging instrument
\u00a0
hedge ine\ufb00ectiveness
\u00a0
hedging instrument
Assets
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0\u00a0\u00a0\u00a0
Interest rate risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
74\u00a0
\u2014\u00a0
1\u00a0
Interest rate swaps
300\u00a0
\u2014\u00a0
(25)
(6)
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
74\u00a0
\u2014\u00a0
(106)
Cash \ufb02ow hedge
\u00a0\u00a0\u00a0\u00a0
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
n/a
n/a
n/a
(12)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
\u00a0\u00a0\u00a0\u00a0
Changes in fair value
\u00a0\u00a0\u00a0\u00a0
used for calculating
\u00a0
Notional amount of
Carrying amount of hedging instrument
\u00a0
hedge ine\ufb00ectiveness
\u00a0
hedging instrument
Assets
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0\u00a0\u00a0\u00a0
Interest rate risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(3)
Interest rate swaps
300\u00a0
\u2014\u00a0
(31)
(9)
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(36)
Cash \ufb02ow hedge
\u00a0\u00a0\u00a0\u00a0
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
515\u00a0
1\u00a0
\u2014\u00a0
(11)
\n
Cross-currency swaps designated as part of a cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial liabilities
revalued through OCI in the Group balance sheet. Other interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and
Other\u00a0\ufb01nancial liabilities in the Group balance sheet.
(e) Impact of hedged 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0 \u00a0
amount of fair
\u00a0 \u00a0
amount of fair
\u00a0
\u00a0 \u00a0
value hedge
\u00a0 \u00a0
value hedge
\u00a0
\u00a0 \u00a0
adjustments
\u00a0 \u00a0
adjustments
\u00a0
\u00a0 \u00a0
included in
\u00a0 \u00a0
included in
\u00a0
\u00a0 \u00a0
the carrying
Changes in fair value
\u00a0
the carrying
Changes in fair value
\u00a0
Carrying amount
amount of the
used for calculating
Carrying amount of
amount of the
used for calculating
\u00a0
of hedged item
hedged item
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
\u00a0
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(2,088)
(62)
(9)
(1,983)
(52)
14\u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,810)
99\u00a0
112\u00a0
(1,712)
(13)
31\u00a0
Cash \ufb02ow hedge
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
n/a
n/a
12\u00a0
(519)
n/a
11\u00a0
\n
The hedging reserve at 31 March 2026 included a debit of US$nil (2025: US$1m) in respect of the cash \ufb02ow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
(f) Impact of hedge ine\ufb00ectiveness
\u00a0
2026
2025
Fair value hedges (Note 16(c))
US$m
US$m
Interest rate risk
(14)
2\u00a0
Foreign exchange risk
6\u00a0
(5)
Net gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
\n
Hedge ine\ufb00ectiveness is reported within Net \ufb01nance expense in the Group income statement.
(g) Analysis by valuation method for put options and items measured at fair value
\u00a0
2026
2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
74\u00a0
\u2014\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
Non-hedging derivatives
\u2014\u00a0
103\u00a0
\u2014\u00a0
103\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
20\u00a0
20\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
177\u00a0
20\u00a0
197\u00a0
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
Listed and trade investments
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
Financial assets revalued through OCI (note 30(a))
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
1\u00a0
167\u00a0
222\u00a0
\u00a0
37\u00a0
177\u00a0
161\u00a0
375\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(25)
\u2014\u00a0
(25)
\u2014\u00a0
(90)
\u2014\u00a0
(90)
Non-hedging derivatives
\u2014\u00a0
(38)
\u2014\u00a0
(38)
\u2014\u00a0
(15)
\u2014\u00a0
(15)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(99)
(99)
\u2014\u00a0
\u2014\u00a0
(140)
(140)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(63)
(99)
(162)
\u2014\u00a0
(105)
(140)
(245)
Put options
\u2014\u00a0
\u2014\u00a0
(68)
(68)
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u00a0
\u2014\u00a0
(63)
(167)
(230)
\u2014\u00a0
(105)
(224)
(329)
Net \ufb01nancial assets/(liabilities)
37\u00a0
114\u00a0
(6)
145\u00a0
54\u00a0
55\u00a0
(44)
65\u00a0
\n
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
The analysis by level is a requirement of IFRS 13 \u2018Fair Value Measurement\u2019, and the de\ufb01nitions are summarised here for completeness:
\u2022 assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed
as\u00a0Level 1
\u2022 assets and liabilities which are not traded in an active market, and whose valuations are derived from available market data that is observable
for\u00a0the\u00a0asset or liability, are classi\ufb01ed as Level 2
\u2022 assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted businesses, contingent consideration and put options associated with corporate
transactions.
Unlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s
equity and estimated discounted cash \ufb02ows that will arise from the investment.
The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate
the outcome of uncertain future events. These liabilities are typically linked to the future \ufb01nancial performance of the acquired businesses, with the key
area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. Material valuations are based on Monte Carlo simulations using
the most recent management expectations of relevant business performance, re\ufb02ecting the di\ufb00erent contractual arrangements in place.
The range of the undiscounted put option exercise price on the FY24 acquisition of MOVA Sociedade de Empr\u00e9stimo entre Pessoas S.A. (MOVA) is set
out in note 30(h).
There would be no material e\ufb00ect on the other amounts stated from any reasonably possible change in such inputs at 31 March 2026. There were no
transfers between levels during the current or prior year.
(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Year ended 31 March 2026
Year ended 31 March 2025
\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
Other
\u00a0\u00a0\u00a0
assets
Other
\u00a0\u00a0\u00a0
\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
\u00a0
through
assets
Contingent
Put
\u00a0
through
assets
Contingent
Put
\u00a0
\u00a0
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
Additions
1
8\u00a0
3\u00a0
(20)
\u2014\u00a0
(9)
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
Disposals
(36)
(1)
\u2014\u00a0
\u2014\u00a0
(37)
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
Conversion of convertible debt to equity
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
investments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
Adjustment to the fair value of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
2
\u2014\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Valuation gains recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
3
\u2014\u00a0
4\u00a0
\u2014\u00a0
19\u00a0
23\u00a0
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
Settlement of put options
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
Transfer of put option liability to
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
Valuation gains/(losses) recognised in
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
OCI
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
Currency translation (losses)/gains
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
(10)
(3)
(13)
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
Other
\u2014\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
4\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
At 31 March
141\u00a0
20\u00a0
(99)
(68)
(6)
167\u00a0
13\u00a0
(140)
(84)
(44)
\n
1
Additions to contingent consideration comprised US$20m (2025: US$56m) in respect of acquisitions (note 41). Of the FY25 additions, US$40m related to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
3
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.
A valuation gain of US$20m (2025: US$20m) was recorded on the put option recognised on the FY24 acquisition of MOVA, together with movements on other put option liabilities. The exercise price of the MOVA
put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, the likely range of the undiscounted option exercise price is expected to be between
US$33m and US$67m (2025: US$49m and US$131m). The fair value of the put option liability at 31 March 2026 was US$34m (2025: US$50m). If the discount rate used in this determination increased or
decreased by a percentage point, the put option liability would decrease or increase by approximately US$1m. A corresponding call option is also in place, which has no fair value.
4
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may
be\u00a0payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m (2025: US$9m) was recognised in respect of this unpaid element at 31 March 2026.
31. Fair value methodology
Information in respect of the carrying amounts and the fair value of borrowings is included in note 27(a). There are no material di\ufb00erences between the
carrying value of the Group\u2019s other \ufb01nancial assets and liabilities not measured at fair value and their estimated fair values. The following assumptions
and methods are used to estimate the fair values:
\u2022 the fair values of receivables, \ufb01nancial assets held at amortised cost, cash and cash equivalents and payables are considered to approximate to the
carrying amounts
\u2022 the fair values of short-term borrowings, other than bonds, are considered to approximate to the carrying amounts due to the short maturity terms
of\u00a0such instruments
\u2022 the fair value of that portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation methodology falling within
Level 1 of the IFRS 13 fair value hierarchy
\u2022 the fair value of listed investments is based on quoted market prices, employing a valuation methodology falling within Level 1 of the IFRS 13 fair
value hierarchy
\u2022 the fair values of long-term variable rate bank loans and lease obligations are considered to approximate to the carrying amount
\u2022 the fair values of other \ufb01nancial assets and liabilities are calculated based on a discounted cash \ufb02ow analysis, employing a valuation methodology
falling within Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments, other \ufb01nancial assets at FVPL and contingent
consideration which are determined using a valuation methodology falling within Level 3 of the IFRS 13 fair value hierarchy.
The Group considers the impact of climate-related matters, including legislation, on the fair value measurement of assets and liabilities. At present,
the\u00a0impact of climate-related matters is not material to the Group\u2019s \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "27. Borrowings
(a) Analysis by carrying amounts and fair value
\u00a0
Carrying amount
Fair value
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u00a3400m 0.739% Euronotes 2025
\u2014\u00a0
519\u00a0
\u2014\u00a0
505\u00a0
\u20ac500m 1.375% Euronotes 2026
579\u00a0
\u2014\u00a0
574\u00a0
\u2014\u00a0
Commercial paper
278\u00a0
214\u00a0
278\u00a0
214\u00a0
Bank overdrafts
5\u00a0
2\u00a0
5\u00a0
2\u00a0
Lease obligations (note 29)
38\u00a0
39\u00a0
38\u00a0
39\u00a0
\u00a0
900\u00a0
774\u00a0
895\u00a0
760\u00a0
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u20ac500m 1.375% Euronotes 2026
\u2014\u00a0
538\u00a0
\u2014\u00a0
533\u00a0
\u20ac300m \ufb02oating rate Euronotes 2028
345\u00a0
\u2014\u00a0
345\u00a0
\u2014\u00a0
US$500m 4.25% Notes 2029
502\u00a0
502\u00a0
496\u00a0
495\u00a0
US$750m 2.75% Notes 2030
725\u00a0
718\u00a0
702\u00a0
686\u00a0
\u20ac500m 1.56% Euronotes 2031
581\u00a0
545\u00a0
520\u00a0
495\u00a0
\u00a3400m 3.25% Euronotes 2032
543\u00a0
530\u00a0
475\u00a0
460\u00a0
\u20ac500m 3.51% Euronotes 2033
565\u00a0
536\u00a0
561\u00a0
535\u00a0
\u20ac650m 3.375% Euronotes 2034
724\u00a0
692\u00a0
717\u00a0
683\u00a0
US$500m 5.25% Notes 2035
495\u00a0
\u2014\u00a0
506\u00a0
\u2014\u00a0
Bank loans
90\u00a0
84\u00a0
90\u00a0
84\u00a0
Lease obligations (note 29)
95\u00a0
97\u00a0
95\u00a0
97\u00a0
\u00a0
4,665\u00a0
4,242\u00a0
4,507\u00a0
4,068\u00a0
Total borrowings
5,565\u00a0
5,016\u00a0
5,402\u00a0
4,828\u00a0
\n
The e\ufb00ective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured.
Further information on the methodology used in determining fair values is given in note 31.(g) Analysis by valuation method for put options and items measured at fair value
\u00a0
2026
2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
74\u00a0
\u2014\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
Non-hedging derivatives
\u2014\u00a0
103\u00a0
\u2014\u00a0
103\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
20\u00a0
20\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
177\u00a0
20\u00a0
197\u00a0
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
Listed and trade investments
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
Financial assets revalued through OCI (note 30(a))
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
1\u00a0
167\u00a0
222\u00a0
\u00a0
37\u00a0
177\u00a0
161\u00a0
375\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(25)
\u2014\u00a0
(25)
\u2014\u00a0
(90)
\u2014\u00a0
(90)
Non-hedging derivatives
\u2014\u00a0
(38)
\u2014\u00a0
(38)
\u2014\u00a0
(15)
\u2014\u00a0
(15)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(99)
(99)
\u2014\u00a0
\u2014\u00a0
(140)
(140)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(63)
(99)
(162)
\u2014\u00a0
(105)
(140)
(245)
Put options
\u2014\u00a0
\u2014\u00a0
(68)
(68)
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u00a0
\u2014\u00a0
(63)
(167)
(230)
\u2014\u00a0
(105)
(224)
(329)
Net \ufb01nancial assets/(liabilities)
37\u00a0
114\u00a0
(6)
145\u00a0
54\u00a0
55\u00a0
(44)
65\u00a0
\n
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
The analysis by level is a requirement of IFRS 13 \u2018Fair Value Measurement\u2019, and the de\ufb01nitions are summarised here for completeness:
\u2022 assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed
as\u00a0Level 1
\u2022 assets and liabilities which are not traded in an active market, and whose valuations are derived from available market data that is observable
for\u00a0the\u00a0asset or liability, are classi\ufb01ed as Level 2
\u2022 assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted businesses, contingent consideration and put options associated with corporate
transactions.
Unlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s
equity and estimated discounted cash \ufb02ows that will arise from the investment.
The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate
the outcome of uncertain future events. These liabilities are typically linked to the future \ufb01nancial performance of the acquired businesses, with the key
area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. Material valuations are based on Monte Carlo simulations using
the most recent management expectations of relevant business performance, re\ufb02ecting the di\ufb00erent contractual arrangements in place.
The range of the undiscounted put option exercise price on the FY24 acquisition of MOVA Sociedade de Empr\u00e9stimo entre Pessoas S.A. (MOVA) is set
out in note 30(h).
There would be no material e\ufb00ect on the other amounts stated from any reasonably possible change in such inputs at 31 March 2026. There were no
transfers between levels during the current or prior year.
(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Year ended 31 March 2026
Year ended 31 March 2025
\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
Other
\u00a0\u00a0\u00a0
assets
Other
\u00a0\u00a0\u00a0
\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
\u00a0
through
assets
Contingent
Put
\u00a0
through
assets
Contingent
Put
\u00a0
\u00a0
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
Additions
1
8\u00a0
3\u00a0
(20)
\u2014\u00a0
(9)
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
Disposals
(36)
(1)
\u2014\u00a0
\u2014\u00a0
(37)
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
Conversion of convertible debt to equity
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
investments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
Adjustment to the fair value of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
2
\u2014\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Valuation gains recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
3
\u2014\u00a0
4\u00a0
\u2014\u00a0
19\u00a0
23\u00a0
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
Settlement of put options
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
Transfer of put option liability to
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
Valuation gains/(losses) recognised in
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
OCI
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
Currency translation (losses)/gains
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
(10)
(3)
(13)
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
Other
\u2014\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
4\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
At 31 March
141\u00a0
20\u00a0
(99)
(68)
(6)
167\u00a0
13\u00a0
(140)
(84)
(44)
\n
1
Additions to contingent consideration comprised US$20m (2025: US$56m) in respect of acquisitions (note 41). Of the FY25 additions, US$40m related to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
3
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.
A valuation gain of US$20m (2025: US$20m) was recorded on the put option recognised on the FY24 acquisition of MOVA, together with movements on other put option liabilities. The exercise price of the MOVA
put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, the likely range of the undiscounted option exercise price is expected to be between
US$33m and US$67m (2025: US$49m and US$131m). The fair value of the put option liability at 31 March 2026 was US$34m (2025: US$50m). If the discount rate used in this determination increased or
decreased by a percentage point, the put option liability would decrease or increase by approximately US$1m. A corresponding call option is also in place, which has no fair value.
4
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may
be\u00a0payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m (2025: US$9m) was recognised in respect of this unpaid element at 31 March 2026.
31. Fair value methodology
Information in respect of the carrying amounts and the fair value of borrowings is included in note 27(a). There are no material di\ufb00erences between the
carrying value of the Group\u2019s other \ufb01nancial assets and liabilities not measured at fair value and their estimated fair values. The following assumptions
and methods are used to estimate the fair values:
\u2022 the fair values of receivables, \ufb01nancial assets held at amortised cost, cash and cash equivalents and payables are considered to approximate to the
carrying amounts
\u2022 the fair values of short-term borrowings, other than bonds, are considered to approximate to the carrying amounts due to the short maturity terms
of\u00a0such instruments
\u2022 the fair value of that portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation methodology falling within
Level 1 of the IFRS 13 fair value hierarchy
\u2022 the fair value of listed investments is based on quoted market prices, employing a valuation methodology falling within Level 1 of the IFRS 13 fair
value hierarchy
\u2022 the fair values of long-term variable rate bank loans and lease obligations are considered to approximate to the carrying amount
\u2022 the fair values of other \ufb01nancial assets and liabilities are calculated based on a discounted cash \ufb02ow analysis, employing a valuation methodology
falling within Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments, other \ufb01nancial assets at FVPL and contingent
consideration which are determined using a valuation methodology falling within Level 3 of the IFRS 13 fair value hierarchy.
The Group considers the impact of climate-related matters, including legislation, on the fair value measurement of assets and liabilities. At present,
the\u00a0impact of climate-related matters is not material to the Group\u2019s \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "
\u00a0
Carrying amount
Fair value
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u00a3400m 0.739% Euronotes 2025
\u2014\u00a0
519\u00a0
\u2014\u00a0
505\u00a0
\u20ac500m 1.375% Euronotes 2026
579\u00a0
\u2014\u00a0
574\u00a0
\u2014\u00a0
Commercial paper
278\u00a0
214\u00a0
278\u00a0
214\u00a0
Bank overdrafts
5\u00a0
2\u00a0
5\u00a0
2\u00a0
Lease obligations (note 29)
38\u00a0
39\u00a0
38\u00a0
39\u00a0
\u00a0
900\u00a0
774\u00a0
895\u00a0
760\u00a0
Non-current:
\u00a0 \u00a0 \u00a0 \u00a0
Bonds:
\u00a0 \u00a0 \u00a0 \u00a0
\u20ac500m 1.375% Euronotes 2026
\u2014\u00a0
538\u00a0
\u2014\u00a0
533\u00a0
\u20ac300m \ufb02oating rate Euronotes 2028
345\u00a0
\u2014\u00a0
345\u00a0
\u2014\u00a0
US$500m 4.25% Notes 2029
502\u00a0
502\u00a0
496\u00a0
495\u00a0
US$750m 2.75% Notes 2030
725\u00a0
718\u00a0
702\u00a0
686\u00a0
\u20ac500m 1.56% Euronotes 2031
581\u00a0
545\u00a0
520\u00a0
495\u00a0
\u00a3400m 3.25% Euronotes 2032
543\u00a0
530\u00a0
475\u00a0
460\u00a0
\u20ac500m 3.51% Euronotes 2033
565\u00a0
536\u00a0
561\u00a0
535\u00a0
\u20ac650m 3.375% Euronotes 2034
724\u00a0
692\u00a0
717\u00a0
683\u00a0
US$500m 5.25% Notes 2035
495\u00a0
\u2014\u00a0
506\u00a0
\u2014\u00a0
Bank loans
90\u00a0
84\u00a0
90\u00a0
84\u00a0
Lease obligations (note 29)
95\u00a0
97\u00a0
95\u00a0
97\u00a0
\u00a0
4,665\u00a0
4,242\u00a0
4,507\u00a0
4,068\u00a0
Total borrowings
5,565\u00a0
5,016\u00a0
5,402\u00a0
4,828\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "28. Net debt (non-GAAP measure)
(a) Analysis by nature
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Cash and cash equivalents (net of overdrafts)
323\u00a0
366\u00a0
Term deposits
3\u00a0
\u2014\u00a0
Debt due within one year \u2013 bonds and notes
(572)
(518)
Debt due within one year \u2013 commercial paper
(278)
(214)
Debt due within one year \u2013 lease obligations
(38)
(38)
Debt due after more than one year \u2013 bonds and notes
(4,456)
(4,031)
Debt due after more than one year \u2013 bank loans
(90)
(84)
Debt due after more than one year \u2013 lease obligations
(95)
(97)
Derivatives hedging borrowings
24\u00a0
(68)
Net debt
(5,179)
(4,684)
\n
(b) Analysis by balance sheet caption
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Cash and cash equivalents
328\u00a0
368\u00a0
Other \ufb01nancial assets
1
3\u00a0
\u2014\u00a0
Current borrowings
(900)
(774)
Non-current borrowings
(4,665)
(4,242)
Borrowings
(5,565)
(5,016)
Total of Group balance sheet line items
(5,234)
(4,648)
Accrued interest reported within borrowings excluded from Net debt
31\u00a0
32\u00a0
Derivatives reported within Other \ufb01nancial assets
66\u00a0
34\u00a0
Derivatives reported within Other \ufb01nancial liabilities
(42)
(102)
Net debt
(5,179)
(4,684)
\n
1
Other \ufb01nancial assets included in Net debt comprise highly liquid bank deposits with original maturities greater than three months.
