{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "capitaplc": "http://capitaplc.com/xbrl/2025", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://capitaplc.com/xbrl/2025/CMIGEWPLHL4M7ZV0IZ88-2025-12-31.xsd" ] }, "facts": { "fact-1": { "value": "Capita supports clients across the public and private sectors to run complex business processes more efficiently. We provide people-based services underpinned by market-leading technology, creating better consumer experiences.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "2312300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "2421600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "1844300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-8": { "value": "1905100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "468000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-10": { "value": "516500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-11": { "value": "597600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-12": { "value": "526400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "-129600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "-9900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "-500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "-11800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "12500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "10000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "51700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "56300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "-1600000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:GainLossOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "184600000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:GainLossOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "-170900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "116600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "-5300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "36200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "-165600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "80400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "-164100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "76700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "-1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "3700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "-165600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "80400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "-1.4413", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-36": { "value": "0.6806", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-37": { "value": "-1.4413", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-38": { "value": "0.661", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-39": { "value": "113500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedOperatingProfit", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "84600000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedOperatingProfit", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-41": { "value": "74500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedProfitBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-42": { "value": "40500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedProfitBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-43": { "value": "0.4971", "decimals": 4, "dimensions": { "concept": "capitaplc:AdjustedBasicEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-44": { "value": "0.016", "decimals": 4, "dimensions": { "concept": "capitaplc:AdjustedBasicEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-45": { "value": "0.4971", "decimals": 4, "dimensions": { "concept": "capitaplc:AdjustedDilutedEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-46": { "value": "0.0155", "decimals": 4, "dimensions": { "concept": "capitaplc:AdjustedDilutedEarningsLossPerShare", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-47": { "value": "-165600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "80400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "-11500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "-11800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "-2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "-2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "-2000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "-14400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "9900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "-9700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "-1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "-14200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "-3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "-179800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "76900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "-178400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "73200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "-1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "3700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "-179800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "76900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "57500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "68500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "97600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "79800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "300100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "372400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "158500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "180700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "233300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentContractAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "257500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentContractAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "98100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "99000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "128700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "111600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "33700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "42900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "11400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "10000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "1118900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "1222400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "6800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "20600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "7000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "350200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "335300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "264100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "253600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "624600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "616600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "1743500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "1839000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "138800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "62200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "405700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "353200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "3800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "373600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDeferredIncomeOtherThanCurrentContractLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-114": { "value": "435400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDeferredIncomeOtherThanCurrentContractLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "39500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-116": { "value": "42900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "119500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "88200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentFinancialLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "70900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "81400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "1151500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "1067200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "13900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-124": { "value": "6700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentPayables", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-125": { "value": "6500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDeferredIncomeOtherThanNoncurrentContractLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-126": { "value": "30500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentDeferredIncomeOtherThanNoncurrentContractLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-127": { "value": "278700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-128": { "value": "305800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-129": { "value": "159800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-130": { "value": "183200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-131": { "value": "6600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-132": { "value": "7000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-133": { "value": "80100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "37900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-135": { "value": "4600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-136": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-137": { "value": "550200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-138": { "value": "576100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "1701700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-140": { "value": "1643300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-141": { "value": "41800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-142": { "value": "195700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-143": { "value": "37200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-144": { "value": "35200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-145": { "value": "20700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-146": { "value": "1145500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-147": { "value": "-1600000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EmployeeBenefitTrustShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-148": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EmployeeBenefitTrustShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-149": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-150": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-151": { "value": "-15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-152": { "value": "-9500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-153": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-154": { "value": "-972800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-155": { "value": "47400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-156": { "value": "199900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-157": { "value": "-5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-158": { "value": "-4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-159": { "value": "41800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-160": { "value": "195700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-161": { "value": "35200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "1145500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-163": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-164": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "-1053800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-166": { "value": "-15000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-167": { "value": "113000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-169": { "value": "114900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-170": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-172": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-174": { "value": "76700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "76700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "3700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-178": { "value": "80400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-179": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "-9000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-184": { "value": "5500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-185": { "value": "-3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "-3500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-188": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-189": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-190": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-191": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-192": { "value": "67700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-193": { "value": "5500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-194": { "value": "73200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-195": { "value": "3700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-196": { "value": "76900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-197": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-198": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-199": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-200": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-201": { "value": "6000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-202": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-203": { "value": "6000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-204": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-205": { "value": "6000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-206": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-207": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-208": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-209": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-210": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-211": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-212": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-213": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-214": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-215": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-216": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-217": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-218": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-219": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-220": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-221": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-222": { "value": "9100000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-223": { "value": "9100000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:EliminationOfNoncontrollingInterestOnDisposalOfBusinesses", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-224": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-225": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-226": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-227": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-228": { "value": "-1000000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-229": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-230": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-231": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-232": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-233": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-234": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-235": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-236": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-237": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-238": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-239": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-240": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-241": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-242": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-243": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-244": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-245": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-246": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-247": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-248": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-249": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-250": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-251": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-252": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-253": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-254": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-255": { "value": "8500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-256": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-257": { "value": "8500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-258": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-259": { "value": "8500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DerecognitionOfPutOptionsHeldByNonControllingInterests", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-260": { "value": "35200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-261": { "value": "1145500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-262": { "value": "-300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-263": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-264": { "value": "-972800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-265": { "value": "-9500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-266": { "value": "199900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-267": { "value": "-4200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-268": { "value": "195700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-269": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-270": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-271": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-272": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-273": { "value": "-164100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-274": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-275": { "value": "-164100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-276": { "value": "-1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-277": { "value": "-165600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-278": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-279": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-280": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-281": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-282": { "value": "-8700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-283": { "value": "-5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-284": { "value": "-14300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-285": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-286": { "value": "-14200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-287": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-288": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-289": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-290": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-291": { "value": "-172800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-292": { "value": "-5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-293": { "value": "-178400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-294": { "value": "-1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-295": { "value": "-179800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-297": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-298": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-299": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-300": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-301": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-302": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-303": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-304": { "value": "5000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-305": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-306": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-307": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-308": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-309": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-310": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-311": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-312": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-313": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-314": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-315": { "value": "-1145500000.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-316": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-317": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-318": { "value": "1145500000.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-319": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-320": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-321": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-322": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "capitaplc:SharePremiumCancellation", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-324": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-325": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-326": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-327": { "value": "-1200000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-328": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-329": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-330": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-331": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ExerciseOfShareOptionsUnderEmployeeLongTermIncentivePlans", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "2000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-333": { "value": "20700000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-334": { "value": "-300000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-335": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-336": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-337": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-338": { "value": "22400000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-339": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-340": { "value": "22400000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-342": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-343": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-344": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-345": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-346": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-347": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-348": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-349": { "value": "2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "37200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-351": { "value": "20700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "fact-352": { "value": "-1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "capitaplc:EmployeeBenefitTrustAndTreasurySharesMember", "unit": "iso4217:GBP" } }, "fact-353": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:GBP" } }, "fact-354": { "value": "4400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-355": { "value": "-15100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "fact-356": { "value": "47400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "fact-357": { "value": "-5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "fact-358": { "value": "41800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-397": { "value": "47800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-398": { "value": "16000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-399": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:IncomeTaxPaidClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-400": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:IncomeTaxPaidClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-401": { "value": "2800000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:IncomeTaxReceivedClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-402": { "value": "5100000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:IncomeTaxReceivedClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-403": { "value": "7800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-404": { "value": "8000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-405": { "value": "48000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-406": { "value": "50300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-407": { "value": "4700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-408": { "value": "-25200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-409": { "value": "9500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-410": { "value": "16600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-411": { "value": "38200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-412": { "value": "33500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-413": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ProceedsFromSaleOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-414": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ProceedsFromSaleOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-415": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-416": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-417": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-418": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-419": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-420": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-421": { "value": "4200000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:CapitalElementOfLeaseRentalReceiptsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-422": { "value": "5900000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:CapitalElementOfLeaseRentalReceiptsClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-423": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DeferredConsiderationFromSaleOfSubsidiaryCompaniesClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-424": { "value": "20000000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DeferredConsiderationFromSaleOfSubsidiaryCompaniesClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-425": { "value": "-2100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-426": { "value": "249100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-427": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:CashHeldbyBusinessesWhenSoldClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-428": { "value": "25200000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:CashHeldbyBusinessesWhenSoldClassifiedAsInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-429": { "value": "-43700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-430": { "value": "201200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-359": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-360": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "44700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-364": { "value": "53600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-365": { "value": "93400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-366": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-367": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:GainFromCrossCurrencySwapsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-368": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:GainFromCrossCurrencySwapsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-369": { "value": "89000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-370": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-371": { "value": "13100000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ProceedsFromCrossCurrencyInterestRateSwapsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-372": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:ProceedsFromCrossCurrencyInterestRateSwapsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-373": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-374": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-375": { "value": "1500000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DebtFinancingArrangementCostsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-376": { "value": "-0.0", "decimals": -5, "dimensions": { "concept": "capitaplc:DebtFinancingArrangementCostsClassifiedAsFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-377": { "value": "-28500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-378": { "value": "-51500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-379": { "value": "-67500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-380": { "value": "124500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-381": { "value": "191400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-382": { "value": "67600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-383": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-384": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-385": { "value": "125300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-386": { "value": "191400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-387": { "value": "264100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Cash", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-388": { "value": "253600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Cash", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-389": { "value": "138800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-390": { "value": "62200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-391": { "value": "125300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-392": { "value": "191400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-393": { "value": "72900000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedCashGeneratedFromOperationsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-394": { "value": "27000000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedCashGeneratedFromOperationsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2023-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-395": { "value": "-54000000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedFreeCashFlowsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2024-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-396": { "value": "-110900000.0", "decimals": -5, "dimensions": { "concept": "capitaplc:AdjustedFreeCashFlowsExcludingBusinessExits", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2023-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-433": { "value": "This section sets out the Group\u2019s accounting policies relating to these consolidated financial statements as a whole. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. This section also includes details of new accounting standards, amendments and interpretations including their effective dates and explanation on the expected impact to the financial position and performance of the Group. For ease of reference, this symbol has been used to denote any accounting policies included within the notes to these consolidated financial statements: Denotes accounting policies These financial statements consolidate those of Capita plc (the Company or the Parent Company) and all of its subsidiaries (the Group). Capita plc is a public limited company incorporated in England and Wales whose shares are publicly traded. The principal activities of the Group are given in the strategic report on pages 2 to 88. These consolidated financial statements of Capita plc for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on 9 March 2026. These consolidated financial statements are presented in British pounds sterling and all values are rounded to the nearest tenth of a million (\u00a3m) except where otherwise indicated. Statement of compliance These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK-IFRS) and the Disclosure and Transparency Rules of the UK's Financial Conduct Authority. Basis of consolidation These consolidated financial statements comprise the financial statements of the Group at 31 December each year. Subsidiaries are consolidated from the date on which control is transferred to the Group until control is transferred out of the Group. Where there is a loss of control of a subsidiary, these consolidated financial statements include the results for that part of the reporting year during which Capita plc had contro and the profit or loss on disposal is calculated as the difference between the fair value of the consideration received and the carrying amount of the net assets (including goodwill) disposed of. Losses applicable to the non-controlling interests in subsidiaries are attributed to the non-controlling interests even if that results in the non-controlling interests having a deficit balance. Investments in associates are accounted for using the equity method. Under the equity method, the investment in the entity is stated as a one line item at cost plus the investor\u2019s share of retained post- acquisition profits or losses and other changes in net assets less any impairment. Section 1: Basis of preparation
Going concern
In determining the appropriate basis of preparation of the financial statements for the year ended
31 December 2025, the Board is required to consider whether the Group and Parent Company can continue
in operational existence for the foreseeable future. The Board has concluded that it is appropriate to adopt
the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key
uncertainties, sensitivities, and mitigations as set out below.