(c) Analysis of movements in Net debt (non-GAAP measure)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Derivatives
\u00a0 \u00a0
Liabilities
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
hedging
\u00a0 \u00a0
from
\u00a0
Other
Cash
\u00a0
\u00a0
loans and
Current
Non-current
\ufb01nancing
Accrued
\ufb01nancial
and cash
\u00a0
\u00a0
borrowings
borrowings
borrowings
activities
interest
assets
equivalents
Net debt
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
(68)
(774)
(4,242)
(5,084)
32\u00a0
\u2014\u00a0
368\u00a0
(4,684)
Cash \ufb02ow
(29)
48\u00a0
\u2014\u00a0
19\u00a0
\u2014\u00a0
2\u00a0
790\u00a0
811\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
464\u00a0
(845)
(381)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(381)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(609)
609\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(198)
(198)
Movement on accrued interest
\u2014\u00a0
(5)
6\u00a0
1\u00a0
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(29)
(102)
(230)
(361)
(1)
2\u00a0
592\u00a0
232\u00a0
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(9)
(31)
(40)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(40)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
48\u00a0
48\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(698)
(698)
Additions through business combinations
\u2014\u00a0
\u2014\u00a0
(1)
(1)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
Fair value gains
4\u00a0
\u2014\u00a0
9\u00a0
13\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
Exchange and other movements
117\u00a0
(15)
(170)
(68)
\u2014\u00a0
1\u00a0
18\u00a0
(49)
At 31 March 2026
24\u00a0
(900)
(4,665)
(5,541)
31\u00a0
3\u00a0
328\u00a0
(5,179)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Derivatives
\u00a0\u00a0
Liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
hedging
\u00a0\u00a0
from
\u00a0
Other
Cash
\u00a0
\u00a0
loans and
Current
Non-current
\ufb01nancing
Accrued
\ufb01nancial
and cash
\u00a0
\u00a0
borrowings
borrowings
borrowings
activities
interest
assets
equivalents
Net debt
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(123)
(772)
(3,494)
(4,389)
24\u00a0
\u2014\u00a0
312\u00a0
(4,053)
Cash \ufb02ow
(34)
41\u00a0
\u2014\u00a0
7\u00a0
\u2014\u00a0
\u2014\u00a0
400\u00a0
407\u00a0
Borrowings cash \ufb02ow
\u2014\u00a0
625\u00a0
(1,321)
(696)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(696)
Reclassi\ufb01cation of borrowings
\u2014\u00a0
(637)
637\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net interest paid
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(165)
(165)
Movement on accrued interest
\u2014\u00a0
4\u00a0
(12)
(8)
8\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Net cash \ufb02ow
(34)
33\u00a0
(696)
(697)
8\u00a0
\u2014\u00a0
235\u00a0
(454)
Non-cash lease obligation additions and disposals
1
\u2014\u00a0
(6)
(18)
(24)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(24)
Principal lease payments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
41\u00a0
41\u00a0
Net share purchases
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(179)
(179)
Additions through business combinations
\u2014\u00a0
(1)
(2)
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(3)
Fair value gains/(losses)
49\u00a0
(5)
(8)
36\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
36\u00a0
Exchange and other movements
40\u00a0
(23)
(24)
(7)
\u2014\u00a0
\u2014\u00a0
(41)
(48)
At 31 March 2025
(68)
(774)
(4,242)
(5,084)
32\u00a0
\u2014\u00a0
368\u00a0
(4,684)
\n
1
Non-cash lease obligation movements include additions of US$44m (2025: US$31m) and disposals of US$4m (2025: US$7m). ", "dimensions": { "concept": "exp:DisclosureOfNetDebtNonGaapMeasureTextBlock", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "29. Leases
The Group\u2019s lease portfolio consists of 39 (2025: 39) signi\ufb01cant property leases across the countries in which we operate. In addition, we lease
approximately 37 (2025: 57) smaller properties, 915 (2025: 865) motor vehicles, and a small number of hardware assets. The average remaining
lease\u00a0term is 3.4 years (2025: 3.2 years) for signi\ufb01cant property leases, 1.9 years (2025: 1.3 years) for other minor property leases and 1.9 years
(2025:\u00a01.9 years) for motor vehicles and plant and equipment. Extension and termination options are included within a number of property and
equipment leases across the Group. These are used to maximise operational \ufb02exibility in terms of managing assets and lease exposures.
The\u00a0majority\u00a0of extension and termination options are exercisable only by the Group and not by the respective lessor.
(a) Amounts recognised in the Group balance sheet
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Right-of-use assets:
\u00a0 \u00a0 \u00a0
Land and buildings
22
85
89\u00a0
Motor vehicles and equipment
22
25
25\u00a0
At 31 March
\u00a0
110
114\u00a0
Lease obligations:
\u00a0 \u00a0 \u00a0
Current
27
38
39\u00a0
Non-current
27
95
97\u00a0
At 31 March
\u00a0
133
136\u00a0
\n
Sublease receivables at 31 March 2026 were US$4m (2025: US$6m), of which US$2m (2025: US$4m) falls due after more than one year.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for
leases in the Group, the incremental borrowing rate is used. The incremental borrowing rate is unique to each country and class of assets therein
and\u00a0is based on the Group\u2019s cost of debt, adjusted for factors speci\ufb01c to individual lessees and their borrowing capacity.
The Group is exposed to potential future increases in variable lease payments based on an index or a rate, which are not included in the lease
obligation until they take e\ufb00ect.
(b) Maturity of lease obligations \u2013 contractual undiscounted cash \ufb02ows
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Less than one year
48\u00a0
44\u00a0
One to two years
37\u00a0
34\u00a0
Two to three years
25\u00a0
27\u00a0
Three to four years
16\u00a0
15\u00a0
Four to \ufb01ve years
11\u00a0
9\u00a0
Over \ufb01ve years
21\u00a0
26\u00a0
Total undiscounted lease obligations at 31 March
158\u00a0
155\u00a0
\n
(c) Amounts recognised in the Group income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Depreciation charge for right-of-use assets:
\u00a0 \u00a0 \u00a0
Land and buildings
22
30
29\u00a0
Motor vehicles and equipment
22
13
14\u00a0
Total depreciation charge for right-of-use assets
\u00a0
43
43\u00a0
Interest expense
16
7
7\u00a0
Expense relating to the lease of low-value assets
\u00a0
4
2\u00a0
Total
\u00a0
54
52
\n
We had no material sublease income in the current or prior year.
(d) Amounts recognised in the Group cash \ufb02ow statement
During the year lease payments of US$55m (2025: US$48m) comprised US$48m (2025: US$41m) for repayments of principal and US$7m
(2025:\u00a0US$7m) for payments of interest.
(e) Lease commitments
There were no commitments at 31 March 2026 or 31 March 2025 for leases with terms that had not yet commenced. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "(e) Lease commitments There were no commitments at 31 March 2026 or 31 March 2025 for leases with terms that had not yet commenced. 42. Capital commitments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Capital expenditure for which contracts have been placed:
\u00a0 \u00a0
Other intangible assets
34\u00a0
38\u00a0
Property, plant and equipment
15\u00a0
9\u00a0
\u00a0
49\u00a0
47\u00a0
\n
Capital commitments at 31 March 2026 included commitments of US$25m not expected to be incurred before 31 March 2027. Capital commitments
at\u00a031 March 2025 included commitments of US$28m not then expected to be incurred before 31 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "30. Financial assets and liabilities
(a) Financial assets and liabilities revalued through OCI
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Cash \ufb02ow hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
Listed investments
2
\u2014\u00a0
37\u00a0
37\u00a0
\u2014\u00a0
54\u00a0
54\u00a0
Trade investments
\u2014\u00a0
141\u00a0
141\u00a0
\u2014\u00a0
167\u00a0
167\u00a0
\u00a0
\u2014\u00a0
178\u00a0
178\u00a0
1\u00a0
221\u00a0
222\u00a0
\n
1
Derivatives designated as a cash \ufb02ow hedge are in a documented hedge accounting relationship and consequently are revalued through OCI.
2
Listed investments comprise investments held in the UK to secure certain unfunded pension arrangements (note 34(b)).
(b) Other \ufb01nancial assets and liabilities
(i) Summary
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
3\u00a0
\u2014\u00a0
3\u00a0
17\u00a0
\u2014\u00a0
17\u00a0
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
1
16\u00a0
58\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
26\u00a0
Non-hedging derivatives (interest rate swaps)
1\u00a0
96\u00a0
97\u00a0
2\u00a0
118\u00a0
120\u00a0
Non-hedging derivatives (foreign exchange contracts)
6\u00a0
\u2014\u00a0
6\u00a0
10\u00a0
\u2014\u00a0
10\u00a0
Non-hedging derivatives (equity swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
1\u00a0
3\u00a0
Derivative \ufb01nancial instruments
23\u00a0
154\u00a0
177\u00a0
14\u00a0
145\u00a0
159\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
15\u00a0
20\u00a0
5\u00a0
8\u00a0
13\u00a0
Assets at fair value through pro\ufb01t or loss
28\u00a0
169\u00a0
197\u00a0
19\u00a0
153\u00a0
172\u00a0
Other \ufb01nancial assets
31\u00a0
169\u00a0
200\u00a0
36\u00a0
153\u00a0
189\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
59\u00a0
59\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
31\u00a0
31\u00a0
Derivatives used for hedging
1
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
90\u00a0
90\u00a0
Non-hedging derivatives (cross-currency swaps)
\u2014\u00a0
4\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
11\u00a0
11\u00a0
Non-hedging derivatives (foreign exchange contracts)
14\u00a0
\u2014\u00a0
14\u00a0
4\u00a0
\u2014\u00a0
4\u00a0
Non-hedging derivatives (equity swaps)
5\u00a0
4\u00a0
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Derivative \ufb01nancial instruments
3
19\u00a0
44\u00a0
63\u00a0
4\u00a0
101\u00a0
105\u00a0
Put options
\u2014\u00a0
68\u00a0
68\u00a0
\u2014\u00a0
84\u00a0
84\u00a0
Other \ufb01nancial liabilities
19\u00a0
112\u00a0
131\u00a0
4\u00a0
185\u00a0
189\u00a0
\n
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes arising from investments in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
Amounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
di\ufb00erence between the fair values and the book values stated above.
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\u00a0
2026
2025
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
74\u00a0
1,735\u00a0
4\u00a0
349\u00a0
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
Interest rate swaps
97\u00a0
1,700\u00a0
36\u00a0
1,050\u00a0
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
Foreign exchange contracts
6\u00a0
556\u00a0
14\u00a0
928\u00a0
10\u00a0
402\u00a0
4\u00a0
608\u00a0
Equity swaps
\u2014\u00a0
\u2014\u00a0
9\u00a0
35\u00a0
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a0
177\u00a0
3,991\u00a0
63\u00a0
2,362\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
\n
Notional principal amounts represent the principal amounts underlying the derivative contracts at the reporting date.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\u00a0
Assets
Liabilities
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
177\u00a0
160\u00a0
63\u00a0
105\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(57)
(86)
(57)
(86)
Net amount
120\u00a0
74\u00a0
6\u00a0
19\u00a0
\n
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
(c) Hedge accounting
(i) Fair value and cash \ufb02ow hedges
We use interest rate swaps to hedge the interest rate risk arising on \ufb01xed rate borrowings, and cross-currency swaps to hedge the currency and
interest rate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined
in\u00a0note 8.
We determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
interest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
We have established a hedge ratio of 1:1 for the hedging relationships, as the underlying risk of interest rate swaps and cross-currency swaps is
identical to the hedged risk components.
The main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\u2022 The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument, due to currency
basis spread.
\u2022 Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\u2022 The di\ufb00erent impact of the counterparty\u2019s credit risk on the fair value movements of the hedging instrument compared to the hedged item.
(ii) Analysis of hedging instruments
\n
The Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
\n\n \n
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2026
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
Weighted average \ufb01xed interest rate
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
\n\n \n
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2025
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
\u00a0504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a01,232\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(d) Impact of hedging instruments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
2026
\u00a0\u00a0\u00a0\u00a0
Changes in fair value
\u00a0\u00a0\u00a0\u00a0
used for calculating
\u00a0
Notional amount of
Carrying amount of hedging instrument
\u00a0
hedge ine\ufb00ectiveness
\u00a0
hedging instrument
Assets
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0\u00a0\u00a0\u00a0
Interest rate risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
74\u00a0
\u2014\u00a0
1\u00a0
Interest rate swaps
300\u00a0
\u2014\u00a0
(25)
(6)
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
74\u00a0
\u2014\u00a0
(106)
Cash \ufb02ow hedge
\u00a0\u00a0\u00a0\u00a0
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
n/a
n/a
n/a
(12)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
\u00a0\u00a0\u00a0\u00a0
Changes in fair value
\u00a0\u00a0\u00a0\u00a0
used for calculating
\u00a0
Notional amount of
Carrying amount of hedging instrument
\u00a0
hedge ine\ufb00ectiveness
\u00a0
hedging instrument
Assets
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0\u00a0\u00a0\u00a0
Interest rate risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(3)
Interest rate swaps
300\u00a0
\u2014\u00a0
(31)
(9)
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(36)
Cash \ufb02ow hedge
\u00a0\u00a0\u00a0\u00a0
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
515\u00a0
1\u00a0
\u2014\u00a0
(11)
\n
Cross-currency swaps designated as part of a cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial liabilities
revalued through OCI in the Group balance sheet. Other interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and
Other\u00a0\ufb01nancial liabilities in the Group balance sheet.
(e) Impact of hedged 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0 \u00a0
amount of fair
\u00a0 \u00a0
amount of fair
\u00a0
\u00a0 \u00a0
value hedge
\u00a0 \u00a0
value hedge
\u00a0
\u00a0 \u00a0
adjustments
\u00a0 \u00a0
adjustments
\u00a0
\u00a0 \u00a0
included in
\u00a0 \u00a0
included in
\u00a0
\u00a0 \u00a0
the carrying
Changes in fair value
\u00a0
the carrying
Changes in fair value
\u00a0
Carrying amount
amount of the
used for calculating
Carrying amount of
amount of the
used for calculating
\u00a0
of hedged item
hedged item
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
\u00a0
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(2,088)
(62)
(9)
(1,983)
(52)
14\u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,810)
99\u00a0
112\u00a0
(1,712)
(13)
31\u00a0
Cash \ufb02ow hedge
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
n/a
n/a
12\u00a0
(519)
n/a
11\u00a0
\n
The hedging reserve at 31 March 2026 included a debit of US$nil (2025: US$1m) in respect of the cash \ufb02ow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
(f) Impact of hedge ine\ufb00ectiveness
\u00a0
2026
2025
Fair value hedges (Note 16(c))
US$m
US$m
Interest rate risk
(14)
2\u00a0
Foreign exchange risk
6\u00a0
(5)
Net gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
\n
Hedge ine\ufb00ectiveness is reported within Net \ufb01nance expense in the Group income statement.
(g) Analysis by valuation method for put options and items measured at fair value
\u00a0
2026
2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
74\u00a0
\u2014\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
Non-hedging derivatives
\u2014\u00a0
103\u00a0
\u2014\u00a0
103\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
20\u00a0
20\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
177\u00a0
20\u00a0
197\u00a0
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
Listed and trade investments
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
Financial assets revalued through OCI (note 30(a))
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
1\u00a0
167\u00a0
222\u00a0
\u00a0
37\u00a0
177\u00a0
161\u00a0
375\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(25)
\u2014\u00a0
(25)
\u2014\u00a0
(90)
\u2014\u00a0
(90)
Non-hedging derivatives
\u2014\u00a0
(38)
\u2014\u00a0
(38)
\u2014\u00a0
(15)
\u2014\u00a0
(15)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(99)
(99)
\u2014\u00a0
\u2014\u00a0
(140)
(140)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(63)
(99)
(162)
\u2014\u00a0
(105)
(140)
(245)
Put options
\u2014\u00a0
\u2014\u00a0
(68)
(68)
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u00a0
\u2014\u00a0
(63)
(167)
(230)
\u2014\u00a0
(105)
(224)
(329)
Net \ufb01nancial assets/(liabilities)
37\u00a0
114\u00a0
(6)
145\u00a0
54\u00a0
55\u00a0
(44)
65\u00a0
\n
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.
The analysis by level is a requirement of IFRS 13 \u2018Fair Value Measurement\u2019, and the de\ufb01nitions are summarised here for completeness:
\u2022 assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classi\ufb01ed
as\u00a0Level 1
\u2022 assets and liabilities which are not traded in an active market, and whose valuations are derived from available market data that is observable
for\u00a0the\u00a0asset or liability, are classi\ufb01ed as Level 2
\u2022 assets and liabilities whose valuations are derived from inputs not based on observable market data are classi\ufb01ed as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted businesses, contingent consideration and put options associated with corporate
transactions.
Unlisted equity investments, initially measured at cost, are revalued where su\ufb03cient indicators are identi\ufb01ed that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee\u2019s
equity and estimated discounted cash \ufb02ows that will arise from the investment.
The calculation of the fair value of the Group\u2019s acquisition-related contingent consideration and put option liabilities requires management to estimate
the outcome of uncertain future events. These liabilities are typically linked to the future \ufb01nancial performance of the acquired businesses, with the key
area of estimation uncertainty being the estimation of the relevant \ufb01nancial metrics. Material valuations are based on Monte Carlo simulations using
the most recent management expectations of relevant business performance, re\ufb02ecting the di\ufb00erent contractual arrangements in place.
The range of the undiscounted put option exercise price on the FY24 acquisition of MOVA Sociedade de Empr\u00e9stimo entre Pessoas S.A. (MOVA) is set
out in note 30(h).
There would be no material e\ufb00ect on the other amounts stated from any reasonably possible change in such inputs at 31 March 2026. There were no
transfers between levels during the current or prior year.
(h) Analysis of movements in Level 3 \ufb01nancial assets/(liabilities)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Year ended 31 March 2026
Year ended 31 March 2025
\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
Other
\u00a0\u00a0\u00a0
assets
Other
\u00a0\u00a0\u00a0
\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
\u00a0
through
assets
Contingent
Put
\u00a0
through
assets
Contingent
Put
\u00a0
\u00a0
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
Additions
1
8\u00a0
3\u00a0
(20)
\u2014\u00a0
(9)
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
Disposals
(36)
(1)
\u2014\u00a0
\u2014\u00a0
(37)
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
Conversion of convertible debt to equity
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
investments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
Adjustment to the fair value of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
2
\u2014\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Valuation gains recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
3
\u2014\u00a0
4\u00a0
\u2014\u00a0
19\u00a0
23\u00a0
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
Settlement of put options
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
Transfer of put option liability to
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
Valuation gains/(losses) recognised in
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
OCI
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
Currency translation (losses)/gains
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
(10)
(3)
(13)
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
Other
\u2014\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
4\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
At 31 March
141\u00a0
20\u00a0
(99)
(68)
(6)
167\u00a0
13\u00a0
(140)
(84)
(44)
\n
1
Additions to contingent consideration comprised US$20m (2025: US$56m) in respect of acquisitions (note 41). Of the FY25 additions, US$40m related to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
3
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.
A valuation gain of US$20m (2025: US$20m) was recorded on the put option recognised on the FY24 acquisition of MOVA, together with movements on other put option liabilities. The exercise price of the MOVA
put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, the likely range of the undiscounted option exercise price is expected to be between
US$33m and US$67m (2025: US$49m and US$131m). The fair value of the put option liability at 31 March 2026 was US$34m (2025: US$50m). If the discount rate used in this determination increased or
decreased by a percentage point, the put option liability would decrease or increase by approximately US$1m. A corresponding call option is also in place, which has no fair value.
4
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may
be\u00a0payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m (2025: US$9m) was recognised in respect of this unpaid element at 31 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Cash \ufb02ow hedge of borrowings (cross-currency swaps)
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
Listed investments
2
\u2014\u00a0
37\u00a0
37\u00a0
\u2014\u00a0
54\u00a0
54\u00a0
Trade investments
\u2014\u00a0
141\u00a0
141\u00a0
\u2014\u00a0
167\u00a0
167\u00a0
\u00a0
\u2014\u00a0
178\u00a0
178\u00a0
1\u00a0
221\u00a0
222\u00a0
\n
1
Derivatives designated as a cash \ufb02ow hedge are in a documented hedge accounting relationship and consequently are revalued through OCI.
2
Listed investments comprise investments held in the UK to secure certain unfunded pension arrangements (note 34(b)).\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
3\u00a0
\u2014\u00a0
3\u00a0
17\u00a0
\u2014\u00a0
17\u00a0
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
1
16\u00a0
58\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
26\u00a0
Non-hedging derivatives (interest rate swaps)
1\u00a0
96\u00a0
97\u00a0
2\u00a0
118\u00a0
120\u00a0
Non-hedging derivatives (foreign exchange contracts)
6\u00a0
\u2014\u00a0
6\u00a0
10\u00a0
\u2014\u00a0
10\u00a0
Non-hedging derivatives (equity swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
1\u00a0
3\u00a0
Derivative \ufb01nancial instruments
23\u00a0
154\u00a0
177\u00a0
14\u00a0
145\u00a0
159\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
15\u00a0
20\u00a0
5\u00a0
8\u00a0
13\u00a0
Assets at fair value through pro\ufb01t or loss
28\u00a0
169\u00a0
197\u00a0
19\u00a0
153\u00a0
172\u00a0
Other \ufb01nancial assets
31\u00a0
169\u00a0
200\u00a0
36\u00a0
153\u00a0
189\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
59\u00a0
59\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
31\u00a0
31\u00a0
Derivatives used for hedging
1
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
90\u00a0
90\u00a0
Non-hedging derivatives (cross-currency swaps)
\u2014\u00a0
4\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
11\u00a0
11\u00a0
Non-hedging derivatives (foreign exchange contracts)
14\u00a0
\u2014\u00a0
14\u00a0
4\u00a0
\u2014\u00a0
4\u00a0
Non-hedging derivatives (equity swaps)
5\u00a0
4\u00a0
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Derivative \ufb01nancial instruments
3
19\u00a0
44\u00a0
63\u00a0
4\u00a0
101\u00a0
105\u00a0
Put options
\u2014\u00a0
68\u00a0
68\u00a0
\u2014\u00a0
84\u00a0
84\u00a0
Other \ufb01nancial liabilities
19\u00a0
112\u00a0
131\u00a0
4\u00a0
185\u00a0
189\u00a0
\n
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes arising from investments in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL). (ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\u00a0
2026
2025
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
74\u00a0
1,735\u00a0
4\u00a0
349\u00a0
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
Interest rate swaps
97\u00a0
1,700\u00a0
36\u00a0
1,050\u00a0
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
Foreign exchange contracts
6\u00a0
556\u00a0
14\u00a0
928\u00a0
10\u00a0
402\u00a0
4\u00a0
608\u00a0
Equity swaps
\u2014\u00a0
\u2014\u00a0
9\u00a0
35\u00a0
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a0
177\u00a0
3,991\u00a0
63\u00a0
2,362\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
\n
Notional principal amounts represent the principal amounts underlying the derivative contracts at the reporting date.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\u00a0
Assets
Liabilities
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
177\u00a0
160\u00a0
63\u00a0
105\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(57)
(86)
(57)
(86)
Net amount
120\u00a0
74\u00a0
6\u00a0
19\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.
(c) Hedge accounting
(i) Fair value and cash \ufb02ow hedges
We use interest rate swaps to hedge the interest rate risk arising on \ufb01xed rate borrowings, and cross-currency swaps to hedge the currency and
interest rate risk arising on foreign currency \ufb01xed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined
in\u00a0note 8.
We determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
interest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
We have established a hedge ratio of 1:1 for the hedging relationships, as the underlying risk of interest rate swaps and cross-currency swaps is
identical to the hedged risk components.
The main sources of ine\ufb00ectiveness in the hedge accounting relationships are:
\u2022 The application of di\ufb00erent interest rate curves to discount the cash \ufb02ows of the hedged item and those of the hedging instrument, due to currency
basis spread.
\u2022 Di\ufb00erences in timing of cash \ufb02ows of the hedged item and hedging instrument.
\u2022 The di\ufb00erent impact of the counterparty\u2019s credit risk on the fair value movements of the hedging instrument compared to the hedged item.
\n\n\n\n\n
(ii) Analysis of hedging instruments
\n
The Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
\n\n \n
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2026
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
Weighted average \ufb01xed interest rate
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
\n\n \n
Maturity
Less than
One to
Two to
Three to
Four to
Over
At 31 March 2025
one year
two years
three years
four years
\ufb01ve years
\ufb01ve years
Fair value hedges
Interest rate risk
Interest rate swaps:
Notional amount (US$m)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
300\u00a0
\u2014\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.66%
\u2014\u00a0
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
\u00a0504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a01,232\u00a0
Weighted average \ufb01xed interest rate
\u2014\u00a0
1.38%
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3.43%
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
\u2014\u00a0
504\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1,232\u00a0
EUR:USD forward contract rate
\u2014\u00a0
1.12\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1.07\u00a0
Cash \ufb02ow hedge
Foreign currency risk
Cross-currency swaps:
Notional amount (US$m)
515\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
GBP:USD forward contract rate
1.29\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(d) Impact of hedging instruments
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
2026
\u00a0\u00a0\u00a0\u00a0
Changes in fair value
\u00a0\u00a0\u00a0\u00a0
used for calculating
\u00a0
Notional amount of
Carrying amount of hedging instrument
\u00a0
hedge ine\ufb00ectiveness
\u00a0
hedging instrument
Assets
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0\u00a0\u00a0\u00a0
Interest rate risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
74\u00a0
\u2014\u00a0
1\u00a0
Interest rate swaps
300\u00a0
\u2014\u00a0
(25)
(6)
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
74\u00a0
\u2014\u00a0
(106)
Cash \ufb02ow hedge
\u00a0\u00a0\u00a0\u00a0
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
n/a
n/a
n/a
(12)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\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
\u00a0\u00a0\u00a0\u00a0
Changes in fair value
\u00a0\u00a0\u00a0\u00a0
used for calculating
\u00a0
Notional amount of
Carrying amount of hedging instrument
\u00a0
hedge ine\ufb00ectiveness
\u00a0
hedging instrument
Assets
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0\u00a0\u00a0\u00a0
Interest rate risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(3)
Interest rate swaps
300\u00a0
\u2014\u00a0
(31)
(9)
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
1,736\u00a0
26\u00a0
(59)
(36)
Cash \ufb02ow hedge
\u00a0\u00a0\u00a0\u00a0
Foreign exchange risk
\u00a0\u00a0\u00a0\u00a0
Cross-currency swaps
515\u00a0
1\u00a0
\u2014\u00a0
(11)
\n
Cross-currency swaps designated as part of a cash \ufb02ow hedge are reported within Financial assets revalued through OCI or Financial liabilities
revalued through OCI in the Group balance sheet. Other interest rate and cross-currency swaps are reported within Other \ufb01nancial assets and
Other\u00a0\ufb01nancial liabilities in the Group balance sheet.
(e) Impact of hedged 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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0 \u00a0
Accumulated
\u00a0 \u00a0
Accumulated
\u00a0
\u00a0 \u00a0
amount of fair
\u00a0 \u00a0
amount of fair
\u00a0
\u00a0 \u00a0
value hedge
\u00a0 \u00a0
value hedge
\u00a0
\u00a0 \u00a0
adjustments
\u00a0 \u00a0
adjustments
\u00a0
\u00a0 \u00a0
included in
\u00a0 \u00a0
included in
\u00a0
\u00a0 \u00a0
the carrying
Changes in fair value
\u00a0
the carrying
Changes in fair value
\u00a0
Carrying amount
amount of the
used for calculating
Carrying amount of
amount of the
used for calculating
\u00a0
of hedged item
hedged item
hedge ine\ufb00ectiveness
hedged item
hedged item
hedge ine\ufb00ectiveness
\u00a0
Liabilities
(Note 16(c))
Liabilities
(Note 16(c))
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
Fair value hedges
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest rate risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(2,088)
(62)
(9)
(1,983)
(52)
14\u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
(1,810)
99\u00a0
112\u00a0
(1,712)
(13)
31\u00a0
Cash \ufb02ow hedge
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Foreign exchange risk
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
n/a
n/a
12\u00a0
(519)
n/a
11\u00a0
\n
The hedging reserve at 31 March 2026 included a debit of US$nil (2025: US$1m) in respect of the cash \ufb02ow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
(f) Impact of hedge ine\ufb00ectiveness
\u00a0
2026
2025
Fair value hedges (Note 16(c))
US$m
US$m
Interest rate risk
(14)
2\u00a0
Foreign exchange risk
6\u00a0
(5)
Net gains on items in hedging relationships \u2013 hedge ine\ufb00ectiveness
(8)
(3)
\n
Hedge ine\ufb00ectiveness is reported within Net \ufb01nance expense in the Group income statement.
(g) Analysis by valuation method for put options and items measured at fair value
\u00a0
2026
2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
74\u00a0
\u2014\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
Non-hedging derivatives
\u2014\u00a0
103\u00a0
\u2014\u00a0
103\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
20\u00a0
20\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
177\u00a0
20\u00a0
197\u00a0
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
Listed and trade investments
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
Financial assets revalued through OCI (note 30(a))
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
1\u00a0
167\u00a0
222\u00a0
\u00a0
37\u00a0
177\u00a0
161\u00a0
375\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(25)
\u2014\u00a0
(25)
\u2014\u00a0
(90)
\u2014\u00a0
(90)
Non-hedging derivatives
\u2014\u00a0
(38)
\u2014\u00a0
(38)
\u2014\u00a0
(15)
\u2014\u00a0
(15)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(99)
(99)
\u2014\u00a0
\u2014\u00a0
(140)
(140)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(63)
(99)
(162)
\u2014\u00a0
(105)
(140)
(245)
Put options
\u2014\u00a0
\u2014\u00a0
(68)
(68)
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u00a0
\u2014\u00a0
(63)
(167)
(230)
\u2014\u00a0
(105)
(224)
(329)
Net \ufb01nancial assets/(liabilities)
37\u00a0
114\u00a0
(6)
145\u00a0
54\u00a0
55\u00a0
(44)
65\u00a0
\n
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Year ended 31 March 2026
Year ended 31 March 2025
\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
Other
\u00a0\u00a0\u00a0
assets
Other
\u00a0\u00a0\u00a0
\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
\u00a0
through
assets
Contingent
Put
\u00a0
through
assets
Contingent
Put
\u00a0
\u00a0
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
Additions
1
8\u00a0
3\u00a0
(20)
\u2014\u00a0
(9)
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
Disposals
(36)
(1)
\u2014\u00a0
\u2014\u00a0
(37)
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
Conversion of convertible debt to equity
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
investments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
Adjustment to the fair value of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
2
\u2014\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Valuation gains recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
3
\u2014\u00a0
4\u00a0
\u2014\u00a0
19\u00a0
23\u00a0
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
Settlement of put options
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
Transfer of put option liability to
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
Valuation gains/(losses) recognised in
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
OCI
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
Currency translation (losses)/gains
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
(10)
(3)
(13)
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
Other
\u2014\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
4\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
At 31 March
141\u00a0
20\u00a0
(99)
(68)
(6)
167\u00a0
13\u00a0
(140)
(84)
(44)
\n
1
Additions to contingent consideration comprised US$20m (2025: US$56m) in respect of acquisitions (note 41). Of the FY25 additions, US$40m related to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
3
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.
A valuation gain of US$20m (2025: US$20m) was recorded on the put option recognised on the FY24 acquisition of MOVA, together with movements on other put option liabilities. The exercise price of the MOVA
put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, the likely range of the undiscounted option exercise price is expected to be between
US$33m and US$67m (2025: US$49m and US$131m). The fair value of the put option liability at 31 March 2026 was US$34m (2025: US$50m). If the discount rate used in this determination increased or
decreased by a percentage point, the put option liability would decrease or increase by approximately US$1m. A corresponding call option is also in place, which has no fair value.
4
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may
be\u00a0payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m (2025: US$9m) was recognised in respect of this unpaid element at 31 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "(b) Other \ufb01nancial assets and liabilities
(i) Summary
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
3\u00a0
\u2014\u00a0
3\u00a0
17\u00a0
\u2014\u00a0
17\u00a0
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
1
16\u00a0
58\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
26\u00a0
Non-hedging derivatives (interest rate swaps)
1\u00a0
96\u00a0
97\u00a0
2\u00a0
118\u00a0
120\u00a0
Non-hedging derivatives (foreign exchange contracts)
6\u00a0
\u2014\u00a0
6\u00a0
10\u00a0
\u2014\u00a0
10\u00a0
Non-hedging derivatives (equity swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
1\u00a0
3\u00a0
Derivative \ufb01nancial instruments
23\u00a0
154\u00a0
177\u00a0
14\u00a0
145\u00a0
159\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
15\u00a0
20\u00a0
5\u00a0
8\u00a0
13\u00a0
Assets at fair value through pro\ufb01t or loss
28\u00a0
169\u00a0
197\u00a0
19\u00a0
153\u00a0
172\u00a0
Other \ufb01nancial assets
31\u00a0
169\u00a0
200\u00a0
36\u00a0
153\u00a0
189\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
59\u00a0
59\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
31\u00a0
31\u00a0
Derivatives used for hedging
1
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
90\u00a0
90\u00a0
Non-hedging derivatives (cross-currency swaps)
\u2014\u00a0
4\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
11\u00a0
11\u00a0
Non-hedging derivatives (foreign exchange contracts)
14\u00a0
\u2014\u00a0
14\u00a0
4\u00a0
\u2014\u00a0
4\u00a0
Non-hedging derivatives (equity swaps)
5\u00a0
4\u00a0
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Derivative \ufb01nancial instruments
3
19\u00a0
44\u00a0
63\u00a0
4\u00a0
101\u00a0
105\u00a0
Put options
\u2014\u00a0
68\u00a0
68\u00a0
\u2014\u00a0
84\u00a0
84\u00a0
Other \ufb01nancial liabilities
19\u00a0
112\u00a0
131\u00a0
4\u00a0
185\u00a0
189\u00a0
\n
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes arising from investments in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
Amounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
di\ufb00erence between the fair values and the book values stated above.
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\u00a0
2026
2025
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
74\u00a0
1,735\u00a0
4\u00a0
349\u00a0
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
Interest rate swaps
97\u00a0
1,700\u00a0
36\u00a0
1,050\u00a0
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
Foreign exchange contracts
6\u00a0
556\u00a0
14\u00a0
928\u00a0
10\u00a0
402\u00a0
4\u00a0
608\u00a0
Equity swaps
\u2014\u00a0
\u2014\u00a0
9\u00a0
35\u00a0
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a0
177\u00a0
3,991\u00a0
63\u00a0
2,362\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
\n
Notional principal amounts represent the principal amounts underlying the derivative contracts at the reporting date.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\u00a0
Assets
Liabilities
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
177\u00a0
160\u00a0
63\u00a0
105\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(57)
(86)
(57)
(86)
Net amount
120\u00a0
74\u00a0
6\u00a0
19\u00a0
\nThere are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "(b) Other \ufb01nancial assets and liabilities
(i) Summary
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Assets
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets held at amortised cost
3\u00a0
\u2014\u00a0
3\u00a0
17\u00a0
\u2014\u00a0
17\u00a0
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
1
16\u00a0
58\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
26\u00a0
Non-hedging derivatives (interest rate swaps)
1\u00a0
96\u00a0
97\u00a0
2\u00a0
118\u00a0
120\u00a0
Non-hedging derivatives (foreign exchange contracts)
6\u00a0
\u2014\u00a0
6\u00a0
10\u00a0
\u2014\u00a0
10\u00a0
Non-hedging derivatives (equity swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
1\u00a0
3\u00a0
Derivative \ufb01nancial instruments
23\u00a0
154\u00a0
177\u00a0
14\u00a0
145\u00a0
159\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
2
5\u00a0
15\u00a0
20\u00a0
5\u00a0
8\u00a0
13\u00a0
Assets at fair value through pro\ufb01t or loss
28\u00a0
169\u00a0
197\u00a0
19\u00a0
153\u00a0
172\u00a0
Other \ufb01nancial assets
31\u00a0
169\u00a0
200\u00a0
36\u00a0
153\u00a0
189\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
Current
Non-current
Total
Current
Non-current
Total
Liabilities
US$m
US$m
US$m
US$m
US$m
US$m
Derivative \ufb01nancial instruments:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value hedge of borrowings (cross-currency swaps)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
59\u00a0
59\u00a0
Fair value hedge of borrowings (interest rate swaps)
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
31\u00a0
31\u00a0
Derivatives used for hedging
1
\u2014\u00a0
25\u00a0
25\u00a0
\u2014\u00a0
90\u00a0
90\u00a0
Non-hedging derivatives (cross-currency swaps)
\u2014\u00a0
4\u00a0
4\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Non-hedging derivatives (interest rate swaps)
\u2014\u00a0
11\u00a0
11\u00a0
\u2014\u00a0
11\u00a0
11\u00a0
Non-hedging derivatives (foreign exchange contracts)
14\u00a0
\u2014\u00a0
14\u00a0
4\u00a0
\u2014\u00a0
4\u00a0
Non-hedging derivatives (equity swaps)
5\u00a0
4\u00a0
9\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Derivative \ufb01nancial instruments
3
19\u00a0
44\u00a0
63\u00a0
4\u00a0
101\u00a0
105\u00a0
Put options
\u2014\u00a0
68\u00a0
68\u00a0
\u2014\u00a0
84\u00a0
84\u00a0
Other \ufb01nancial liabilities
19\u00a0
112\u00a0
131\u00a0
4\u00a0
185\u00a0
189\u00a0
\n
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other \ufb01nancial assets at fair value through pro\ufb01t or loss comprise convertible loan notes arising from investments in associates or minority investments.
3
Derivative \ufb01nancial liabilities are valued at fair value through pro\ufb01t or loss (FVPL).
Amounts recognised in the Group income statement in connection with the Group\u2019s hedging instruments are disclosed in note 16. There is no material
di\ufb00erence between the fair values and the book values stated above.
(ii) Fair value and notional principal amounts of derivative \ufb01nancial instruments
\u00a0
2026
2025
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Cross-currency swaps
74\u00a0
1,735\u00a0
4\u00a0
349\u00a0
27\u00a0
1,029\u00a0
59\u00a0
1,222\u00a0
Interest rate swaps
97\u00a0
1,700\u00a0
36\u00a0
1,050\u00a0
120\u00a0
1,350\u00a0
42\u00a0
550\u00a0
Foreign exchange contracts
6\u00a0
556\u00a0
14\u00a0
928\u00a0
10\u00a0
402\u00a0
4\u00a0
608\u00a0
Equity swaps
\u2014\u00a0
\u2014\u00a0
9\u00a0
35\u00a0
3\u00a0
33\u00a0
\u2014\u00a0
\u2014\u00a0
\u00a0
177\u00a0
3,991\u00a0
63\u00a0
2,362\u00a0
160\u00a0
2,814\u00a0
105\u00a0
2,380\u00a0
\n
Notional principal amounts represent the principal amounts underlying the derivative contracts at the reporting date.