Accounting standards require that \u2018the foreseeable future\u2019 for going concern assessment covers a period of
at least twelve months from the date of approval of these financial statements. The Board has considered
the period from the date of approval of these financial statements to 30 June 2027 (\u2018the going concern
period\u2019), which aligns with a period end and covenant test date for the Group.
The base case financial forecasts used in the going concern assessment are derived from the 2026-2028
business plan as approved by the Board in March 2026.
The going concern assessment considers the Group\u2019s sources and uses of liquidity and covenant
compliance throughout the period under review. The value of the Group\u2019s committed revolving credit facility
(RCF) was \u00a3250.0m at 31 December 2025 and extends to 31 December 2027. In February 2026, the
Company entered into a \u00a375m additional committed financing facility, with a subset of the existing lenders
and terms consistent with the existing RCF. The additional facility expires 18 months from signing. In a
severe but plausible downside scenario, the facility is partially drawn.
Financial position at 31 December 2025
At 31 December 2025 the Group had net debt of \u00a3461.6m (2024: \u00a3415.2m), net financial debt (pre-IFRS
16)
1
of \u00a3143.4m (2024: \u00a366.5m), available liquidity
1
of \u00a3329.4m (2024: \u00a3397.2m) and was in compliance
with all debt covenants (refer to note 4.1.2 to the consolidated financial statements).
Board assessment
Base case scenario
Under the base case scenario, the Group forecasts growth in revenue, profit and cash flow over the medium
term. When combined with available committed facilities, this allows the Group to manage scheduled debt
repayments (with no need for future refinancing of these repayments). The most material sensitivities to the
base case are the risk of not delivering the planned revenue growth.
The base case projections used for going concern assessment purposes reflect business disposals
completed up to the date of approval of these consolidated financial statements. The base case financial
forecasts demonstrate liquidity headroom and compliance with all debt covenant measures throughout the
going concern period to 30 June 2027.
Severe but plausible downside scenario
In considering severe but plausible downside scenarios, the Board has taken account of the potential
adverse financial impacts resulting from the following risks:
\u2022 revenue growth falling materially short of plan;
\u2022 unforeseen operational issues leading to contract losses and cash outflows;
\u2022 sustained interest rates at current levels;
\u2022 non-availability of the Group\u2019s non-recourse trade receivables financing facility; and
\u2022 unexpected financial costs linked to unexpected one-off incidents.
1.Refer to alternative performance measures in section 8.2 to the financial statements.
The likelihood of simultaneous crystallisation of the above risks is considered by the Board to be low.
Nevertheless in the event that simultaneous crystallisation were to occur, the Group would need to take
action to ensure there is sufficient liquidity. In its assessment of going concern, the Board has considered
the mitigations, under the direct control of the Group, that could be implemented including, but not limited to,
substantially reducing (or removing in full) bonus and incentive payments, reducing discretionary spend and
reductions or delays in capital investment. Taking these considerations into account, the Group\u2019s financial
forecasts, in a severe but plausible downside scenario, demonstrate sufficient liquidity headroom and
compliance with all debt covenant measures throughout the going concern period to 30 June 2027.
Adoption of going concern basis
Reflecting the forecasts, coupled with the Board\u2019s ability to implement appropriate mitigations should the
severe but plausible downside materialise, the Group and Parent Company continue to adopt the going
concern basis in preparing these consolidated financial statements. The Board has concluded that the
Group and Parent Company will be able to continue in operation and meet their liabilities as they fall due
over the period to 30 June 2027.
Foreign currency translation
The functional and presentation currency of Capita plc and its UK subsidiaries is the British pound sterling
(\u00a3). Transactions in foreign currencies are initially recorded at the functional currency exchange rate ruling
at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are
retranslated at the functional currency exchange rate ruling at the balance sheet date. All differences are
taken to the consolidated income statement with the exception of differences on foreign currency
borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to
equity until the disposal of the net investment, at which time they are recognised in the consolidated income
statement.
Tax charges and credits attributable to exchange differences on those borrowings are also taken directly to
equity. Non-monetary items that are measured at historical cost in a foreign currency are translated using
the exchange rate at the date of initial transaction. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value was determined.
The functional currencies of overseas operations include the euro, Indian rupee, South African rand, Polish
zloty and the US dollar. At the balance sheet date, the assets and liabilities of the overseas operations are
retranslated into the presentation currency of Capita plc at the exchange rate ruling on the balance sheet
date and their income statements are translated using the weighted average exchange rate for the year.
The exchange differences arising on the retranslation are taken directly to a separate component of equity.
On disposal of a foreign operation, the deferred cumulative foreign currency translation difference recognised
in equity relating to that particular foreign operation is recognised in the consolidated income statement.
Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on whether they are current or non-
current.
An asset is current when it is:
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 Held primarily for the purpose of trading;
\u2022 Expected to be realised within twelve months after the balance sheet date; or
\u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the balance sheet date.
All other assets are classified as non-current.
A liability is current when:
\u2022 It is expected to be settled in the normal operating cycle;
\u2022 It is held primarily for the purpose of trading;
\u2022 It is due to be settled within twelve months after the balance sheet date; or
\u2022 Does not have the right at the end of the reporting period to defer settlement of the liability for at least
twelve months after the reporting period.
All other liabilities are classified as non-current.
Recoverable amount of non-current assets
At each balance sheet date, the Group assesses whether there is any indication that a non-current asset
may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of the
asset\u2019s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount. The recoverable amount is the
higher of an asset\u2019s, or cash-generating unit\u2019s, fair value less costs to sell and its value in use, and is
determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets.
Consideration of climate change
The impact of climate change has been considered in the preparation of these consolidated financial
statements across a number of areas, including our evaluation of the critical accounting estimates and
assumptions which are detailed below, consistent with the risks and opportunities set out in the strategic
report on pages 68 to 78. None of these risks had a material effect on the critical accounting estimates and
assumptions or on the consolidated financial statements of the Group. The following areas were considered
during the preparation of these consolidated financial statements:
\u2022 contract judgements made on the Group\u2019s major contracts including contract fulfilment assets;
\u2022 going concern and viability of the Group over the relevant respective period;
\u2022 cash flow forecasts used in the impairment assessments of non-current assets including goodwill;
\u2022 carrying value and useful economic lives of property, plant and equipment;
\u2022 deferred tax asset recognition; and
\u2022 the valuation of assets held within the Group\u2019s pension schemes.
As current legislation stands, there is currently no material short or medium-term
1
impact expected from
climate change on the Group. The Group will continue to monitor its climate strategy and the impact that
policies or changes in legislation may have on the estimates the Group makes, and any subsequent impact
on assets and liabilities recognised and presented in its consolidated financial statements.
1. As defined in the Task Force on Climate-related Financial Disclosures section of the Strategic Report.
Significant accounting judgements, estimates and assumptions
The preparation of financial statements in accordance with generally accepted accounting principles
requires the directors to make judgements and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingencies at the date of the financial statements and the reported income
and expense during the presented periods. Although these judgements and assumptions are based on the
directors\u2019 best knowledge of the amounts, events or actions, actual results may differ.
As described in note 2.1, given the level of judgement and estimation involved in assessing the future
profitability of contracts, it is reasonably possible that outcomes within the next financial year may be
different from management\u2019s assumptions which could require a material adjustment to the carrying
amounts of contract fulfilment assets and onerous contract provisions.
Judgements
The key areas where significant accounting judgements have been made and which have the most
significant effect on the amounts recognised in the consolidated financial statements, are summarised
below and set out in more detail in the related note(s):
\u2022 Contract accounting (note 2.1):
\u2013 Revenue recognition;
\u2022 Capitalisation of contract fulfilment assets (note 3.1.3); and
\u2022 Adoption of the going concern basis of preparation (section 1).
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance
sheet date, which have a significant risk of causing material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are summarised below and set out in more detail in the related
note. The Group based its assumptions and estimates on parameters available when the consolidated
financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Group. Such changes are incorporated
into the assumptions when they occur:
\u2022 Contract accounting (note 2.1):
\u2013 Impairment of contract fulfilment assets;
\u2013 Carrying value of onerous contract provisions; and
\u2013 Variable consideration to be recognised;
\u2022 Deferred tax asset recognition (note 2.6);
\u2022 Impairment of goodwill in respect of the Contact Centre group of cash generating units (note 3.4);
\u2022 Carrying value of closed book Life & Pensions business exit provision (note 3.6);
\u2022 Carrying value of claims and litigations provisions (note 3.6); and
\u2022 Measurement of defined benefit pension obligations (note 5.2).
For ease of reference, the symbols below have been used to denote significant accounting judgements and/
or significant accounting estimates and assumptions where they occur within the notes to these
consolidated financial statements:
Denotes significant accounting judgements
Denotes significant accounting estimates and assumptions
New standards and interpretations adopted
The accounting policies adopted are consistent with those of the previous financial year. In addition, the
Group has adopted the new, and amendments to, standards listed below. These amendments were either
not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
New standards and interpretations issued but not yet adopted
The International Accounting Standards Board (IASB) has issued the following standards, amendments and
interpretations with an effective date after the date of these consolidated financial statements. These are
effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1 January 2026
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Deferred
Amendments to IFRS 10 and IAS 28 indefinitely
Presentation and Disclosure of Financial Statements - IFRS 18
1 January 2027
IFRS 18 Presentation and Disclosure in Financial Statements was issued by the IASB in April 2024 and
adopted by the UK Endorsement Board in December 2025. The standard will replace IAS 1 Presentation of
Financial Statements. While several sections from IAS 1 have been brought forward into IFRS 18, the
standard introduces new requirements as follows:
\u2022 Two newly defined subtotals of operating profit or loss and profit or loss before financing and income
taxes;
\u2022 Requirement to classify all income and expenses in the income statement into five specified categories \u2013
operating, investing, financing, income taxes and discontinued operations;
\u2022 Disclosure of management-defined performance measures (MPMs) used to communicate financial
performance in public communications outside financial statements within a single note in the financial
statements; and
\u2022 Enhanced guidance for the aggregation and disaggregation of financial information based on the
identified roles of the primary financial statements and the notes.
The Group will adopt the standard for the reporting period ending 31 December 2027. The impact of the
standard on the Group is currently being assessed, and it is not yet practicable to quantify the effect of
IFRS 18 on these consolidated financial statements.
The other amendments are either not applicable or not expected to be material to the Group or Parent
Company.
Accounting policies
Revenue
The Group operates a diverse range of businesses and accordingly applies a variety of methods for
revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers.
The revenue and profits are recognised based on the delivery of performance obligations and an
assessment of when control is transferred to the customer.
Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point-
in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer.
For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and
obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not
meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to
the MSA, are treated as individual contracts.
The Group enters into contracts which contain extension periods, where either the customer or both parties
can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that
could impact the actual duration of the contract. Judgement is applied to assess the impact that these
clauses have when determining the appropriate contract term. The term of the contract impacts both the
period over which revenue from performance obligations may be recognised and the period over which non-
current contract fulfilment assets are expensed.
For contracts with multiple components to be delivered such as transformation, transitions and the delivery
of outsourced services, management applies judgement to consider whether those promised goods and
services are:
(i) distinct \u2013 to be accounted for as separate performance obligations;
(ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is
distinct; or,
(iii) part of a series of distinct goods and services that are substantially the same and have the same
pattern of transfer to the customer.
At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group
expects to be entitled and has rights to under the contract. This includes an assessment of any variable
consideration where the Group\u2019s performance may result in additional, or reduced, revenues based on the
achievement, or not, of agreed key performance indicators (KPIs). Such amounts are only included based
on the expected value, or the most likely outcome method, and only to the extent that it is highly probable
that no revenue reversal will occur.
The transaction price does not include estimates of consideration resulting from change orders for
additional goods and services unless these are already agreed.
After the total transaction price is determined, the Group allocates this to the identified performance
obligations in proportion to their relative standalone selling prices and recognises revenue when (or while)
those performance obligations are satisfied.
The Group infrequently sells standard products with observable standalone prices due to the specialised
services required by customers, consequently the Group applies judgement to determine an appropriate
standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases
the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate
the standalone selling price of each performance obligation.
The Group may offer price step downs during the life of a contract, but with no change to the underlying
scope of services to be delivered. In general, any such variable consideration, price step down or discount
is included in the total transaction price to be allocated across all performance obligations unless it relates
to only one performance obligation in a contract.
For each performance obligation to be recognised over-time, the Group applies a revenue recognition
method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the
customer. This decision requires assessment of the real nature of the goods or services that the Group has
promised to transfer to the customer. The Group applies the relevant output or input method consistently to
similar performance obligations in other contracts.
When using the output method, the Group recognises revenue on the basis of direct measurements of the
value to the customer of the goods and services transferred to date relative to the remaining goods and
services under the contract. This is a faithful depiction of the transfer of services since the service delivered
to the customer is unchanged. Where the output method is used, in particular for long-term service
contracts where the series guidance is applied, the Group often uses a method of time elapsed which
requires minimal estimation. Certain long-term contracts use output methods based upon estimations of:
user numbers; service activity levels; or fees collected.
When transfer of control is most closely aligned to Group efforts in delivering the service, the input method
is used to measure progress and revenue is recognised in direct proportion to costs incurred. This is a
faithful depiction of the transfer of services because costs (or other inputs) most accurately reflect the
incremental benefits received by the customer from efforts to date.
If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at
a point-in-time when the service or good is delivered.
Where a contract contains variable consideration the estimate is regularly reviewed, including at half year
and full year reporting, to ensure the criteria that it is highly probable that the eventual consideration will not
be significantly lower than the current estimate continues to be met.
Where the Group commits to provide exit assistance services in a contract, delivery of these services may
be a separate performance obligation. Where the contract does not provide the standalone selling price for
these services, the Group allocates revenue from the other performance obligations, and recognises this
revenue using a method that faithfully depicts the Group\u2019s performance in providing these services.
Contract modifications
The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract
modifications exist when the amendment either creates new, or changes existing, enforceable rights and
obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of
progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in
one of the following ways:
a) prospectively as an additional performance obligation (this is typically when new distinct goods or
services are provided on an existing contract);
b) prospectively as a termination of the existing contract and creation of a new contract;
c) as part of the original contract using a cumulative catch up (this is typically where the modification
changes the services provided to date); or,
d) as a combination of (b) and (c).
In respect of contracts for which the Group has decided there is a series of distinct goods and services that
are substantially the same and have the same pattern of transfer where revenue is recognised over-time,
the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part-
termination and a modification of the remaining performance obligations.
Judgement is applied in relation to the accounting for such modifications where the final terms or legal
contracts have not been agreed prior to the year end because management needs to determine if a
modification has been approved and if it either creates new, or changes existing, enforceable rights and
obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of
revenue recognised may be different in subsequent accounting periods. Modification and amendments to
contracts are undertaken through an agreed formal process. For example, if a change in scope has been
approved but the corresponding change in price is still being negotiated, management uses judgement to
estimate the change in total transaction price. Importantly, any variable consideration is only recognised to
the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to
indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index
(RPI)) then the revenue related to the indexation will only be recognised after the relevant indexation is
confirmed. Future indexation is not recognised because it is not highly probable that a significant reversal of
an indexation adjustment will not occur.
Principal versus agent
The Group has arrangements with some of its customers whereby it needs to determine if it acts as a
principal or an agent because more than one party is involved in providing the goods and services to the
customer. The Group is a principal if it controls a promised good or service before transferring that good or
service to the customer. The Group is an agent if its role is to arrange for another entity to provide the
goods or services. Factors considered in making this assessment are most notably: the discretion the
Group has in establishing the price for the specified good or service; whether the Group has inventory risk;
and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good.
This assessment of control requires judgement particularly in relation to certain service contracts. An
example is the provision of certain recruitment and learning services where the Group may be assessed to
be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the
services being delivered.
Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting
as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as
revenue.
Licences
Software licences delivered by the Group can either be right to access (active) or right to use (passive)
licences, which determines the timing of revenue recognition. The assessment of whether a licence is active
or passive involves judgement.