(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\u00a0
Assets
Liabilities
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
177\u00a0
160\u00a0
63\u00a0
105\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(57)
(86)
(57)
(86)
Net amount
120\u00a0
74\u00a0
6\u00a0
19\u00a0
\nThere are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "(iii) O\ufb00setting derivative \ufb01nancial assets and liabilities held with the same counterparty
\u00a0
Assets
Liabilities
\u00a0
2026
2025
2026
2025
\u00a0
US$m
US$m
US$m
US$m
Reported in the Group balance sheet
177\u00a0
160\u00a0
63\u00a0
105\u00a0
Related amounts not o\ufb00set in the Group balance sheet
(57)
(86)
(57)
(86)
Net amount
120\u00a0
74\u00a0
6\u00a0
19\u00a0
There are no amounts o\ufb00set within the assets and liabilities reported in the Group balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "
\u00a0
2026
2025
\u00a0
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
Financial assets:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
74\u00a0
\u2014\u00a0
74\u00a0
\u2014\u00a0
26\u00a0
\u2014\u00a0
26\u00a0
Non-hedging derivatives
\u2014\u00a0
103\u00a0
\u2014\u00a0
103\u00a0
\u2014\u00a0
133\u00a0
\u2014\u00a0
133\u00a0
Other \ufb01nancial assets at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
20\u00a0
20\u00a0
\u2014\u00a0
\u2014\u00a0
13\u00a0
13\u00a0
Financial assets at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
177\u00a0
20\u00a0
197\u00a0
\u2014\u00a0
159\u00a0
13\u00a0
172\u00a0
Derivatives used for hedging \u2013 cash \ufb02ow hedge
1
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
1\u00a0
Listed and trade investments
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
\u2014\u00a0
167\u00a0
221\u00a0
Financial assets revalued through OCI (note 30(a))
37\u00a0
\u2014\u00a0
141\u00a0
178\u00a0
54\u00a0
1\u00a0
167\u00a0
222\u00a0
\u00a0
37\u00a0
177\u00a0
161\u00a0
375\u00a0
54\u00a0
160\u00a0
180\u00a0
394\u00a0
Financial liabilities:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Derivatives used for hedging \u2013 fair value hedges
\u2014\u00a0
(25)
\u2014\u00a0
(25)
\u2014\u00a0
(90)
\u2014\u00a0
(90)
Non-hedging derivatives
\u2014\u00a0
(38)
\u2014\u00a0
(38)
\u2014\u00a0
(15)
\u2014\u00a0
(15)
Other liabilities at fair value through pro\ufb01t or loss
\u2014\u00a0
\u2014\u00a0
(99)
(99)
\u2014\u00a0
\u2014\u00a0
(140)
(140)
Financial liabilities at fair value through pro\ufb01t or loss (note 30(b))
\u2014\u00a0
(63)
(99)
(162)
\u2014\u00a0
(105)
(140)
(245)
Put options
\u2014\u00a0
\u2014\u00a0
(68)
(68)
\u2014\u00a0
\u2014\u00a0
(84)
(84)
\u00a0
\u2014\u00a0
(63)
(167)
(230)
\u2014\u00a0
(105)
(224)
(329)
Net \ufb01nancial assets/(liabilities)
37\u00a0
114\u00a0
(6)
145\u00a0
54\u00a0
55\u00a0
(44)
65\u00a0
\n
1
Derivatives designated as a cash \ufb02ow hedge, which are in a documented hedge accounting relationship, are revalued through OCI. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
Year ended 31 March 2026
Year ended 31 March 2025
\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
Financial
\u00a0\u00a0\u00a0\u00a0
\u00a0
assets
Other
\u00a0\u00a0\u00a0
assets
Other
\u00a0\u00a0\u00a0
\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
revalued
\ufb01nancial
\u00a0\u00a0\u00a0
\u00a0
through
assets
Contingent
Put
\u00a0
through
assets
Contingent
Put
\u00a0
\u00a0
OCI
at FVPL
consideration
options
Total
OCI
at FVPL
consideration
options
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
167\u00a0
13\u00a0
(140)
(84)
(44)
167\u00a0
14\u00a0
(92)
(133)
(44)
Additions
1
8\u00a0
3\u00a0
(20)
\u2014\u00a0
(9)
46\u00a0
6\u00a0
(56)
\u2014\u00a0
(4)
Disposals
(36)
(1)
\u2014\u00a0
\u2014\u00a0
(37)
(5)
(11)
\u2014\u00a0
\u2014\u00a0
(16)
Conversion of convertible debt to equity
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
investments
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
(3)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Settlement of contingent consideration
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(note 41(b)(ii))
\u2014\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
66\u00a0
\u2014\u00a0
\u2014\u00a0
8\u00a0
\u2014\u00a0
8\u00a0
Adjustment to the fair value of
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
2
\u2014\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
2\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
\u2014\u00a0
(1)
Valuation gains recognised in the Group
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income statement
3
\u2014\u00a0
4\u00a0
\u2014\u00a0
19\u00a0
23\u00a0
\u2014\u00a0
6\u00a0
\u2014\u00a0
5\u00a0
11\u00a0
Settlement of put options
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
22\u00a0
22\u00a0
Transfer of put option liability to
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
contingent consideration
4
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(9)
9\u00a0
\u2014\u00a0
Valuation gains/(losses) recognised in
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
OCI
2\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
2\u00a0
(44)
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(44)
Currency translation (losses)/gains
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
recognised directly in OCI
\u2014\u00a0
\u2014\u00a0
(10)
(3)
(13)
\u2014\u00a0
\u2014\u00a0
10\u00a0
13\u00a0
23\u00a0
Other
\u2014\u00a0
1\u00a0
3\u00a0
\u2014\u00a0
4\u00a0
\u2014\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
At 31 March
141\u00a0
20\u00a0
(99)
(68)
(6)
167\u00a0
13\u00a0
(140)
(84)
(44)
\n
1
Additions to contingent consideration comprised US$20m (2025: US$56m) in respect of acquisitions (note 41). Of the FY25 additions, US$40m related to the acquisition of Salt Participa\u00e7\u00f5es S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
3
Movements in the present value of expected future payments for put options are unrealised and are recognised in \ufb01nancing fair value remeasurements in the Group income statement.
A valuation gain of US$20m (2025: US$20m) was recorded on the put option recognised on the FY24 acquisition of MOVA, together with movements on other put option liabilities. The exercise price of the MOVA
put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, the likely range of the undiscounted option exercise price is expected to be between
US$33m and US$67m (2025: US$49m and US$131m). The fair value of the put option liability at 31 March 2026 was US$34m (2025: US$50m). If the discount rate used in this determination increased or
decreased by a percentage point, the put option liability would decrease or increase by approximately US$1m. A corresponding call option is also in place, which has no fair value.
4
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Solu\u00e7\u00f5es de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may
be\u00a0payable in future years, which is contingent on the \ufb01nancial performance of Brain. Contingent consideration of US$9m (2025: US$9m) was recognised in respect of this unpaid element at 31 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "33. Share incentive plans
(a) Cost of share-based compensation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Share awards
124\u00a0
114\u00a0
Share options
14\u00a0
13\u00a0
Expense recognised (all equity-settled)
138\u00a0
127\u00a0
Charge for associated social security obligations
17\u00a0
11\u00a0
Total expense recognised in the Group income statement
155\u00a0
138\u00a0
\n
The Group has a number of equity-settled, share-based employee incentive plans. Further information on share award arrangements is given in note
33(b). As the numbers of share options granted or outstanding and the related charge to the Group income statement are not signi\ufb01cant, no further
disclosures are included in these \ufb01nancial statements.
(b) Share awards
(i) Summary of arrangements and performance conditions
There are three plans under which share awards are currently granted \u2013 the two Experian Co-investment Plans (the CIP) and the Experian
Performance Share Plan (the PSP). Awards typically take the form of a grant of free shares which vest over a service period of three years, with a
maximum term generally of the same length, and are settled by share distribution. The assumption at grant date for employee departures prior to
vesting is 20% for certain unconditional awards, which are only made under the PSP. Other details in respect of conditional awards are given below.
During the year ended 31 March 2021, a one-o\ufb00 award was made under the PSP to employees who are not eligible to participate in existing share
award schemes. These awards had no service or performance conditions attached and vested immediately. Participants who held the shares received
for three years were entitled to receive two matching shares for each share they originally received and these matching awards vested in the year
ended 31 March 2025.
CIP
For the purposes of IFRS 2 \u2018Share-based Payment\u2019, the grant date for these plans is the start of the \ufb01nancial year in which performance is assessed.
This is before the number of shares to be awarded is determined but the underlying value of the award is known, subject to the outcome of the
performance condition. The value of awarded shares re\ufb02ects the performance outcome assumed at the date of their issue to participants and is
recognised over a four-year period.
The range of performance conditions for awards under these plans is set out below. In order for granted awards to vest, the Pro\ufb01t performance
condition (Pro\ufb01t condition) requires adjusted Benchmark EPS growth at the stated percentages over a three-year period. The cumulative Benchmark
operating cash \ufb02ow performance condition (Cash \ufb02ow condition) is based on cumulative Benchmark operating cash \ufb02ow over a three-year period.
The\u00a0period of assessment commences at the beginning of the \ufb01nancial year of grant. These are not market-based performance conditions as
de\ufb01ned\u00a0by IFRS 2.
PSP
The range of Pro\ufb01t performance conditions for conditional awards under this plan is the same as that for the CIP described above. For granted awards
to vest, the Return on capital employed condition (ROCE condition) requires average ROCE over the period at the percentages stated below. Both these
conditions are not market-based performance conditions as de\ufb01ned by IFRS 2 and are also measured over a three-year period commencing at the
beginning of the \ufb01nancial year of grant.
The Total shareholder return performance condition (TSR condition) is considered a market-based performance condition as de\ufb01ned by IFRS 2.
In\u00a0valuing the awarded shares, TSR is evaluated using a Monte Carlo simulation, with historical volatilities and correlations for comparator companies
measured over the three-year period preceding valuation and an implied volatility for Experian plc ordinary shares.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Year ended
31 March 2026
31 March 2025
31 March 2024
\u00a0
CIP
PSP
CIP
PSP
CIP
PSP
Pro\ufb01t condition:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proportion of awards subject to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
condition
50%
50%
50%
50%
50%
50%
Minimum payout requirement
5% per annum
5% per annum
5% per annum
5% per annum
5% per annum
5% per annum
Target payout requirement
7% per annum
7% per annum
7% per annum
7% per annum
7% per annum
7% per annum
Maximum payout requirement
9% per annum
9% per annum
9% per annum
9% per annum
9% per annum
9% per annum
Assumed outcome at grant date
100%
100%
50%
50%
50%
50%
Cash \ufb02ow condition:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proportion of awards subject to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
condition
50%
\u00a0
50%
\u00a0
50%
\u00a0
Minimum payout requirement
US$6.5bn
\u00a0
US$5.9bn
\u00a0
US$5.5bn
\u00a0
Target payout requirement
US$6.8bn
\u00a0
US$6.15bn
\u00a0
US$5.75bn
\u00a0
Maximum payout requirement
US$7.1bn
\u00a0
US$6.4bn
\u00a0
US$6.0bn
\u00a0
Assumed outcome at grant date
64%
\u00a0
57%
\u00a0
53%
\u00a0
ROCE condition:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proportion of awards subject to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
condition
\u00a0
25%
\u00a0
25%
\u00a0
25%
Minimum payout requirement
\u00a0
14.5% per annum
\u00a0
14.5% per annum
\u00a0
14.5% per annum
Target payout requirement
\u00a0
15.4% per annum
\u00a0
15.4% per annum
\u00a0
15.4% per annum
Maximum payout requirement
\u00a0
16.0% per annum
\u00a0
16.0% per annum
\u00a0
16.0% per annum
Assumed outcome at grant date
\u00a0
100%
\u00a0
100%
\u00a0
75%
TSR condition:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Proportion of awards subject to
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
condition
\u00a0
25%
\u00a0
25%
\u00a0
25%
Assumed outcome at grant date
\u00a0
42%
\u00a0
48%
\u00a0
62%
\n
(ii) Information on share grant valuations
Share grants are valued by reference to the market price on the day of award, with no modi\ufb01cation for dividend distributions or other factors,
as\u00a0participants are entitled to dividend distributions on awarded shares. Market-based performance conditions are included in the fair value
measurement on the grant date and are not revised for actual performance. Awards granted in the year ended 31 March 2026 had a weighted
average\u00a0fair value per share of \u00a335.99 (2025: \u00a336.11).
(iii) Share awards outstanding
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\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
2026
2025
\u00a0
million
million
At 1 April
10.3\u00a0
12.4\u00a0
Grants
3.2\u00a0
3.4\u00a0
Forfeitures
(0.8)
(1.7)
Lapse of awards
(0.4)
(0.1)
Vesting
(3.6)
(3.7)
At 31 March
8.7\u00a0
10.3\u00a0
Analysis by plan:
\u00a0 \u00a0
CIP
2.3\u00a0
2.9\u00a0
PSP - conditional awards
1.8\u00a0
2.2\u00a0
PSP - unconditional awards
4.6\u00a0
5.2\u00a0
At 31 March
8.7\u00a0
10.3\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "(b) Net current tax assets/(liabilities) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
Notes
US$m
US$m
At 1 April
\u00a0
(24)
14\u00a0
Di\ufb00erences on exchange
\u00a0
2\u00a0
(2)
Tax charge in the Group income statement
17(a)
(408)
(500)
Tax recognised directly in equity on transactions with owners
\u00a0
16\u00a0
9\u00a0
Other tax paid
\u00a0
438\u00a0
447\u00a0
Transfers
\u00a0
3\u00a0
8\u00a0
At 31 March
\u00a0
27\u00a0
(24)
Presented in the Group balance sheet as:
\u00a0\u00a0\u00a0
Current tax assets
\u00a0
65\u00a0
52\u00a0
Current tax liabilities
\u00a0
(38)
(76)
\u00a0\u00a0
27\u00a0
(24)
Tax recognised directly in equity on transactions with owners relates to employee share incentive plans. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "value": "37. Provisions \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
North
\u00a0\u00a0\u00a0
North
\u00a0\u00a0\u00a0
\u00a0
America
\u00a0
Other
\u00a0
America
\u00a0
Other
\u00a0
\u00a0
legal claims
Restructuring
liabilities
Total
legal claims
Restructuring
liabilities
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
(1)
Amounts charged in the year
30\u00a0
1\u00a0
\u2014\u00a0
31\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Utilised
(31)
\u2014\u00a0
\u2014\u00a0
(31)
\u2014\u00a0
(4)
(2)
(6)
At 31 March
3\u00a0
4\u00a0
18\u00a0
25\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
Presented in the Group balance sheet as:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Current provisions
3\u00a0
4\u00a0
11\u00a0
18\u00a0
4\u00a0
3\u00a0
14\u00a0
21\u00a0
Non-current provisions
\u2014\u00a0
\u2014\u00a0
7\u00a0
7\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
\u00a0
3\u00a0
4\u00a0
18\u00a0
25\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
\n
A charge and corresponding utilisation of US$30m was recognised during the year for a legal settlement in North America.
The restructuring provision primarily relates to restructuring activity in the EMEA and Asia Paci\ufb01c region.
Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
North
\u00a0\u00a0\u00a0
North
\u00a0\u00a0\u00a0
\u00a0
America
\u00a0
Other
\u00a0
America
\u00a0
Other
\u00a0
\u00a0
legal claims
Restructuring
liabilities
Total
legal claims
Restructuring
liabilities
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
(1)
Amounts charged in the year
30\u00a0
1\u00a0
\u2014\u00a0
31\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Utilised
(31)
\u2014\u00a0
\u2014\u00a0
(31)
\u2014\u00a0
(4)
(2)
(6)
At 31 March
3\u00a0
4\u00a0
18\u00a0
25\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
Presented in the Group balance sheet as:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Current provisions
3\u00a0
4\u00a0
11\u00a0
18\u00a0
4\u00a0
3\u00a0
14\u00a0
21\u00a0
Non-current provisions
\u2014\u00a0
\u2014\u00a0
7\u00a0
7\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
\u00a0
3\u00a0
4\u00a0
18\u00a0
25\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
\n
A charge and corresponding utilisation of US$30m was recognised during the year for a legal settlement in North America.
The restructuring provision primarily relates to restructuring activity in the EMEA and Asia Paci\ufb01c region.
Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.43. Contingencies
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have previously upheld Experian\u2019s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. In May 2026, the same decision was reached in respect of 2017 and 2018, meaning
that these years are also now closed to appeal on the merits. The Brazilian tax authorities have raised similar assessments in respect of the 2013 to
2016 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in 2007 and the
acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian\u2019s cases relating
to the goodwill arising in years 2013 to 2016 have been heard at both the \ufb01rst- and second-level courts and Experian was successful in having a
portion of the goodwill deductions de\ufb01nitively agreed, with the remainder still under review. The quantum of the tax deduction for goodwill amortisation
which remains open to review across the remaining open years is US$89m (2025: US$196m). The possibility of this resulting in a liability (which may
consist of underpaid tax, interest and penalties) to the Group is considered to be remote, based on the advice of external legal counsel, success in all
cases to date and other factors in respect of the claims.
(b) Other litigation and claims
We continue to see litigation and regulatory activity, involving the Group across most of its major geographies which are in various stages of
investigation or enforcement, and which are being vigorously defended. These include a lawsuit \ufb01led in January 2025 by the US Consumer Financial
Protection Bureau related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be
without merit. There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer
Services and Marketing Services businesses in the USA. We also continue to see some General Data Protection Regulation (GDPR) investigation and
enforcement activity in the European Union (EU). The directors do not believe that the outcome of any litigation, rulemaking or regulatory investigation
or enforcement will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit
Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. We have
also seen some limited class action activity in the UK, including an action which purports to assert claims on behalf of consumers in other regions
where the Group operates. We have in limited circumstances also seen claims from third parties for amounts owed based on acquisition, partnership
or other agreements which we vigorously defend. The directors do not believe that the outcome of any claim or litigation matter would have a
materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
As is inherent in legal, regulatory and administrative proceedings, there is a risk of outcomes that may be unfavourable to the Group. In the case of
unfavourable outcomes, the Group may bene\ufb01t from applicable insurance recoveries.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
North
\u00a0\u00a0\u00a0
North
\u00a0\u00a0\u00a0
\u00a0
America
\u00a0
Other
\u00a0
America
\u00a0
Other
\u00a0
\u00a0
legal claims
Restructuring
liabilities
Total
legal claims
Restructuring
liabilities
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
US$m
US$m
US$m
At 1 April
4\u00a0
3\u00a0
17\u00a0
24\u00a0
4\u00a0
7\u00a0
20\u00a0
31\u00a0
Di\ufb00erences on exchange
\u2014\u00a0
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
(1)
Amounts charged in the year
30\u00a0
1\u00a0
\u2014\u00a0
31\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
Utilised
(31)
\u2014\u00a0
\u2014\u00a0
(31)
\u2014\u00a0
(4)
(2)
(6)
At 31 March
3\u00a0
4\u00a0
18\u00a0
25\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
Presented in the Group balance sheet as:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Current provisions
3\u00a0
4\u00a0
11\u00a0
18\u00a0
4\u00a0
3\u00a0
14\u00a0
21\u00a0
Non-current provisions
\u2014\u00a0
\u2014\u00a0
7\u00a0
7\u00a0
\u2014\u00a0
\u2014\u00a0
3\u00a0
3\u00a0
\u00a0
3\u00a0
4\u00a0
18\u00a0
25\u00a0
4\u00a0
3\u00a0
17\u00a0
24\u00a0
\n
A charge and corresponding utilisation of US$30m was recognised during the year for a legal settlement in North America.
The restructuring provision primarily relates to restructuring activity in the EMEA and Asia Paci\ufb01c region.
Other liabilities principally comprise liabilities of Serasa S.A. in connection with local legal and tax issues.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "38. Called-up share capital and share premium account
At 31 March 2026, there were 959.2m shares in issue (2025: 973.0m). During the year ended 31 March 2026, 0.9m (2025: 0.8m) shares were issued
and 14.6m (2025: none) were cancelled. Further information on share capital is contained in note Q to the Company \ufb01nancial statements.
The di\ufb00erence between the amounts shown in the Group and Company \ufb01nancial statements in respect of called-up share capital and the share
premium account arose due to translation of UK pound sterling amounts into the US dollar at various exchange rates on various translation dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "38. Called-up share capital and share premium account
At 31 March 2026, there were 959.2m shares in issue (2025: 973.0m). During the year ended 31 March 2026, 0.9m (2025: 0.8m) shares were issued
and 14.6m (2025: none) were cancelled. Further information on share capital is contained in note Q to the Company \ufb01nancial statements.
The di\ufb00erence between the amounts shown in the Group and Company \ufb01nancial statements in respect of called-up share capital and the share
premium account arose due to translation of UK pound sterling amounts into the US dollar at various exchange rates on various translation dates.
39. Retained earnings and other reserves
(a) Retained earnings
Retained earnings comprise net pro\ufb01ts retained in the Group after the payment of equity dividends. There are no signi\ufb01cant statutory, contractual
or\u00a0exchange control restrictions on distributions by Group undertakings.
Accumulated losses on investments revalued through OCI at 31 March 2026 were US$168m (2025: US$176m; 2024: US$137m).
(b) Other reserves
(i) Movements in reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Merger
Hedging
Translation
Own shares
Total other
\u00a0
reserve
reserve
reserve
reserve
reserves
\u00a0
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(97)
(97)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(143)
(143)
Other vesting of awards and share option exercises
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
118\u00a0
118\u00a0
Shares delivered as acquisition consideration (note 41(a))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
6\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
12\u00a0
\u2014\u00a0
\u2014\u00a0
12\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(11)
\u2014\u00a0
\u2014\u00a0
(11)
Currency translation gains
\u2014\u00a0
\u2014\u00a0
165\u00a0
\u2014\u00a0
165\u00a0
At 31 March 2026
(15,682)
11\u00a0
(1,387)
(1,571)
(18,629)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Merger
Hedging
Translation
Own shares
Total other
\u00a0
reserve
reserve
reserve
reserve
reserves
\u00a0
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(83)
(83)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(117)
(117)
Other vesting of awards and share option exercises
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
88\u00a0
88\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
11\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(12)
\u2014\u00a0
\u2014\u00a0
(12)
Currency translation losses
\u2014\u00a0
\u2014\u00a0
(129)
\u2014\u00a0
(129)
At 31 March 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
\n
(ii) Nature of reserves
The merger reserve arose on the demerger from GUS plc in 2006 and is the di\ufb00erence between the share capital and share premium of GUS plc
and\u00a0the nominal value of the share capital of the Company before a share o\ufb00er at that date.
Movements on the hedging reserve and the position at the balance sheet date re\ufb02ect hedging transactions, originating from the management of
foreign exchange risk, which are not charged or credited to the Group income statement, net of related tax.
Movements on the translation reserve and the position at the balance sheet date re\ufb02ect foreign currency translations since 1 April 2004 which are not
charged or credited to the Group income statement, net of related tax. The movement in the year ended 31 March 2026 comprises currency translation
gains of US$165m (2025: losses of US$129m) recognised directly in Other comprehensive income.
The balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 39(b)(iii). The di\ufb00erence
between the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
(iii) Movements in own shares held and own shares reserve
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of own shares held
Cost of own shares held
\u00a0
Treasury
Trusts
Total
Treasury
Trusts
Total
\u00a0
million
million
million
US$m
US$m
US$m
At 1 April 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
2\u00a0
2\u00a0
\u2014\u00a0
97\u00a0
97\u00a0
Purchase of shares held as treasury shares
3\u00a0
\u2014\u00a0
3\u00a0
143\u00a0
\u2014\u00a0
143\u00a0
Shares delivered as acquisition consideration (note 41(a))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(6)
\u2014\u00a0
(6)
Other vesting of awards and share option exercises
(1)
(3)
(4)
(20)
(98)
(118)
At 31 March 2026
57\u00a0
3\u00a0
60\u00a0
1,294\u00a0
277\u00a0
1,571\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Number of own shares held
Cost of own shares held
\u00a0
Treasury
Trusts
Total
Treasury
Trusts
Total
\u00a0
million
million
million
US$m
US$m
US$m
At 1 April 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
83\u00a0
83\u00a0
Purchase of shares held as treasury shares
1
3\u00a0
\u2014\u00a0
3\u00a0
117\u00a0
\u2014\u00a0
117\u00a0
Other vesting of awards and share option exercises
(1)
(3)
(4)
(16)
(72)
(88)
At 31 March 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "39. Retained earnings and other reserves
(a) Retained earnings
Retained earnings comprise net pro\ufb01ts retained in the Group after the payment of equity dividends. There are no signi\ufb01cant statutory, contractual
or\u00a0exchange control restrictions on distributions by Group undertakings.
Accumulated losses on investments revalued through OCI at 31 March 2026 were US$168m (2025: US$176m; 2024: US$137m).
(b) Other reserves
(i) Movements in reserves
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Merger
Hedging
Translation
Own shares
Total other
\u00a0
reserve
reserve
reserve
reserve
reserves
\u00a0
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(97)
(97)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(143)
(143)
Other vesting of awards and share option exercises
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
118\u00a0
118\u00a0
Shares delivered as acquisition consideration (note 41(a))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
6\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
12\u00a0
\u2014\u00a0
\u2014\u00a0
12\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(11)
\u2014\u00a0
\u2014\u00a0
(11)
Currency translation gains
\u2014\u00a0
\u2014\u00a0
165\u00a0
\u2014\u00a0
165\u00a0
At 31 March 2026
(15,682)
11\u00a0
(1,387)
(1,571)
(18,629)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Merger
Hedging
Translation
Own shares
Total other
\u00a0
reserve
reserve
reserve
reserve
reserves
\u00a0
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(83)
(83)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(117)
(117)
Other vesting of awards and share option exercises
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
88\u00a0
88\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
11\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(12)
\u2014\u00a0
\u2014\u00a0
(12)
Currency translation losses
\u2014\u00a0
\u2014\u00a0
(129)
\u2014\u00a0
(129)
At 31 March 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
\n
(ii) Nature of reserves
The merger reserve arose on the demerger from GUS plc in 2006 and is the di\ufb00erence between the share capital and share premium of GUS plc
and\u00a0the nominal value of the share capital of the Company before a share o\ufb00er at that date.
Movements on the hedging reserve and the position at the balance sheet date re\ufb02ect hedging transactions, originating from the management of
foreign exchange risk, which are not charged or credited to the Group income statement, net of related tax.
Movements on the translation reserve and the position at the balance sheet date re\ufb02ect foreign currency translations since 1 April 2004 which are not
charged or credited to the Group income statement, net of related tax. The movement in the year ended 31 March 2026 comprises currency translation
gains of US$165m (2025: losses of US$129m) recognised directly in Other comprehensive income.
The balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 39(b)(iii). The di\ufb00erence
between the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
(iii) Movements in own shares held and own shares reserve
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of own shares held
Cost of own shares held
\u00a0
Treasury
Trusts
Total
Treasury
Trusts
Total
\u00a0
million
million
million
US$m
US$m
US$m
At 1 April 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
2\u00a0
2\u00a0
\u2014\u00a0
97\u00a0
97\u00a0
Purchase of shares held as treasury shares
3\u00a0
\u2014\u00a0
3\u00a0
143\u00a0
\u2014\u00a0
143\u00a0
Shares delivered as acquisition consideration (note 41(a))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(6)
\u2014\u00a0
(6)
Other vesting of awards and share option exercises
(1)
(3)
(4)
(20)
(98)
(118)
At 31 March 2026
57\u00a0
3\u00a0
60\u00a0
1,294\u00a0
277\u00a0
1,571\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Number of own shares held
Cost of own shares held
\u00a0
Treasury
Trusts
Total
Treasury
Trusts
Total
\u00a0
million
million
million
US$m
US$m
US$m
At 1 April 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
83\u00a0
83\u00a0
Purchase of shares held as treasury shares
1
3\u00a0
\u2014\u00a0
3\u00a0
117\u00a0
\u2014\u00a0
117\u00a0
Other vesting of awards and share option exercises
(1)
(3)
(4)
(16)
(72)
(88)
At 31 March 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
\n
1
Treasury share purchases include those acquired by a subsidiary undertaking in connection with the acquisition of Clear Sale S.A. (note 41(a)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "(i) Movements in reserves \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Merger
Hedging
Translation
Own shares
Total other
\u00a0
reserve
reserve
reserve
reserve
reserves
\u00a0
US$m
US$m
US$m
US$m
US$m
At 1 April 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(97)
(97)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(143)
(143)
Other vesting of awards and share option exercises
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
118\u00a0
118\u00a0
Shares delivered as acquisition consideration (note 41(a))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
6\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
12\u00a0
\u2014\u00a0
\u2014\u00a0
12\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(11)
\u2014\u00a0
\u2014\u00a0
(11)
Currency translation gains
\u2014\u00a0
\u2014\u00a0
165\u00a0
\u2014\u00a0
165\u00a0
At 31 March 2026
(15,682)
11\u00a0
(1,387)
(1,571)
(18,629)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
Merger
Hedging
Translation
Own shares
Total other
\u00a0
reserve
reserve
reserve
reserve
reserves
\u00a0
US$m
US$m
US$m
US$m
US$m
At 1 April 2024
(15,682)
11\u00a0
(1,423)
(1,343)
(18,437)
Purchase of shares by employee trusts
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(83)
(83)
Purchase of shares held as treasury shares
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(117)
(117)
Other vesting of awards and share option exercises
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
88\u00a0
88\u00a0
Change in the fair value of hedging instruments recognised in OCI
\u2014\u00a0
11\u00a0
\u2014\u00a0
\u2014\u00a0
11\u00a0
Amounts reclassi\ufb01ed from OCI to the Group income statement
\u2014\u00a0
(12)
\u2014\u00a0
\u2014\u00a0
(12)
Currency translation losses
\u2014\u00a0
\u2014\u00a0
(129)
\u2014\u00a0
(129)
At 31 March 2025
(15,682)
10\u00a0
(1,552)
(1,455)
(18,679)
\nThe balance on the own shares reserve is the cost of ordinary shares in the Company and further details are given in note 39(b)(iii). The di\ufb00erence
between the amounts shown in the Group and Company \ufb01nancial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at di\ufb00erent exchange rates on di\ufb00erent translation dates.
(iii) Movements in own shares held and own shares reserve
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of own shares held
Cost of own shares held
\u00a0
Treasury
Trusts
Total
Treasury
Trusts
Total
\u00a0
million
million
million
US$m
US$m
US$m
At 1 April 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
2\u00a0
2\u00a0
\u2014\u00a0
97\u00a0
97\u00a0
Purchase of shares held as treasury shares
3\u00a0
\u2014\u00a0
3\u00a0
143\u00a0
\u2014\u00a0
143\u00a0
Shares delivered as acquisition consideration (note 41(a))
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(6)
\u2014\u00a0
(6)
Other vesting of awards and share option exercises
(1)
(3)
(4)
(20)
(98)
(118)
At 31 March 2026
57\u00a0
3\u00a0
60\u00a0
1,294\u00a0
277\u00a0
1,571\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\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\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
Number of own shares held
Cost of own shares held
\u00a0
Treasury
Trusts
Total
Treasury
Trusts
Total
\u00a0
million
million
million
US$m
US$m
US$m
At 1 April 2024
53\u00a0
6\u00a0
59\u00a0
1,076\u00a0
267\u00a0
1,343\u00a0
Purchase of shares by employee trusts
\u2014\u00a0
1\u00a0
1\u00a0
\u2014\u00a0
83\u00a0
83\u00a0
Purchase of shares held as treasury shares
1
3\u00a0
\u2014\u00a0
3\u00a0
117\u00a0
\u2014\u00a0
117\u00a0
Other vesting of awards and share option exercises
(1)
(3)
(4)
(16)
(72)
(88)
At 31 March 2025
55\u00a0
4\u00a0
59\u00a0
1,177\u00a0
278\u00a0
1,455\u00a0
1
Treasury share purchases include those acquired by a subsidiary undertaking in connection with the acquisition of Clear Sale S.A. (note 41(a)). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "40. Notes to the Group cash \ufb02ow statement
(a) Cash generated from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Pro\ufb01t before tax
\u00a0
1,951\u00a0
1,549\u00a0
Share of post-tax pro\ufb01t of associates
\u00a0
(4)
(2)
Net \ufb01nance expense
\u00a0
98\u00a0
246\u00a0
Operating pro\ufb01t
1
\u00a0
2,045\u00a0
1,793\u00a0
(Pro\ufb01t)/loss on disposal of operations
15(b)
(9)
4\u00a0
Impairment of other intangible assets
2
21
12\u00a0
13\u00a0
Impairment of property, plant and equipment
3
\u00a0
5\u00a0
2\u00a0
Amortisation and depreciation
4
13
876\u00a0
758\u00a0
Charge in respect of share incentive plans
33(a)
138\u00a0
127\u00a0
Increase in working capital
40(b)
(163)
(54)
Acquisition expenses \u2013 di\ufb00erence between income statement charge and amounts paid
\u00a0
(7)
(2)
Acquisition employee incentives \u2013 di\ufb00erence between income statement charge and amounts paid
\u00a0
(12)
(24)
Adjustment to the fair value of contingent consideration
\u00a0
(2)
1\u00a0
Movement in Exceptional and other non-benchmark items included in working capital
\u00a0
(8)
(1)
Cash generated from operations
\u00a0
2,875\u00a0
2,617\u00a0
\n
1
There was no net impact on operating pro\ufb01t from the disposal of property, plant and equipment, as a US$1m (2025: US$nil) pro\ufb01t on purchased assets was o\ufb00set by a US$1m (2025: US$nil) loss on
right-of-use assets.
2
The charge for impairment of other intangible assets includes US$8m (2025: US$nil) relating to acquisition intangibles, which is excluded from Benchmark PBT and Benchmark EBITDA.
3
The impairment charge for property, plant and equipment includes US$3m (2025: US$nil) of exceptional restructuring costs, which are excluded from Benchmark EBIT.
4
Amortisation and depreciation includes amortisation of acquisition intangibles of US$263m (2025: US$211m) which is excluded from Benchmark PBT and Benchmark EBITDA.
(b) (Increase)/decrease in working capital
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Trade and other receivables
(534)
(63)
Trade and other payables
371\u00a0
9\u00a0
Increase in working capital
1
(163)
(54)
\n
1
In December 2025, the Group structured an unincorporated creditors\u2019 rights investment fund for the Brazilian payments business. As part of this transaction, the gross cash \ufb02ows relating to trade and other
debtors, and trade and other creditors, were both increased by US$350m, with no net impact on the overall position. Excluding this e\ufb00ect, the underlying movements were US$(184)m and US$21m respectively.
(c) Purchase of other intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
\u00a0
2026
(Re-presented)
\u00a0
US$m
US$m
Databases
216\u00a0
203\u00a0
Developed and purchased software
1
461\u00a0
400\u00a0
Purchase of other intangible assets
677\u00a0
603\u00a0
\n
1
During the year, the former asset categories \u2018internal-use software\u2019 and \u2018internally generated software\u2019 were combined into a single asset class, \u2018developed and purchased software\u2019. Comparative amounts have
been re-presented accordingly (note 21).
(d) Cash \ufb02ows on acquisitions (non-GAAP measure)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Purchase of subsidiaries (note 41(a))
680\u00a0
1,198\u00a0
Less: net cash acquired with subsidiaries (note 41(a))
(54)
(48)
Settlement of deferred and contingent consideration
66\u00a0
8\u00a0
As reported in the Group cash \ufb02ow statement
692\u00a0
1,158\u00a0
Acquisition expenses paid
66\u00a0
39\u00a0
Acquisition employee incentives paid
12\u00a0
24\u00a0
Acquisition of additional interest in subsidiary undertaking
20\u00a0
22\u00a0
Transactions in respect of non-controlling interests
2\u00a0
1\u00a0
Cash out\ufb02ow for acquisitions (non-GAAP measure)
792\u00a0
1,244\u00a0
(e) Cash out\ufb02ow in respect of net share purchases (non-GAAP measure)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Issue of ordinary shares
(29)
(20)
Purchase of shares by employee trusts
97\u00a0
83\u00a0
Purchase of shares held as treasury shares
143\u00a0
116\u00a0
Purchase and cancellation of own shares
487\u00a0
\u2014\u00a0
Cash out\ufb02ow in respect of net share purchases (non-GAAP measure)
698\u00a0
179\u00a0
As reported in the Group cash \ufb02ow statement:
\u00a0 \u00a0
Cash in\ufb02ow in respect of shares issued
(29)
(20)
Cash out\ufb02ow in respect of share purchases
727\u00a0
199\u00a0
Cash out\ufb02ow in respect of net share purchases (non-GAAP measure)
698\u00a0
179\u00a0
\n
Consideration of US$27m for share purchases was outstanding at 31 March 2026, and US$1m for shares issued was outstanding at 31 March 2024.
(f) Analysis of cash and cash equivalents
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Cash and cash equivalents in the Group balance sheet
328\u00a0
368\u00a0
Bank overdrafts
(5)
(2)
Cash and cash equivalents in the Group cash \ufb02ow statement
323\u00a0
366\u00a0
\n
(g) Reconciliation of Cash generated from operations to Benchmark operating cash \ufb02ow and Benchmark
free cash \ufb02ow (non-GAAP measures)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2026
2025
\u00a0
Notes
US$m
US$m
Cash generated from operations
40(a)
2,875\u00a0
2,617\u00a0
Purchase of other intangible assets
40(c)
(677)
(603)
Purchase of property, plant and equipment
\u00a0
(49)
(48)
Disposal of property, plant and equipment
\u00a0
8\u00a0
1\u00a0
Principal lease payments
\u00a0
(48)
(41)
Acquisition expenses paid
40(d)
66\u00a0
39\u00a0
Acquisition employee incentives paid
40(d)
12\u00a0
24\u00a0
Cash \ufb02ows in respect of Exceptional and other non-benchmark items
\u00a0
34\u00a0
36\u00a0
Benchmark operating cash \ufb02ow (non-GAAP measure)
\u00a0
2,221\u00a0
2,025\u00a0
Net interest paid
\u00a0
(198)
(165)
Tax paid
\u00a0
(438)
(447)
Dividends paid to non-controlling interests
\u00a0
(2)
(2)
Benchmark free cash \ufb02ow (non-GAAP measure)
\u00a0
1,583\u00a0
1,411\u00a0
\n
Cash \ufb02ow conversion, as de\ufb01ned in note 7(o) and disclosed in the Financial review within the Strategic report, for the year ended 31 March 2026 was
93% (2025: 97%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "41. Acquisitions and disposals
(a) Acquisitions in the year
The Group completed four 100% acquisitions during the year ended 31 March 2026. These included: the acquisition of Clear Sale S.A. (ClearSale)
and\u00a0its subsidiary undertakings on 1 April 2025, a leading provider of digital fraud prevention solutions in Brazil; the acquisition of AtData, LLC (AtData),
and two related undertakings, in the USA on 18 February 2026, a leading data and email intelligence company that strengthens our digital identity and
fraud prevention capabilities; and the acquisition of KYC Global Technologies Limited (KYC360) in Jersey, together with its subsidiary undertakings,
on\u00a024 October 2025, enhancing our fraud prevention and \ufb01nancial crime compliance capabilities.
The net assets acquired, goodwill and acquisition consideration are analysed 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\n
\u00a0 \u00a0
\u00a0
ClearSale
AtData
KYC360
Other
1
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
Intangible assets:
\u00a0\u00a0\u00a0\u00a0\u00a0
Customer and other relationships
61\u00a0
39\u00a0
32\u00a0
2\u00a0
134\u00a0
Software development
28\u00a0
14\u00a0
8\u00a0
\u2014\u00a0
50\u00a0
Marketing-related assets
20\u00a0
7\u00a0
1\u00a0
\u2014\u00a0
28\u00a0
Other intangibles
28\u00a0
10\u00a0
\u2014\u00a0
(1)
37\u00a0
Intangible assets
137\u00a0
70\u00a0
41\u00a0
1\u00a0
249\u00a0
Property, plant and equipment
1\u00a0
\u2014\u00a0
\u2014\u00a0
1\u00a0
2\u00a0
Deferred tax assets
3\u00a0
\u2014\u00a0
\u2014\u00a0
21\u00a0
24\u00a0
Trade and other receivables
20\u00a0
4\u00a0
1\u00a0
\u2014\u00a0
25\u00a0
Cash and cash equivalents (note 40(d))
45\u00a0
2\u00a0
7\u00a0
\u2014\u00a0
54\u00a0
Trade and other payables
(27)
(9)
(14)
(2)
(52)
Borrowings
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
(1)
(1)
Deferred tax liabilities
\u2014\u00a0
\u2014\u00a0
(10)
\u2014\u00a0
(10)
Total identi\ufb01able net assets
179\u00a0
67\u00a0
25\u00a0
20\u00a0
291\u00a0
Goodwill
195\u00a0
158\u00a0
89\u00a0
(13)
429\u00a0
Total
374\u00a0
225\u00a0
114\u00a0
7\u00a0
720\u00a0
Satis\ufb01ed by:
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents (note 40(d))
340\u00a0
222\u00a0
114\u00a0
4\u00a0
680\u00a0
Shares delivered as acquisition consideration (note 39(b)(iii))
2
6\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
6\u00a0
Deferred consideration
14\u00a0
\u2014\u00a0
\u2014\u00a0
\u2014\u00a0
14\u00a0
Contingent consideration
14\u00a0
3\u00a0
\u2014\u00a0
3\u00a0
20\u00a0
Total
374\u00a0
225\u00a0
114\u00a0
7\u00a0
720\u00a0
\n
1
Other comprises the Group\u2019s other acquisition made during the year ended 31 March 2026, together with adjustments to provisional fair values relating to prior year acquisitions, recognised within one year of
the acquisition date.