The key determinant of an active licence is whether or not the Group is required to undertake continuing
activities that significantly affect the licensed intellectual property (or the customer has a reasonable
expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts
resulting from those changes. Where the Group is responsible for any maintenance, continuing support,
updates and upgrades, then the sale of the initial software is not distinct. All other licences which have
significant standalone functionality are treated as passive licences.
When software upgrades are sold as part of the software licence agreement (ie software upgrades are
promised to the customer), the Group applies judgement to assess whether the software upgrades are
distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental
to the ongoing use of the software by the customer, the upgrades are not considered distinct and not
accounted for as a separate performance obligation.
For each contract that includes a separate licence performance obligation, the Group considers all the facts
and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point-
in-time (passive) from the go-live date of the licence.
Deferred and accrued income
The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature
and type of goods and/or services being provided. This can include performance-based payments or
progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments
for transactional goods and services may be at delivery date, in arrears or part payment in advance. The
long-term service contracts tend to have higher cash flows early in the contract to cover transformational
activities.
Where payments received are greater than the revenue recognised up to the balance sheet date, the Group
recognises a deferred income contract liability for this difference. Where payments received are less than
the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income
asset for this difference.
At each balance sheet date, the Group assesses whether accrued income may be impaired by applying the
simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is
reduced by appropriate allowances for expected credit losses calculated using this approach.
Financing component
If the timing of payments agreed with the customer provides the Group or the customer with a significant
benefit of financing the transfer of goods or services, the amount of consideration is adjusted for the effects
of the time value of money. The Group does not make an adjustment for the time value of money in the
following circumstances:
(i) when the Group expects, at contract inception, that the period between the entity transferring the good
or service and the customer paying for it will be one year or less; or
(ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for
reasons other than for financing and the overall consideration that the customer pays is no different as a
result of paying this consideration upfront.
There were no contracts with significant financing components in 2025 (2024: none).
Contract types
The Group disaggregates revenue from contracts with customers by contract type, because management
believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash
flows are affected by economic factors. Categories are: long-term contractual (greater than two years);
short-term contractual (less than two years); and transactional. The years being measured from the service
commencement date.
Long-term contractual (greater than two years)
The Group provides a range of services under contracts with a duration of more than two years. The nature
of contracts or performance obligations within this revenue type includes:
(i) long-term outsourced service arrangements in the public and private sectors; and
(ii) active software licence arrangements.
The majority of long-term contractual agreements form part of a series of distinct goods and services
because they are substantially the same service; and have the same pattern of transfer, since the series
constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and
therefore treats the series as one performance obligation.
Short-term contractual (less than two years)
The nature of contracts or performance obligations within this revenue type includes:
(i) short-term outsourced service arrangements in the public and private sectors; and
(ii) software maintenance contracts.
The Group has assessed that maintenance and support (ie on-call support, remote support) for software
licences is a performance obligation that can be considered capable of being distinct and separately
identifiable in a contract if the customer has a passive licence. These recurring services are substantially
the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and
support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day
and is transferred in the same pattern to the customer.
Transactional (point-in-time) contracts
The Group delivers a range of goods or services in all reportable segments that are transactional services
for which revenue is recognised at the point-in-time when control of the goods or services has transferred to
the customer. This may be at the point of physical delivery of goods or services and acceptance by the
customer or when the customer obtains control of an asset or service in a contract with customer-specified
acceptance criteria. The nature of contracts or performance obligations within this revenue type includes:
(i) provision of computing hardware goods;
(ii) passive software licence agreements;
(iii) commission received as agent from the sale of third-party software; and
(iv) fees received in relation to the delivery of professional services.
Master service arrangements (MSA) or Frameworks
MSA or individual call-off agreements are classified as short-term contractual if they include a notice period
with committed volumes, otherwise they are classified as transactional (point-in-time) contracts.
Accounting policies
IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific
items to enable users to better assess the entity\u2019s financial performance.
The Board has adopted a policy to disclose separately those items that it considers are outside the
underlying operating results for the particular year under review and against which the Group\u2019s performance
is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their
nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding
of the financial information and the underlying performance of the Group. In general, the Board believes that
alternative performance measures (APMs) are useful for investors because they provide further clarity and
transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate
the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly,
these items are also excluded from the discussion of divisional performance in the strategic report. This
policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further
details of the Group\u2019s APMs.
While the Board considers APMs to be helpful to the reader it notes that APMs have certain limitations,
including the exclusion of significant recurring and non-recurring items, and may not be directly comparable
with similarly titled measures presented by other companies.
Those items excluded from the adjusted income statement are: business exits; amortisation and impairment
of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net
finance costs; the costs associated with the cyber incident in March 2023, and the expenses associated
with the cost reduction programme.
Amortisation and impairment of acquired intangible assets: The Group recognised acquired intangible
amortisation of \u00a30.2m (2024: \u00a30.2m). These charges are excluded from the adjusted results of the Group
because they are non-cash items generated from historical acquisition related activity. The charge is
included within administrative expenses.
Impairment of goodwill: The Group carries on its balance sheet significant amounts of goodwill which are
subject to annual impairment testing and when any indicators of impairment are identified. Any impairment
changes are reported separately because they are non-cash items generated from historical acquisition
related activity. The charge is included within administrative expenses.
Net finance (income)/costs: Relate to movements in the mark-to-market value of forward foreign
exchange contracts to cover anticipated future expenses and therefore have no equivalent offsetting
transaction in the accounting records, also refer to note 4.2.2.
Business exits: The trading result of businesses that have been sold, exited during the period, or are in the
process of being sold or exited in accordance with the Group's strategy, and the gain or loss on business
disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding which
income statement line items are impacted by business exits.
Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident.