2
125,344 Experian plc shares from treasury at market value.
These fair values are determined by using established estimation techniques.
Acquisition intangibles are valued using discounted cash \ufb02ow models. For the year ended 31 March 2026, the most signi\ufb01cant inputs to these
calculations are the proportion of earnings attributable to customer relationships, software development and marketing-related assets. We have
evaluated sensitivities relating to assets acquired during the year and have determined that there is no material estimation uncertainty relating
to\u00a0the\u00a0fair value or economic life of individual assets acquired from any reasonably possible change to the inputs and assumptions used in
their\u00a0determination.
We engage third-party valuation experts to assist with the valuation process for all signi\ufb01cant or complex acquisitions, including for the valuation
of\u00a0contingent consideration and put option liabilities. The fair values arising on the acquisition of ClearSale have been \ufb01nalised, other amounts are
provisional and will be \ufb01nalised no later than one year after the date of acquisition. Provisional amounts recognised at 31 March 2026 relate primarily
to intangible assets, associated tax balances and contingent consideration, as a consequence of the timing and complexity of these acquisitions.
Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of the acquired businesses.
The\u00a0goodwill arising from the acquisitions of ClearSale and AtData is currently expected to be deductible for tax purposes.
(b) Additional information
(i) Current year acquisitions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\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\n
\u00a0 \u00a0
\u00a0
ClearSale
AtData
KYC360
Other
Total
\u00a0
US$m
US$m
US$m
US$m
US$m
Increase/(decrease) in book value of net assets due to provisional fair
\u00a0\u00a0\u00a0\u00a0\u00a0
value adjustments:
\u00a0\u00a0\u00a0\u00a0\u00a0
Intangible assets
71\u00a0
39\u00a0
40\u00a0
1\u00a0
151\u00a0
Deferred tax assets
(2)
\u2014\u00a0
\u2014\u00a0
22\u00a0
20\u00a0
Trade and other receivables
(1)
(1)
\u2014\u00a0
\u2014\u00a0
(2)
Trade and other payables
1\u00a0
(3)
\u2014\u00a0
(2)
(4)
Deferred tax liabilities
\u2014\u00a0
\u2014\u00a0
(10)
(1)
(11)
Increase in book value of net assets due to provisional fair value
\u00a0\u00a0\u00a0\u00a0\u00a0
adjustments
69\u00a0
35\u00a0
30\u00a0
20\u00a0
154\u00a0
Gross contractual amounts receivable in respect of trade and other
\u00a0\u00a0\u00a0\u00a0\u00a0
receivables
23\u00a0
3\u00a0
1\u00a0
\u2014\u00a0
27\u00a0
Pro forma revenue from 1 April 2025 to date of acquisition
\u2014\u00a0
28\u00a0
7\u00a0
\u2014\u00a0
35\u00a0
Revenue from date of acquisition to 31 March 2026
87\u00a0
3\u00a0
7\u00a0
\u2014\u00a0
97\u00a0
Loss before tax from date of acquisition to 31 March 2026
(4)
\u2014\u00a0
\u2014\u00a0
(1)
(5)
\n
The loss before tax from the date of acquisition to 31 March 2026 includes the amortisation of acquisition intangibles and one-time integration costs.
If\u00a0the transactions had occurred on the \ufb01rst day of the \ufb01nancial year, the estimated additional contribution to pro\ufb01t before tax would have been US$5m.
At the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables of US$27m were expected to be
collected in full.
(ii) Prior years' acquisitions
Contingent consideration of US$66m (2025: US$8m) was settled in the year in respect of acquisitions made in earlier years and includes US$37m
(2025: US$nil) relating to the acquisition of MOVA Sociedade de Empr\u00e9stimo entre Pessoas S.A. (MOVA) in FY24. Further detail on contingent
consideration fair value adjustments recognised in the year is provided in note 30(h)).
The Group made eight acquisitions in the year ended 31 March 2025. A cash out\ufb02ow of US$1,150m was reported in the Group cash \ufb02ow statement
for\u00a0that year, after deducting US$48m in respect of net cash acquired.
There have been no other material gains, losses, corrections or other adjustments recognised in the year ended 31 March 2026 that relate to
acquisitions in the current or earlier years.
(iii) Post balance sheet acquisitions
In April 2026, the Group completed two acquisitions. We acquired the entire share capital of Own Up Holdings, Inc. and its subsidiaries (Own Up),
a\u00a0digital mortgage marketplace in the USA, for US$175m; and Kon\ufb01r Limited and its subsidiaries, strengthening our digital veri\ufb01cation capabilities
in\u00a0the UK and Ireland, for US$25m.
Our acquisition accounting is in progress, and the provisional fair values will be disclosed in full in the Group\u2019s condensed consolidated interim
\ufb01nancial statements for the six months ending 30 September 2026. For Own Up we expect to recognise acquisition intangibles for developed
technology, customer relationships and marketing-related assets. Initial indications show that the fair value of these assets may be c.28% of the total
consideration paid, with other identi\ufb01able net assets and residual goodwill being c.72%.
Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of the acquired businesses.
The\u00a0goodwill is not expected to be deductible for tax purposes.
On 29 April 2026, we agreed to acquire the entire share capital of IDWall Tecnologia Ltda. (idwall), a specialist in digital identity management in Brazil,
for R$430m (c.US$86m). Completion is expected in the \ufb01rst half of FY27, subject to regulatory approval.
(c) Acquisition of additional interest in subsidiary undertaking
On 18 December 2025, the Group completed the acquisition of the remaining 26% interest in Experian Information Services (Malaysia) Sdn. Bhd. for
US$20m.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "(d) Disposals
During the year, we disposed of a number of subsidiary undertakings, primarily in EMEA and Asia Paci\ufb01c. The pro\ufb01t on disposal was US$9m (2025:
loss on disposal of US$4m).\u00a0The related cash in\ufb02ow was US$35m (2025: US$nil). The loss in\u00a0FY25\u00a0arose from the disposal of one small subsidiary
undertaking in EMEA and Asia Paci\ufb01c. ", "dimensions": { "concept": "exp:DisclosureOfDisposalExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "42. Capital commitments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\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
2026
2025
\u00a0
US$m
US$m
Capital expenditure for which contracts have been placed:
\u00a0 \u00a0
Other intangible assets
34\u00a0
38\u00a0
Property, plant and equipment
15\u00a0
9\u00a0
\u00a0
49\u00a0
47\u00a0
\n
Capital commitments at 31 March 2026 included commitments of US$25m not expected to be incurred before 31 March 2027. Capital commitments
at\u00a031 March 2025 included commitments of US$28m not then expected to be incurred before 31 March 2026.
43. Contingencies
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have previously upheld Experian\u2019s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. In May 2026, the same decision was reached in respect of 2017 and 2018, meaning
that these years are also now closed to appeal on the merits. The Brazilian tax authorities have raised similar assessments in respect of the 2013 to
2016 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in 2007 and the
acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian\u2019s cases relating
to the goodwill arising in years 2013 to 2016 have been heard at both the \ufb01rst- and second-level courts and Experian was successful in having a
portion of the goodwill deductions de\ufb01nitively agreed, with the remainder still under review. The quantum of the tax deduction for goodwill amortisation
which remains open to review across the remaining open years is US$89m (2025: US$196m). The possibility of this resulting in a liability (which may
consist of underpaid tax, interest and penalties) to the Group is considered to be remote, based on the advice of external legal counsel, success in all
cases to date and other factors in respect of the claims.
(b) Other litigation and claims
We continue to see litigation and regulatory activity, involving the Group across most of its major geographies which are in various stages of
investigation or enforcement, and which are being vigorously defended. These include a lawsuit \ufb01led in January 2025 by the US Consumer Financial
Protection Bureau related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be
without merit. There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer
Services and Marketing Services businesses in the USA. We also continue to see some General Data Protection Regulation (GDPR) investigation and
enforcement activity in the European Union (EU). The directors do not believe that the outcome of any litigation, rulemaking or regulatory investigation
or enforcement will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit
Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. We have
also seen some limited class action activity in the UK, including an action which purports to assert claims on behalf of consumers in other regions
where the Group operates. We have in limited circumstances also seen claims from third parties for amounts owed based on acquisition, partnership
or other agreements which we vigorously defend. The directors do not believe that the outcome of any claim or litigation matter would have a
materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
As is inherent in legal, regulatory and administrative proceedings, there is a risk of outcomes that may be unfavourable to the Group. In the case of
unfavourable outcomes, the Group may bene\ufb01t from applicable insurance recoveries.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "43. Contingencies
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have previously upheld Experian\u2019s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. In May 2026, the same decision was reached in respect of 2017 and 2018, meaning
that these years are also now closed to appeal on the merits. The Brazilian tax authorities have raised similar assessments in respect of the 2013 to
2016 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in 2007 and the
acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian\u2019s cases relating
to the goodwill arising in years 2013 to 2016 have been heard at both the \ufb01rst- and second-level courts and Experian was successful in having a
portion of the goodwill deductions de\ufb01nitively agreed, with the remainder still under review. The quantum of the tax deduction for goodwill amortisation
which remains open to review across the remaining open years is US$89m (2025: US$196m). The possibility of this resulting in a liability (which may
consist of underpaid tax, interest and penalties) to the Group is considered to be remote, based on the advice of external legal counsel, success in all
cases to date and other factors in respect of the claims.
(b) Other litigation and claims
We continue to see litigation and regulatory activity, involving the Group across most of its major geographies which are in various stages of
investigation or enforcement, and which are being vigorously defended. These include a lawsuit \ufb01led in January 2025 by the US Consumer Financial
Protection Bureau related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be
without merit. There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer
Services and Marketing Services businesses in the USA. We also continue to see some General Data Protection Regulation (GDPR) investigation and
enforcement activity in the European Union (EU). The directors do not believe that the outcome of any litigation, rulemaking or regulatory investigation
or enforcement will have a materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit
Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. We have
also seen some limited class action activity in the UK, including an action which purports to assert claims on behalf of consumers in other regions
where the Group operates. We have in limited circumstances also seen claims from third parties for amounts owed based on acquisition, partnership
or other agreements which we vigorously defend. The directors do not believe that the outcome of any claim or litigation matter would have a
materially adverse e\ufb00ect on the Group\u2019s \ufb01nancial position.
As is inherent in legal, regulatory and administrative proceedings, there is a risk of outcomes that may be unfavourable to the Group. In the case of
unfavourable outcomes, the Group may bene\ufb01t from applicable insurance recoveries.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "44. Related party transactions
(a) Related undertakings
A full list of the Company's related undertakings, including subsidiary and associate undertakings, is given in note U to the Company \ufb01nancial
statements. There are no signi\ufb01cant non-controlling interests.
(b) Transactions with associates
Transactions with associates are made on normal market terms and in the year ended 31 March 2026 comprised the receipt of services of US$15m
(2025: US$9m). At 31 March 2026 US$nil (2025: US$2m) was owed to associates.
(c) Transactions with other related undertakings
The Group transacts with a number of related undertakings in connection with the operation of its share incentive plans, pension arrangements,
the\u00a0provision of medical cover in the UK and receivables-based \ufb01nancing arrangements in Brazil. These undertakings are listed in note U(v) to the
Company \ufb01nancial statements.
\u2022 The assets, liabilities, income and expenses of the Experian UK Approved All-Employee Share Plan, The Experian plc Employee Share Trust and
Endurance Fundo de Investimento em Direitos Credit\u00f3rios (FIDC) are included in these \ufb01nancial statements.
\u2022 Details of the Group\u2019s post-employment bene\ufb01t plans are set out in notes 34 and 35. During the year ended 31 March 2026, US$3m (2025: US$3m)
was paid to Experian Medical Plan Limited, in connection with the provision of healthcare bene\ufb01ts.
\u2022 There were no other material transactions or balances with these related undertakings during the current or prior year.
(d) Remuneration of key management personnel
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
US$m
US$m
Salaries and short-term employee bene\ufb01ts
11\u00a0
10\u00a0
Share incentive plans
12\u00a0
6\u00a0
\u00a0
23\u00a0
16\u00a0
\n
Key management personnel comprises the Company\u2019s executive and non-executive directors and further details of their remuneration are given in
the\u00a0audited parts of the Report on directors\u2019 remuneration. The charge in the year ended 31 March 2025 for share incentive plans included a one-time
credit arising from the forfeiture of shares, following the departure of key management personnel. There were no other material transactions with the
Group in which key management personnel had a personal interest, in either the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00659": { "value": "(a) Related undertakings
A full list of the Company's related undertakings, including subsidiary and associate undertakings, is given in note U to the Company \ufb01nancial
statements. There are no signi\ufb01cant non-controlling interests.(i) Subsidiary 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\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\t\n\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\t\n\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
Company
Country of incorporation
Clear Sale Argentina SRL
Argentina
1
Experian Strategic Solutions SA
Argentina
2
Avention\u00a0Australia\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0SA\u00a0Pty\u00a0Ltd*
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Acquisition\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Finance\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
Experian Asia Paci\ufb01c Pty Ltd**
Australia
Experian Australia Credit Services Pty Ltd
Australia
Experian Australia Fraud Services Pty Ltd*
Australia
Experian Australia Holdings Pty Ltd
Australia
Experian Australia Operations Pty Ltd (formerly
\u00a0
illion\u00a0Australia\u00a0Pty\u00a0Ltd)
Australia
Experian Australia Pty Ltd
Australia
Experian Data\u00a0Registries\u00a0Pty\u00a0Ltd (formerly illion Data
\u00a0
Registries Pty Ltd)
Australia
Experian\u00a0Decisioning\u00a0Pty\u00a0Ltd (formerly illion
\u00a0
Decisioning Pty Ltd)
Australia
Experian\u00a0Holdings\u00a0(AU) Pty\u00a0Ltd (formerly illion Group
\u00a0
Holdings Pty Ltd)
Australia
Experian Open\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd (formerly illion
\u00a0
Open Data Solutions Pty Ltd)
Australia
illion\u00a0(Nominees)\u00a0Pty\u00a0Limited
Australia
illion Australia Unit Trust ***
Australia
illion Decisioning\u00a0Technologies\u00a0Pty\u00a0Ltd*
Australia
illion\u00a0Financial\u00a0Viability\u00a0Reports\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketing\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketplaces\u00a0(Australia)\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0IP\u00a0Pty\u00a0Ltd*
Australia
illion\u00a0Risk\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Services\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Pty\u00a0Ltd
Australia
Experian Austria GmbH
Austria
ClearSale S.A.
Brazil
1
Financeira Veloz Holding Financeira S.A.
Brazil
2
Holding Veloz Investimentos e Participa\u00e7\u00f5es S.A.
Brazil
3
Mova Sociedade de Empr\u00e9stimo entre Pessoas S.A.
Brazil
4
Pagueveloz Institui\u00e7\u00e3o de Pagamento Ltda.
Brazil
5
Salary\ufb01ts\u00a0Sistemas\u00a0Ltda.
Brazil
6
Salt\u00a0Participa\u00e7\u00f5es\u00a0S.A.
Brazil
6
Salt\u00a0Tecnologia\u00a0Ltda.
Brazil
6
Serasa S.A.
Brazil
7
Experian Bulgaria EAD
Bulgaria
Experian Canada Inc.
Canada
Experian Chile S.A.
Chile
1
Experian Holdings Chile SpA
Chile
2
Experian Services Chile S.A.
Chile
3
Beijing Yiboruizhi Technology Co., Ltd
China
1
Experian Credit Service (Beijing) Company Limited
China
2
Experian Hong Kong Holdings Limited
China
3
Experian Hong Kong Limited
China
3
Experian Information Technology (Beijing) Company
\u00a0
Limited
China
4
Experian Colombia S.A.
Colombia
Experian Services Costa Rica, S.A.
Costa Rica
Experian A/S
Denmark
1
Noitso A/S
Denmark
2
CCN UK 2005 Limited
England and Wales
\n\t\n\t\t\n\t\t\t\n\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
Company
Country
of incorporation
CCN UK Unlimited
England and Wales
Chatsworth Investments Limited****
England and Wales
EHI 2005 Limited
England and Wales
EHI UK Unlimited
England and Wales
EIS 2005 Limited
England and Wales
EIS UK Unlimited
England and Wales
Experian (UK) Finance Limited
England and Wales
Experian (UK) Holdings 2006 Limited
England and Wales
Experian CIS Limited
England and Wales
Experian Colombia Investments Limited
England and Wales
Experian Corporate Services Limited
England and Wales
Experian Europe and Middle East Limited
England and Wales
Experian Europe Unlimited
England and Wales
Experian Finance 2012 Unlimited*****
England and Wales
Experian Finance plc
England and Wales
Experian Group Limited
England and Wales
Experian Holdings (UK) Unlimited
England and Wales
Experian Holdings Limited
England and Wales
Experian International Unlimited
England and Wales
Experian Investment Holdings Limited
England and Wales
Experian Latam Holdings Unlimited
England and Wales
Experian Limited
England and Wales
Experian NA Holdings Unlimited*****
England and Wales
Experian Nominees Limited
England and Wales
Experian ReFi\u00a0Outsource\u00a0Services\u00a0Limited (formerly
\u00a0
Paylink\u00a0Outsource\u00a0Services\u00a0Limited)
England and Wales
\n\t\n\t\t\n\t\t\t\n\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\t\n\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
Experian ReFi Solutions Limited (formerly
\u00a0
Paylink\u00a0Solutions\u00a0Limited)
England and Wales
Experian SURBS Investments Limited
England and Wales
Experian Technology Limited
England and Wales
Experian US Holdings Unlimited
England and Wales
G.U.S. Property Management Limited****
England and Wales
GUS 1998 Unlimited*****
England and Wales
GUS 2000 Finance Unlimited
England and Wales
GUS 2004 Limited
England and Wales
GUS Catalogues Unlimited*****
England and Wales
GUS Finance (2004) Limited
England and Wales
GUS Holdings (2004) Limited
England and Wales
GUS Holdings Unlimited
England and Wales
GUS International Holdings Limited*****
England and Wales
GUS Ireland Holdings Limited*****
England and Wales
GUS Overseas Holdings Limited*****
England and Wales
GUS Overseas Investments Limited*****
England and Wales
GUS US Holdings 2024 Limited*****
England and Wales
International Communication & Data Limited
England and Wales
Intozetta Holdings Limited****
England and Wales
Intozetta Limited****
England and Wales
KYC Global Technologies (UK) Limited
England and Wales
Pay Dashboard Limited****
England and Wales
Serasa Finance Limited
England and Wales
Tallyman Limited*****
England and Wales
Tapad UK Limited****
England and Wales
The Royal Exchange Company (Leeds) Unlimited******
England and Wales
The Witney Mattress, Divan & Quilt Co. Unlimited*****
England and Wales
Experian France S.A.S.
France
Experian GmbH
Germany
1
Informa HIS GmbH
Germany
1
Infoscore Consumer Data GmbH
Germany
1
Tapad Germany GmbH
Germany
2
GHU Insurance Company Limited
Guernsey
\n \n
Company
Country of incorporation
Experian Account Aggregator Private Limited
India
Experian Credit Information Company of India Private
Limited
India
Experian Services India (Private Limited)
India
PT. Experian Decision Analytics Indonesia****
Indonesia
Experian Europe Designated Activity Company
Ireland
Experian\u00a0Foundation\u00a0Company\u00a0Limited\u00a0by\u00a0Guarantee
Ireland
Experian Group Services Limited
Ireland
Experian Holdings Ireland Limited
Ireland
Experian Ireland Limited
Ireland
GUS Investments 2003 Unlimited Company
Ireland
Experian Holding Italia S.r.l.