These costs comprise specialist professional fees, recovery and remediation costs, investment to reinforce
Capita\u2019s cyber security environment, and, in 2025, a \u00a314m penalty from the Information Commissioner\u2019s
Office (ICO). A charge of \u00a315.9m has been recognised in the year ended 31 December 2025, which
primarily comprises the ICO penalty of \u00a314m and related legal fees, offset by insurance receipts (2024:
charge of \u00a31.0m). Cumulatively the net costs incurred total \u00a342.2m and are included within administrative
expenses. Further insurance receipts are anticipated but did not meet the criteria for recognition at
31 December 2025.
Cost reduction programme: The Group implemented a multi-year cost reduction programme in November
2023 to deliver annualised savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to
deliver further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of
schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of
efficiencies that could be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m. This
target was met by the end of 2025.
The Group exercises judgement in assessing whether the actions being taken to deliver these savings are
exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings
should be excluded from the Group's adjusted results. The assessment considers the nature of the activity
being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract.
Investment in new technology that supports the delivery of customer contracts are considered business as
usual and are not excluded from the Group\u2019s adjusted results.
A charge of \u00a356.1m (2024: \u00a327.9m) has been recognised in the year ended 31 December 2025 for the
expenses to deliver the cost reduction programme. This includes redundancy and other expenses of
\u00a353.4m (2024: \u00a330.5m) to deliver a significant reduction in headcount, and a charge of \u00a32.7m arising from
the rationalisation of the Group's property estate (2024: a credit of \u00a32.6m reflecting the successful exit of a
number of properties which had been provided for previously). The cumulative expense recognised since
the commencement of the cost reduction programme is \u00a3138.4m (2024: \u00a382.3m), which is included within
administrative expenses. Since the targeted savings were delivered by the end of 2025, no further
expenses to deliver this cost reduction programme are expected beyond the end of 2025.
Refer to note 2.9.1 for the cash flow impact of the above.
Accounting policies
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income
statement except to the extent that it relates to items recognised directly in equity or other comprehensive
income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax
rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date
between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences:
\u2022 except where the deferred tax liability arises from the initial recognition of goodwill;
\u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; and
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, except where the timing of the reversal of the temporary differences can be
controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when
the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the balance sheet date.
Accounting policies
Basic earnings/(loss) per share are calculated by dividing net profit/(loss) for the period attributable to
ordinary equity holders of the Parent Company by the weighted average number of ordinary shares
outstanding during the year.
Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) for the period attributable to
ordinary equity holders of the Parent Company by the weighted average number of ordinary shares
outstanding during the year plus the weighted average number of ordinary shares that would be issued on
the conversion of all the dilutive potential ordinary shares into ordinary shares.
Accounting policies
Business exits
Business exits are businesses that have been sold, exited during the period, or are in the process of being
sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of
\u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued
operations, which requires comparative financial information to be restated where the relative size of a
disposal or completed business closure is significant, which is normally understood to mean a reported
segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on
disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted
results, the 2024 comparatives have been re-presented to exclude the businesses classified as business
exits during 2025.
Assets held-for-sale
The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be
recovered principally through a sale transaction instead of continued use. For this to be the case, the asset
(or disposal group) must be available for immediate sale in its present condition subject only to terms that
are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable.
For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell
the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have
been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is
reasonable in relation to its current fair value, and the sale should be expected to be completed within one
year from the date of classification.
Based on the above requirements, at 31 December 2025 no businesses were deemed to have met this
threshold. At 31 December 2024 one business (the Group's mortgage servicing business) was deemed to
have met this threshold, before it was subsequently sold in 2025.
Trading revenue and costs represent the trading performance of the above businesses up to the point of
being disposed or exited, and in the comparative period also those businesses disposed of during 2024
(being Capita One and the Group's 75% shareholding in Fera Science Limited (Fera)).
Trading expenses primarily comprise payroll costs of \u00a364.9m (2024: \u00a3108.4m) and information technology
costs of \u00a333.6m (2024: \u00a352.1m).
Non-trading administrative expenses include costs associated with the agreed exit of the Royal London
contracts in the closed book Life & Pensions business of \u00a362.5m (which includes provision for migration
costs, the initial share based payment charge recognised by the Group, and provision for the \u00a330m
contribution to Royal London\u2019s running costs, as set out earlier in this note); project costs of \u00a311.3m (2024:
\u00a31.1m); and, in the comparative period, asset impairments of \u00a38.7m.
Accounting policies
In the consolidated balance sheet cash and cash equivalent comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash
and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at
fixed and floating rates based on prevailing bank deposit rates.
Accounting policies
Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and
subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised
represent their recoverable amount.
Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9
Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less
an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of
an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of
default by any counterparty. Each customer has an external credit score which determines the level of credit
provided.
Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of
similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i)
the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to
receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has
transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor
retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and
rewards of the receivables have been fully transferred.
Accrued income: Accrued income is recognised when the revenue recognised on a customer contract
exceeds the amount which the Group has the right to receive payment for as at the balance sheet date.
Accounting policies
The Group regularly incurs costs to deliver its outsourcing services in a more efficient way (often referred to
as \u2018transformation\u2019 costs). These costs may include process mapping and design, system development,
project management, hardware (generally within the scope of the Group\u2019s accounting policy for property,
plant and equipment), software licence costs (generally within the scope of the Group\u2019s accounting policy
for intangible assets), recruitment costs and training.
Contract fulfilment costs are divided into: (i) costs that give rise to an asset; and (ii) costs that are expensed
when incurred.
In determining the appropriate accounting treatment for such costs, the Group first considers any other
applicable standards. If those other standards preclude capitalisation of a particular cost, then an asset is
not recognised under IFRS 15 Revenue from Contracts with Customers.
If other standards are not applicable to contract fulfilment costs, the Group applies the following criteria
which, if met, result in capitalisation of costs that: (i) directly relate to a contract or to a specifically
identifiable anticipated contract; (ii) generate or enhance resources that will be used in satisfying (or in
continuing to satisfy) performance obligations in the future; and (iii) are expected to be recovered.
The Group has determined that, where the relevant specific criteria are met, the costs for (i) process
mapping and design; (ii) system development; and (iii) project management; are likely to qualify to be
capitalised as contract fulfilment assets.
The incremental costs of obtaining a contract with a customer are recognised as a contract fulfilment asset
if the Group expects to recover them. The Group incurs costs such as bid costs, legal fees to draft a
contract and sales commissions when it enters into a new contract.
The Group has determined that the following costs may be capitalised as contract fulfilment assets: (i) legal
fees to draft a contract after the Group has been selected as preferred supplier; and (ii) sales commissions
directly related to winning a specific contract.
Costs incurred prior to selection as preferred supplier are not capitalised but expensed when incurred.
The Group also considers the nature of any Software as a Service (SaaS) utilised during delivery of the
Group\u2019s revenue generating contracts and whether associated costs incurred meet the criteria for
capitalisation as contract fulfilment assets. In particular the Group assesses whether the work conducted
includes any configuration or customisation of the suppliers software and then considers the relevant
accounting treatment.
Utilisation: The utilisation charge is included within cost of sales. The Group utilises non-current contract
fulfilment assets over the expected contract period on a systematic basis that mirrors the pattern in which
the Group satisfies its performance obligations to the customer.
Derecognition: A non-current contract fulfilment asset is derecognised either when it is disposed of or
when no further economic benefits are expected to flow from its use or disposal.
Impairment: At each balance sheet date, the Group determines whether or not the non-current contract
fulfilment assets are impaired by comparing the carrying amount of the asset with the remaining amount of
consideration that the Group expects to receive less the costs that relate to providing services under the
relevant contract. In determining the estimated amount of consideration, the Group uses the same
principles as it does to determine the contract transaction price, except that any constraints used to reduce
the transaction price are removed for the impairment test.
Accounting policies
Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value.
Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset,
as follows:
\u2022 Freehold buildings and long leasehold property \u2013 up to 50 years.
\u2022 Leasehold improvements \u2013 period of the lease.
\u2022 Plant and machinery \u2013 3 to 10 years.
Impairment: The carrying values of property, plant and equipment are reviewed for impairment when
events or changes in circumstances indicate that the carrying value may not be recoverable. If any such
indication exists and where the carrying values exceed the estimated recoverable amount, the assets are
written down to their recoverable amount. The recoverable amount of property, plant and equipment is the
greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset. For an asset that does not generate largely
independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the
asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income
statement.
Derecognition: An item of property, plant and equipment is derecognised on disposal, or when no future
economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss
arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and
the carrying value of the asset, is included in the consolidated income statement when the asset is
derecognised.
Accounting policies
Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition
are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs,
research expenditure is written off to the consolidated income statement when it is incurred. Development
expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial
viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised
and amortised over the period during which the Group is expected to benefit.
The Group considers the nature of any Software as a Service (SaaS) utilised by the Group and whether
associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group
assesses whether the work conducted includes any configuration or customisation of the suppliers software
and then considers the relevant accounting treatment.
Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated
amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or
indefinite. There were no indefinite-lived assets in 2025 or 2024.
Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the
expected pattern of consumption of future economic benefits and generally amortised on a straight-line
basis, the amortisation periods used are as follows:
\u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years.
\u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years.
Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the
cash-generating unit level, when there is an indicator of impairment.
Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are
expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of
the asset, calculated as the difference between the net disposal proceeds and the carrying value of the
asset, is included in the consolidated income statement when the asset is derecognised.
The measurement of intangible assets other than goodwill in a business combination: On the
acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands.
The fair value of these assets is determined by discounting estimated future net cash flows generated by
the asset because in most cases no active market for the assets exists and therefore no observable value
exists. The use of different assumptions for the expectations of future cash flows and the discount rate
would change the valuation of the intangible assets.
The assessment of costs capitalised as intangible assets to generate future economic benefits:
Judgement is applied in assessing whether costs incurred, both internal and external, will generate future
economic benefits. Judgements and estimates are applied in determining the carrying value of the assets,
including assumptions made in respect of the status of the programme each asset relates to. Given the
level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that
outcomes within the next financial year may be different from management\u2019s assumptions and require an
adjustment to the carrying value of intangible assets, however any adjustment is not expected to be
material.
Accounting policies
Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is
reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off
directly against reserves and does not get recycled through the consolidated income statement.
At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are
expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the
recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is
less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and
part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is
included in the carrying amount of the operation when determining the gain or loss on disposal of the
operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of
the operation disposed of and the portion of the CGU retained.
Acquisitions and disposals of non-controlling interests that do not result in a change of control are
accounted for as transactions with owners in their capacity as owners and therefore no goodwill is
recognised as a result of such transactions. The adjustments to non-controlling interests are based on a
proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received
and the amount by which non-controlling interests are adjusted is recognised directly in equity and
attributed to the owners of the Parent company.
Accounting policies
At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present
value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are
depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments
to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the
right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when
events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use
assets exclude leases with low values and terms of twelve months or less. These leases are expensed to
the consolidated income statement when incurred.
As detailed in note 2.4, during 2025 a charge of \u00a356.1m (2024: \u00a327.9m) was recognised for the costs to
deliver the cost reduction programme. This includes a charge of \u00a32.7m arising from the rationalisation of the
Group's property estate, including impairments of \