Italy
Experian Italia S.p.A.
Italy
Swipe Technologies Italia S.r.l.
Italy
Experian Japan Co., Ltd
Japan
KYC360 Academy Limited
Jersey
KYC Global Technologies Limited
Jersey
Experian Lesotho (Pty) Ltd
Lesotho\u00a0
Experian (Malaysia) Sdn. Bhd.
Malaysia
Experian Information Services (Malaysia) Sdn. Bhd.
Malaysia
Experian Marketing Services (Malaysia) Sdn Bhd.
Malaysia
Experian de Mexico S. de R.L. de C.V.
Mexico
Scorex S.A.M.
Monaco
Experian Sistema de Informacao de Credito S.A.****
Mozambique
Experian Nederland B.V.
The Netherlands
Experian Scorex Russia B.V.
The Netherlands
GUS Europe Holdings B.V.
The Netherlands
GUS Holdings B.V.
The Netherlands
GUS Treasury Services B.V.
The Netherlands
Experian Data Registries (NZ) Limited (formerly
illion\u00a0New\u00a0Zealand\u00a0Limited)
New Zealand
1
Experian New Zealand Limited
New Zealand
1
Experian New Zealand Operations Limited (formerly
CDS Holdings (NZ) Limited)
New Zealand
1
Experian Open Data Solutions (NZ) Limited
New Zealand
1
Experian Tenancy Limited (formerly
illion\u00a0Tenancy\u00a0Limited)
New Zealand
1
Experian Tenderlink\u00a0Limited (formerly illion Tenderlink
Limited)
New Zealand
1
illion\u00a0Marketplaces\u00a0(New\u00a0Zealand)\u00a0Limited
New Zealand
1
illion\u00a0New\u00a0Zealand\u00a0Marketing\u00a0Services\u00a0Limited
New Zealand
2
Experian AS
Norway
Experian Gjeldsregister AS
Norway
Tapad Norway AS
Norway
APC Bur\u00f3, S.A.
Panama
Experian Per\u00fa S.A.C.
Peru
Gabi Polska sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
Poland
Experian Asia-Paci\ufb01c Holdings Pte. Ltd.
Singapore
Experian Credit Services Singapore Pte. Ltd.
Singapore
Experian Singapore Pte. Ltd.
Singapore
Compuscan Holdings International (Pty) Ltd
South Africa
1
CSH Group (Pty) Ltd
South Africa
1
Experian South Africa (Pty) Limited
South Africa
2
Axesor Business Process Outsourcing S.L.U.
Spain
1
Axesor Conocer Para Decidir, S.A.U.
Spain
1
Experian Bureau de Cr\u00e9dito, S.A.U.
Spain
2
Experian Espa\u00f1a, S.L.U.
Spain
2
Experian Holdings Espa\u00f1a, S.L.U.
Spain
2
Experian Latam Espa\u00f1a Inversiones, S.L.
Spain
2
Experian Switzerland AG
Switzerland
\n \n
Company
Country of incorporation
Experian (Thailand) Co., Ltd****
Thailand
Experian Bilgi Hizmetleri Limited \u015eirketi
T\u00fcrkiye
At Data, LLC
USA
1
Auto I.D., Inc.
USA
2
BillFixers, LLC
USA
3
ChargebackOps LLC
USA
4
CH Transaction Sub, Inc.
USA
2
CIC Plus, LLC
USA
1
ClarityBlue Inc.
USA
1
Clarity Services, Inc.
USA
3
Clear Sale LLC
USA
5
ConsumerInfo.com, Inc.
USA
6
CSIdentity Corporation
USA
3
CSIdentity Insurance Services, Inc.
USA
7
Employment Tax Servicing, LLC
USA
6
Experian Background Data, Inc.
USA
3
Experian Consumer Financial Services, Inc.
USA
2
Experian Credit Advisors, Inc.
USA
3
Experian Data Corp
USA
3
Experian Employer Services, Inc.
USA
8
Experian Finance US, Inc.
USA
2
Experian Fraud Prevention Solutions, Inc.
USA
3
Experian Health, Inc.
USA
3
Experian Holdings, Inc.
USA
3
Experian Information Solutions, Inc.
USA
9
Experian Marketing Solutions, LLC
USA
3
Experian Reserved Response, Inc.
USA
3
Experian Services Corp.
USA
3
Experian Veri\ufb01cation Services, LLC (formerly Frontline
eSolutions, LLC)
USA
10
Gabi Personal Insurance Agency, Inc.
USA
3
MyExperian, Inc.
USA
3
My Health Direct, Inc.
USA
3
Neuro-ID,\u00a0Inc.
USA
1
Predictive\u00a0Pop,\u00a0Inc.
USA
1
RewardStock, Inc.
USA
3
Statschedules India, LLC
USA
3
String Automotive Solutions, Inc.
USA
3
String Enterprises, Inc.
USA
3
Tapad, Inc.
USA
3
Tax Credit Co, LLC
USA
3
Tayvah, LLC
USA
6
The 41st Parameter, Inc.
USA
3
WaveHDC LLC
USA
3
Waveland\u00a0Technologies\u00a0LLC
USA
1
Xverify, LLC
USA
1
Numeric superscripts refer to registered o\ufb03ce addresses given in note U(ii).
* Placed in voluntary liquidation on 15 May 2026.
** Placed in voluntary liquidation on 12 May 2026.
*** Unincorporated trust, the country of incorporation provided is the principal place of business.
**** In voluntary liquidation.
***** Dissolved on 8 April 2026.
****** Dissolved on 20 April 2026.
(ii) Addresses of registered o\ufb03ces of subsidiary undertakings
\n \n
Country of incorporation
Address of registered o\ufb03ce
Argentina
1
Tucuman 1, C1049AAB, Buenos Aires, 1000-1499
Argentina
2
Olga Cossettini 363, Piso 3, Edi\ufb01cio Yacht VI, Ciudad de
Buenos Aires
Australia
Level 14, 2 Southbank Boulevard, Southbank, VIC 3006
Austria
Gumpendorfer Stra\u00dfe 19-21/1/6. OG 1060 Vienna
Brazil
1
Avenida Marcos Penteado de Ulhoa Rodrigues, No.
939, Jacarand\u00e1, 3rd \ufb02oor, Alphaville Industria, S\u00e3o
Paulo
Brazil
2
Rua Almirante Tamandar\u00e9, No. 1024 - Sala
Negocia\u00e7\u00e3o, Vila Nova, Blumenau, Santa Catarina,
89035-000
Brazil
3
Rua Almirante Tamandar\u00e9, No. 1024 - Sala Acordo, Vila
Nova, Blumenau, Santa Catarina, 89035-000
Brazil
4
Avenida das Na\u00e7\u00f5es Unidas, No. 14401 \u2013 Torre C-1 do
Complexo Parque da Cidade, 19th Floor, Conjunto 1,
Ch\u00e1cara Santo Ant\u00f4nio, 04794-000
Brazil
5
Rua Almirante Tamandar\u00e9, No. 1024, Sala Mezanino,
Bairro Vila Nova, Blumenau, Santa Catarina,
89035-000
Brazil
6
Alameda Oscar Niemeyer, No. 132, Room 1102, Nova
Lima, Minas Gerais, 34.006-049
Brazil
7
Avenida das Na\u00e7\u00f5es Unidas, 14401 \u2013 Torre C-1 Parque
da Cidade Complex, Suites 191, 192, 201, 202, 211,
212, 221, 222, 231, 232, 241 e 242, Ch\u00e1cara Santo
Ant\u00f4nio, S\u00e3o Paulo/SP, 04794-000
Bulgaria
86 Tsarigradsko shose boul., Mladost region, 1784
So\ufb01a
Canada
199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9
Chile
1
Av. Andr\u00e9s Bello 2457, piso 34 Gran Torre Costanera,
Providencia, Santiago
Chile
2
Av El Golf 40 piso, 20 Santiago
Chile
3
Avenida Presidente Riesco #5561, O\ufb01cina #402, Las
Condes, Santiago, 7561127
China
1
Room 604 6F, One Indigo, 20 Jiuxianqiao Road,
Chaoyang District, Beijing, 100015
China
2
Room 05D, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
China
3
31/F., Tower Two, Times Square, 1 Matheson Street,
Causeway Bay, Hong Kong
China
4
Room 05C, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
Colombia
Carrera 7, No. 76 -35 Floor 10, Bogota
Costa Rica
Edi\ufb01cio Oller Abogados, Provincia de 5551007, Av. 18,
San Jos\u00e9 Province, San Jos\u00e9
Denmark
1
Lyngbyvej 2, DK-2100, Copenhagen
Denmark
2
Krumstappen 4, St. 2500 VALBY
England and Wales
The Sir John Peace Building, Experian Way, NG2
Business Park, Nottingham, NG80 1ZZ
France
19 Boulevard Malesherbes, 75008 Paris
Germany
1
Rheinstra\u00dfe 99, 76532, Baden-Baden
Germany
2
Walther-von-Cronberg-Platz 13, 60594 Frankfurt a.
Main
Guernsey
Level 3, Mill Court, La Charroterie, St Peter Port, GY1
4ET
India
5th Floor, East Wing, Tower 3, Equinox Business Park,
LBS Marg, Kurla (West), Mumbai, 400070
Indonesia
World Trade Centre 3 Lantai 27, Jl. Jendral Sudirman
Kav. 29-31, Kelurahan Karet, Kecamatan Setiabudi,
Kota Adm. Jakarta Selatan, DKI Jakarta
Ireland
2 Cumberland Place, Fenian Street, Dublin 2, D02 HY05
Italy
Piazza dell\u2019Indipendenza No 11/B, 00185, Rome
\n \n
Country of incorporation
Address of registered o\ufb03ce
Japan
Otemachi First Square East Tower 4F, 1-5-1 Otemachi,
Chiyoda-ku, Tokyo 100-0004
Jersey
6 Esplanade, St Helier, JE1 1BX
Lesotho
Block C Level 7 O\ufb03ce C702, LNDC Development
House, Maseru
Malaysia
Level 13, Menara 1 Sentrum, 201, Jalan Tun
Sambanthan, Brick\ufb01elds, 50470 Kuala Lumpur
Mexico
Calle Pedregal 24 S 300 P 3 Col. Molino del Rey, Miguel
Hidalgo, Ciudad de M\u00e9xico, CP 11040
Monaco
Athos Palace 2, Rue de la Lujerneta 6eme etage \u2013 lots
27 et 30, MC98000
Mozambique
Edif\u00edcio Millennium Park, Avenida Vladimir Lenine, 174,
13\u00b0, Maputo
The Netherlands
Schenkkade 50k, 2595 AR Den Haag
New Zealand
1
Bell Gully, Deloitte Centre, Level 5, 1 Queen Street,
Auckland, 1010
New Zealand
2
Level 9, 4 Williamson Avenue, Grey Lynn, Auckland,
1021
Norway
Lysaker Torg 12, 1366 Lysaker
Panama
Panam\u00e1 Pac\u00ed\ufb01co, International Business Park, Edif.
3845, 4to Piso, Ciudad de Panam\u00e1
Peru
Av. Canaval y Moreyra N\u00ba 480, Piso 19, San Isidro, Lima
Poland
Henryk Sienkiewicz street 82/84; 90-318, \u0141\u00f3d\u017a
Singapore
10 Kallang Avenue, #05-18 Aperia Tower 2, Singapore,
339510
South Africa
1
Experian House, 3 Neutron Avenue, Techno Park,
Stellenbosch, 7600
South Africa
2
Experian House, Ballyoakes O\ufb03ce Park, 35 Ballyclare
Drive, Bryanston, Sandton, 2021
Spain
1
Avd. del Conocimiento, 16, Ed. I+D Armilla, 2\u00aa planta,
Esc. A, 18100 Armilla, Granada
Spain
2
C/Principe de Vergara 132, 2a Planta, 28002, Madrid
Switzerland\u00a0
Thurgauerstrasse 101a, CH-8152, Op\ufb01kon
Thailand
No. 9, G Tower Building, 33rd Floor, Rama 9 Road, Huai
Kwang, Bangkok
T\u00fcrkiye
River Plaza B\u00fcy\u00fckdere Cad.Bahar Sok.No:13 K:8
Levent 34394 \u0130stanbul
USA
1
475 Anton Boulevard, Costa Mesa, CA 92626
USA
2
The Corporation Trust Company, 1209 Orange Street,
Wilmington DE 19801
USA
3
C T Corporation, 300 Montvue Road, Knoxville TN
37919-5546
USA
4
859 W South Jordan Pkwy, Ste 104, South Jordan, UT
84095, USA
USA
5
C T Corporation System, 818 West 7th Street, Los
Angeles, CA 90017
USA
6
7300 Biscayne Boulevard, Suite 200, Miami, Florida,
33138
USA
7
208 South LaSalle St., Ste 814 Chicago IL 60604
USA
8
C T Corporation System, 155 Federal Street, Ste 700,
Boston Massachusetts 02110
USA
9
4400 Easton Commons Way, Ste 125, Columbus Ohio
43219
USA
10
3026 Woodbridge Lane, Canton, GA 30114
Numeric superscripts refer to subsidiary undertakings given in note U(i).
(iii) Additional information on subsidiary
undertakings
Summary
The results of the undertakings listed at note U(i) are included in the
Group \ufb01nancial statements. Except as indicated below, the Company
has\u00a0direct or indirect interests in the whole of the issued equity shares
of\u00a0these undertakings. Undertakings which are direct subsidiaries of
the\u00a0Company are detailed in note N to these \ufb01nancial statements.
Since demerger from GUS plc in 2006, the Company has eliminated
dormant and inactive companies through an ongoing internal programme.
Holdings comprising less than 100%
Interests of less than 100% of the issued equity of subsidiary
undertakings are:
APC Bur\u00f3, S.A. \u2013 70.0%
Experian Australia Credit Services Pty Ltd \u2013 99.89%
Experian Chile S.A. \u2013 66.7%
Experian Colombia S.A. \u2013 99.9%
Experian Credit Information Company of India Private Limited \u2013 66.71%
Experian Italia S.p.A. \u2013 95.35%
Experian Sistema de Informacao de Credito S.A. \u2013 90.0%
Experian South Africa (Pty) Limited \u2013 87.5%
Mova Sociedade de Empr\u00e9stimo entre Pessoas S.A. \u2013 54.91%
Serasa S.A. \u2013 99.8%
Holdings comprising other than ordinary shares, common stock or
common shares
The Company\u2019s equity interests comprise direct or indirect holdings
of\u00a0ordinary shares, common stock or common shares only, except
as\u00a0listed below:
Experian Europe and Middle East Limited, GUS 2004 Limited and
GUS\u00a0Investments 2003 Unlimited Company \u2013 A ordinary and B
ordinary\u00a0shares
Experian Holdings, Inc. \u2013 class A and B common stock
Experian Information Solutions Inc. \u2013 common no par value shares
Experian Services Corp. \u2013 common no par value shares
(iv) Associate 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\n
\u00a0 \u00a0
\u00a0 \u00a0
Country of
Company
Holding
incorporation
Simple KYC Pty Ltd
20.0%
Australia
London & Country Mortgages Limited
25.0%
England and Wales
Who Owns Whom (Pty) Limited
32.9%
South Africa
Online Data Exchange LLC
25.0%
USA
Opt-Out Services, LLC
25.0%
USA
Central Source LLC
33.3%
USA
New Management Services, LLC
33.3%
USA
VantageScore Solutions, LLC
33.3%
USA
\n
(v) Other 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\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
Country of incorporation
Undertaking
or operation
Endurance Fundo de Investimento em Direitos
\u00a0
Credit\u00f3rios (FIDC)
Brazil
Brigstock Finance Limited*
England and Wales
Experian Medical Plan Limited
England and Wales
Experian Pension Scheme
England and Wales
Experian Retirement Savings Plan
England and Wales
Experian Retirement Savings Trustees Limited
England and Wales
Experian Trustees Limited
England and Wales
Experian UK Approved All-Employee Share Plan
England and Wales
The Pension and Life Assurance Plan of
\u00a0
Sanderson Systems Limited
England and Wales
Versorgungsordnung der Barclays Industrie Bank
\u00a0
GmbH vom April 1988 (incl. amendments)
Germany
The Experian Ireland Limited Pension Plan
Ireland
The Experian plc Employee Share Trust
Jersey
\n
* In voluntary liquidation
These undertakings are not subsidiaries or associates. Endurance Fundo
de Investimento em Direitos Credit\u00f3rios (FIDC) is an unincorporated
creditors\u2019 rights investment fund and Brigstock Finance Limited is a
\ufb01nance company. The other undertakings operate in connection with
the\u00a0Group\u2019s share incentive plans, pension arrangements in Germany,
Ireland and the UK, and the provision of medical cover in the UK.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "There are no signi\ufb01cant non-controlling interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "(b) Transactions with associates
Transactions with associates are made on normal market terms and in the year ended 31 March 2026 comprised the receipt of services of US$15m
(2025: US$9m). At 31 March 2026 US$nil (2025: US$2m) was owed to associates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "45. Events occurring after the end of the reporting period
Events occurring after the end of the reporting period include:
\u2022 the second interim dividend announced since the end of the reporting period (note 19)
\u2022 acquisitions agreed and completed subsequent to 31 March 2026 (note 41(b)(iii))
\u2022 two new US$250m bank borrowing facilities note (27(d))
\u2022 the purchase by the Company of 4.6m of its own shares for a total consideration of US$165m
\u2022 the announcement of a new US$1bn share repurchase programme, valid to 30 June 2027. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00608": { "value": "U. Related undertakings at 31 March 2026
(i) Subsidiary 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\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\t\n\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\t\n\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
Company
Country of incorporation
Clear Sale Argentina SRL
Argentina
1
Experian Strategic Solutions SA
Argentina
2
Avention\u00a0Australia\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0Pty\u00a0Ltd
Australia
CLI\u00a0Lawyers\u00a0SA\u00a0Pty\u00a0Ltd*
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Acquisition\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Finance\u00a0Pty\u00a0Ltd
Australia
Credit\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
Experian Asia Paci\ufb01c Pty Ltd**
Australia
Experian Australia Credit Services Pty Ltd
Australia
Experian Australia Fraud Services Pty Ltd*
Australia
Experian Australia Holdings Pty Ltd
Australia
Experian Australia Operations Pty Ltd (formerly
\u00a0
illion\u00a0Australia\u00a0Pty\u00a0Ltd)
Australia
Experian Australia Pty Ltd
Australia
Experian Data\u00a0Registries\u00a0Pty\u00a0Ltd (formerly illion Data
\u00a0
Registries Pty Ltd)
Australia
Experian\u00a0Decisioning\u00a0Pty\u00a0Ltd (formerly illion
\u00a0
Decisioning Pty Ltd)
Australia
Experian\u00a0Holdings\u00a0(AU) Pty\u00a0Ltd (formerly illion Group
\u00a0
Holdings Pty Ltd)
Australia
Experian Open\u00a0Data\u00a0Solutions\u00a0Pty\u00a0Ltd (formerly illion
\u00a0
Open Data Solutions Pty Ltd)
Australia
illion\u00a0(Nominees)\u00a0Pty\u00a0Limited
Australia
illion Australia Unit Trust ***
Australia
illion Decisioning\u00a0Technologies\u00a0Pty\u00a0Ltd*
Australia
illion\u00a0Financial\u00a0Viability\u00a0Reports\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketing\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Marketplaces\u00a0(Australia)\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Open\u00a0Data\u00a0Solutions\u00a0IP\u00a0Pty\u00a0Ltd*
Australia
illion\u00a0Risk\u00a0Solutions\u00a0Pty\u00a0Ltd
Australia
illion\u00a0Services\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Holdings\u00a0Pty\u00a0Ltd
Australia
Perceptive\u00a0Communication\u00a0Pty\u00a0Ltd
Australia
Experian Austria GmbH
Austria
ClearSale S.A.
Brazil
1
Financeira Veloz Holding Financeira S.A.
Brazil
2
Holding Veloz Investimentos e Participa\u00e7\u00f5es S.A.
Brazil
3
Mova Sociedade de Empr\u00e9stimo entre Pessoas S.A.
Brazil
4
Pagueveloz Institui\u00e7\u00e3o de Pagamento Ltda.
Brazil
5
Salary\ufb01ts\u00a0Sistemas\u00a0Ltda.
Brazil
6
Salt\u00a0Participa\u00e7\u00f5es\u00a0S.A.
Brazil
6
Salt\u00a0Tecnologia\u00a0Ltda.
Brazil
6
Serasa S.A.
Brazil
7
Experian Bulgaria EAD
Bulgaria
Experian Canada Inc.
Canada
Experian Chile S.A.
Chile
1
Experian Holdings Chile SpA
Chile
2
Experian Services Chile S.A.
Chile
3
Beijing Yiboruizhi Technology Co., Ltd
China
1
Experian Credit Service (Beijing) Company Limited
China
2
Experian Hong Kong Holdings Limited
China
3
Experian Hong Kong Limited
China
3
Experian Information Technology (Beijing) Company
\u00a0
Limited
China
4
Experian Colombia S.A.
Colombia
Experian Services Costa Rica, S.A.
Costa Rica
Experian A/S
Denmark
1
Noitso A/S
Denmark
2
CCN UK 2005 Limited
England and Wales
\n\t\n\t\t\n\t\t\t\n\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
Company
Country
of incorporation
CCN UK Unlimited
England and Wales
Chatsworth Investments Limited****
England and Wales
EHI 2005 Limited
England and Wales
EHI UK Unlimited
England and Wales
EIS 2005 Limited
England and Wales
EIS UK Unlimited
England and Wales
Experian (UK) Finance Limited
England and Wales
Experian (UK) Holdings 2006 Limited
England and Wales
Experian CIS Limited
England and Wales
Experian Colombia Investments Limited
England and Wales
Experian Corporate Services Limited
England and Wales
Experian Europe and Middle East Limited
England and Wales
Experian Europe Unlimited
England and Wales
Experian Finance 2012 Unlimited*****
England and Wales
Experian Finance plc
England and Wales
Experian Group Limited
England and Wales
Experian Holdings (UK) Unlimited
England and Wales
Experian Holdings Limited
England and Wales
Experian International Unlimited
England and Wales
Experian Investment Holdings Limited
England and Wales
Experian Latam Holdings Unlimited
England and Wales
Experian Limited
England and Wales
Experian NA Holdings Unlimited*****
England and Wales
Experian Nominees Limited
England and Wales
Experian ReFi\u00a0Outsource\u00a0Services\u00a0Limited (formerly
\u00a0
Paylink\u00a0Outsource\u00a0Services\u00a0Limited)
England and Wales
\n\t\n\t\t\n\t\t\t\n\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\t\n\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
Experian ReFi Solutions Limited (formerly
\u00a0
Paylink\u00a0Solutions\u00a0Limited)
England and Wales
Experian SURBS Investments Limited
England and Wales
Experian Technology Limited
England and Wales
Experian US Holdings Unlimited
England and Wales
G.U.S. Property Management Limited****
England and Wales
GUS 1998 Unlimited*****
England and Wales
GUS 2000 Finance Unlimited
England and Wales
GUS 2004 Limited
England and Wales
GUS Catalogues Unlimited*****
England and Wales
GUS Finance (2004) Limited
England and Wales
GUS Holdings (2004) Limited
England and Wales
GUS Holdings Unlimited
England and Wales
GUS International Holdings Limited*****
England and Wales
GUS Ireland Holdings Limited*****
England and Wales
GUS Overseas Holdings Limited*****
England and Wales
GUS Overseas Investments Limited*****
England and Wales
GUS US Holdings 2024 Limited*****
England and Wales
International Communication & Data Limited
England and Wales
Intozetta Holdings Limited****
England and Wales
Intozetta Limited****
England and Wales
KYC Global Technologies (UK) Limited
England and Wales
Pay Dashboard Limited****
England and Wales
Serasa Finance Limited
England and Wales
Tallyman Limited*****
England and Wales
Tapad UK Limited****
England and Wales
The Royal Exchange Company (Leeds) Unlimited******
England and Wales
The Witney Mattress, Divan & Quilt Co. Unlimited*****
England and Wales
Experian France S.A.S.
France
Experian GmbH
Germany
1
Informa HIS GmbH
Germany
1
Infoscore Consumer Data GmbH
Germany
1
Tapad Germany GmbH
Germany
2
GHU Insurance Company Limited
Guernsey
\n \n
Company
Country of incorporation
Experian Account Aggregator Private Limited
India
Experian Credit Information Company of India Private
Limited
India
Experian Services India (Private Limited)
India
PT. Experian Decision Analytics Indonesia****
Indonesia
Experian Europe Designated Activity Company
Ireland
Experian\u00a0Foundation\u00a0Company\u00a0Limited\u00a0by\u00a0Guarantee
Ireland
Experian Group Services Limited
Ireland
Experian Holdings Ireland Limited
Ireland
Experian Ireland Limited
Ireland
GUS Investments 2003 Unlimited Company
Ireland
Experian Holding Italia S.r.l.
Italy
Experian Italia S.p.A.
Italy
Swipe Technologies Italia S.r.l.
Italy
Experian Japan Co., Ltd
Japan
KYC360 Academy Limited
Jersey
KYC Global Technologies Limited
Jersey
Experian Lesotho (Pty) Ltd
Lesotho\u00a0
Experian (Malaysia) Sdn. Bhd.
Malaysia
Experian Information Services (Malaysia) Sdn. Bhd.
Malaysia
Experian Marketing Services (Malaysia) Sdn Bhd.
Malaysia
Experian de Mexico S. de R.L. de C.V.
Mexico
Scorex S.A.M.
Monaco
Experian Sistema de Informacao de Credito S.A.****
Mozambique
Experian Nederland B.V.
The Netherlands
Experian Scorex Russia B.V.
The Netherlands
GUS Europe Holdings B.V.
The Netherlands
GUS Holdings B.V.
The Netherlands
GUS Treasury Services B.V.
The Netherlands
Experian Data Registries (NZ) Limited (formerly
illion\u00a0New\u00a0Zealand\u00a0Limited)
New Zealand
1
Experian New Zealand Limited
New Zealand
1
Experian New Zealand Operations Limited (formerly
CDS Holdings (NZ) Limited)
New Zealand
1
Experian Open Data Solutions (NZ) Limited
New Zealand
1
Experian Tenancy Limited (formerly
illion\u00a0Tenancy\u00a0Limited)
New Zealand
1
Experian Tenderlink\u00a0Limited (formerly illion Tenderlink
Limited)
New Zealand
1
illion\u00a0Marketplaces\u00a0(New\u00a0Zealand)\u00a0Limited
New Zealand
1
illion\u00a0New\u00a0Zealand\u00a0Marketing\u00a0Services\u00a0Limited
New Zealand
2
Experian AS
Norway
Experian Gjeldsregister AS
Norway
Tapad Norway AS
Norway
APC Bur\u00f3, S.A.
Panama
Experian Per\u00fa S.A.C.
Peru
Gabi Polska sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
Poland
Experian Asia-Paci\ufb01c Holdings Pte. Ltd.
Singapore
Experian Credit Services Singapore Pte. Ltd.
Singapore
Experian Singapore Pte. Ltd.
Singapore
Compuscan Holdings International (Pty) Ltd
South Africa
1
CSH Group (Pty) Ltd
South Africa
1
Experian South Africa (Pty) Limited
South Africa
2
Axesor Business Process Outsourcing S.L.U.
Spain
1
Axesor Conocer Para Decidir, S.A.U.
Spain
1
Experian Bureau de Cr\u00e9dito, S.A.U.
Spain
2
Experian Espa\u00f1a, S.L.U.
Spain
2
Experian Holdings Espa\u00f1a, S.L.U.
Spain
2
Experian Latam Espa\u00f1a Inversiones, S.L.
Spain
2
Experian Switzerland AG
Switzerland
\n \n
Company
Country of incorporation
Experian (Thailand) Co., Ltd****
Thailand
Experian Bilgi Hizmetleri Limited \u015eirketi
T\u00fcrkiye
At Data, LLC
USA
1
Auto I.D., Inc.
USA
2
BillFixers, LLC
USA
3
ChargebackOps LLC
USA
4
CH Transaction Sub, Inc.
USA
2
CIC Plus, LLC
USA
1
ClarityBlue Inc.
USA
1
Clarity Services, Inc.
USA
3
Clear Sale LLC
USA
5
ConsumerInfo.com, Inc.
USA
6
CSIdentity Corporation
USA
3
CSIdentity Insurance Services, Inc.
USA
7
Employment Tax Servicing, LLC
USA
6
Experian Background Data, Inc.
USA
3
Experian Consumer Financial Services, Inc.
USA
2
Experian Credit Advisors, Inc.
USA
3
Experian Data Corp
USA
3
Experian Employer Services, Inc.
USA
8
Experian Finance US, Inc.
USA
2
Experian Fraud Prevention Solutions, Inc.
USA
3
Experian Health, Inc.
USA
3
Experian Holdings, Inc.
USA
3
Experian Information Solutions, Inc.
USA
9
Experian Marketing Solutions, LLC
USA
3
Experian Reserved Response, Inc.
USA
3
Experian Services Corp.
USA
3
Experian Veri\ufb01cation Services, LLC (formerly Frontline
eSolutions, LLC)
USA
10
Gabi Personal Insurance Agency, Inc.
USA
3
MyExperian, Inc.
USA
3
My Health Direct, Inc.
USA
3
Neuro-ID,\u00a0Inc.
USA
1
Predictive\u00a0Pop,\u00a0Inc.
USA
1
RewardStock, Inc.
USA
3
Statschedules India, LLC
USA
3
String Automotive Solutions, Inc.
USA
3
String Enterprises, Inc.
USA
3
Tapad, Inc.
USA
3
Tax Credit Co, LLC
USA
3
Tayvah, LLC
USA
6
The 41st Parameter, Inc.
USA
3
WaveHDC LLC
USA
3
Waveland\u00a0Technologies\u00a0LLC
USA
1
Xverify, LLC
USA
1
Numeric superscripts refer to registered o\ufb03ce addresses given in note U(ii).
* Placed in voluntary liquidation on 15 May 2026.
** Placed in voluntary liquidation on 12 May 2026.
*** Unincorporated trust, the country of incorporation provided is the principal place of business.
**** In voluntary liquidation.
***** Dissolved on 8 April 2026.
****** Dissolved on 20 April 2026.
(ii) Addresses of registered o\ufb03ces of subsidiary undertakings
\n \n
Country of incorporation
Address of registered o\ufb03ce
Argentina
1
Tucuman 1, C1049AAB, Buenos Aires, 1000-1499
Argentina
2
Olga Cossettini 363, Piso 3, Edi\ufb01cio Yacht VI, Ciudad de
Buenos Aires
Australia
Level 14, 2 Southbank Boulevard, Southbank, VIC 3006
Austria
Gumpendorfer Stra\u00dfe 19-21/1/6. OG 1060 Vienna
Brazil
1
Avenida Marcos Penteado de Ulhoa Rodrigues, No.
939, Jacarand\u00e1, 3rd \ufb02oor, Alphaville Industria, S\u00e3o
Paulo
Brazil
2
Rua Almirante Tamandar\u00e9, No. 1024 - Sala
Negocia\u00e7\u00e3o, Vila Nova, Blumenau, Santa Catarina,
89035-000
Brazil
3
Rua Almirante Tamandar\u00e9, No. 1024 - Sala Acordo, Vila
Nova, Blumenau, Santa Catarina, 89035-000
Brazil
4
Avenida das Na\u00e7\u00f5es Unidas, No. 14401 \u2013 Torre C-1 do
Complexo Parque da Cidade, 19th Floor, Conjunto 1,
Ch\u00e1cara Santo Ant\u00f4nio, 04794-000
Brazil
5
Rua Almirante Tamandar\u00e9, No. 1024, Sala Mezanino,
Bairro Vila Nova, Blumenau, Santa Catarina,
89035-000
Brazil
6
Alameda Oscar Niemeyer, No. 132, Room 1102, Nova
Lima, Minas Gerais, 34.006-049
Brazil
7
Avenida das Na\u00e7\u00f5es Unidas, 14401 \u2013 Torre C-1 Parque
da Cidade Complex, Suites 191, 192, 201, 202, 211,
212, 221, 222, 231, 232, 241 e 242, Ch\u00e1cara Santo
Ant\u00f4nio, S\u00e3o Paulo/SP, 04794-000
Bulgaria
86 Tsarigradsko shose boul., Mladost region, 1784
So\ufb01a
Canada
199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9
Chile
1
Av. Andr\u00e9s Bello 2457, piso 34 Gran Torre Costanera,
Providencia, Santiago
Chile
2
Av El Golf 40 piso, 20 Santiago
Chile
3
Avenida Presidente Riesco #5561, O\ufb01cina #402, Las
Condes, Santiago, 7561127
China
1
Room 604 6F, One Indigo, 20 Jiuxianqiao Road,
Chaoyang District, Beijing, 100015
China
2
Room 05D, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
China
3
31/F., Tower Two, Times Square, 1 Matheson Street,
Causeway Bay, Hong Kong
China
4
Room 05C, 20th Floor, NO.77, Jianguo Road, Chaoyang
District, Beijing
Colombia
Carrera 7, No. 76 -35 Floor 10, Bogota
Costa Rica
Edi\ufb01cio Oller Abogados, Provincia de 5551007, Av. 18,
San Jos\u00e9 Province, San Jos\u00e9
Denmark
1
Lyngbyvej 2, DK-2100, Copenhagen
Denmark
2
Krumstappen 4, St. 2500 VALBY
England and Wales
The Sir John Peace Building, Experian Way, NG2
Business Park, Nottingham, NG80 1ZZ
France
19 Boulevard Malesherbes, 75008 Paris
Germany
1
Rheinstra\u00dfe 99, 76532, Baden-Baden
Germany
2
Walther-von-Cronberg-Platz 13, 60594 Frankfurt a.
Main
Guernsey
Level 3, Mill Court, La Charroterie, St Peter Port, GY1
4ET
India
5th Floor, East Wing, Tower 3, Equinox Business Park,
LBS Marg, Kurla (West), Mumbai, 400070
Indonesia
World Trade Centre 3 Lantai 27, Jl. Jendral Sudirman
Kav. 29-31, Kelurahan Karet, Kecamatan Setiabudi,
Kota Adm. Jakarta Selatan, DKI Jakarta
Ireland
2 Cumberland Place, Fenian Street, Dublin 2, D02 HY05
Italy
Piazza dell\u2019Indipendenza No 11/B, 00185, Rome
\n \n
Country of incorporation
Address of registered o\ufb03ce
Japan
Otemachi First Square East Tower 4F, 1-5-1 Otemachi,
Chiyoda-ku, Tokyo 100-0004
Jersey
6 Esplanade, St Helier, JE1 1BX
Lesotho
Block C Level 7 O\ufb03ce C702, LNDC Development
House, Maseru
Malaysia
Level 13, Menara 1 Sentrum, 201, Jalan Tun
Sambanthan, Brick\ufb01elds, 50470 Kuala Lumpur
Mexico
Calle Pedregal 24 S 300 P 3 Col. Molino del Rey, Miguel
Hidalgo, Ciudad de M\u00e9xico, CP 11040
Monaco
Athos Palace 2, Rue de la Lujerneta 6eme etage \u2013 lots
27 et 30, MC98000
Mozambique
Edif\u00edcio Millennium Park, Avenida Vladimir Lenine, 174,
13\u00b0, Maputo
The Netherlands
Schenkkade 50k, 2595 AR Den Haag
New Zealand
1
Bell Gully, Deloitte Centre, Level 5, 1 Queen Street,
Auckland, 1010
New Zealand
2
Level 9, 4 Williamson Avenue, Grey Lynn, Auckland,
1021
Norway
Lysaker Torg 12, 1366 Lysaker
Panama
Panam\u00e1 Pac\u00ed\ufb01co, International Business Park, Edif.
3845, 4to Piso, Ciudad de Panam\u00e1
Peru
Av. Canaval y Moreyra N\u00ba 480, Piso 19, San Isidro, Lima
Poland
Henryk Sienkiewicz street 82/84; 90-318, \u0141\u00f3d\u017a
Singapore
10 Kallang Avenue, #05-18 Aperia Tower 2, Singapore,
339510
South Africa
1
Experian House, 3 Neutron Avenue, Techno Park,
Stellenbosch, 7600
South Africa
2
Experian House, Ballyoakes O\ufb03ce Park, 35 Ballyclare
Drive, Bryanston, Sandton, 2021
Spain
1
Avd. del Conocimiento, 16, Ed. I+D Armilla, 2\u00aa planta,
Esc. A, 18100 Armilla, Granada
Spain
2
C/Principe de Vergara 132, 2a Planta, 28002, Madrid
Switzerland\u00a0
Thurgauerstrasse 101a, CH-8152, Op\ufb01kon
Thailand
No. 9, G Tower Building, 33rd Floor, Rama 9 Road, Huai
Kwang, Bangkok
T\u00fcrkiye
River Plaza B\u00fcy\u00fckdere Cad.Bahar Sok.No:13 K:8
Levent 34394 \u0130stanbul
USA
1
475 Anton Boulevard, Costa Mesa, CA 92626
USA
2
The Corporation Trust Company, 1209 Orange Street,
Wilmington DE 19801
USA
3
C T Corporation, 300 Montvue Road, Knoxville TN
37919-5546
USA
4
859 W South Jordan Pkwy, Ste 104, South Jordan, UT
84095, USA
USA
5
C T Corporation System, 818 West 7th Street, Los
Angeles, CA 90017
USA
6
7300 Biscayne Boulevard, Suite 200, Miami, Florida,
33138
USA
7
208 South LaSalle St., Ste 814 Chicago IL 60604
USA
8
C T Corporation System, 155 Federal Street, Ste 700,
Boston Massachusetts 02110
USA
9
4400 Easton Commons Way, Ste 125, Columbus Ohio
43219
USA
10
3026 Woodbridge Lane, Canton, GA 30114
Numeric superscripts refer to subsidiary undertakings given in note U(i).
(iii) Additional information on subsidiary
undertakings
Summary
The results of the undertakings listed at note U(i) are included in the
Group \ufb01nancial statements. Except as indicated below, the Company
has\u00a0direct or indirect interests in the whole of the issued equity shares
of\u00a0these undertakings. Undertakings which are direct subsidiaries of
the\u00a0Company are detailed in note N to these \ufb01nancial statements.
Since demerger from GUS plc in 2006, the Company has eliminated
dormant and inactive companies through an ongoing internal programme.
Holdings comprising less than 100%
Interests of less than 100% of the issued equity of subsidiary
undertakings are:
APC Bur\u00f3, S.A. \u2013 70.0%
Experian Australia Credit Services Pty Ltd \u2013 99.89%
Experian Chile S.A. \u2013 66.7%
Experian Colombia S.A. \u2013 99.9%
Experian Credit Information Company of India Private Limited \u2013 66.71%
Experian Italia S.p.A. \u2013 95.35%
Experian Sistema de Informacao de Credito S.A. \u2013 90.0%
Experian South Africa (Pty) Limited \u2013 87.5%
Mova Sociedade de Empr\u00e9stimo entre Pessoas S.A. \u2013 54.91%
Serasa S.A. \u2013 99.8%
Holdings comprising other than ordinary shares, common stock or
common shares
The Company\u2019s equity interests comprise direct or indirect holdings
of\u00a0ordinary shares, common stock or common shares only, except
as\u00a0listed below:
Experian Europe and Middle East Limited, GUS 2004 Limited and
GUS\u00a0Investments 2003 Unlimited Company \u2013 A ordinary and B
ordinary\u00a0shares
Experian Holdings, Inc. \u2013 class A and B common stock
Experian Information Solutions Inc. \u2013 common no par value shares
Experian Services Corp. \u2013 common no par value shares ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00658": { "value": "(iv) Associate 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\n
\u00a0 \u00a0
\u00a0 \u00a0
Country of
Company
Holding
incorporation
Simple KYC Pty Ltd
20.0%
Australia
London & Country Mortgages Limited
25.0%
England and Wales
Who Owns Whom (Pty) Limited
32.9%
South Africa
Online Data Exchange LLC
25.0%
USA
Opt-Out Services, LLC
25.0%
USA
Central Source LLC
33.3%
USA
New Management Services, LLC
33.3%
USA
VantageScore Solutions, LLC
33.3%
USA
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "2026-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:635400RXXHHYT1JTSZ26", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }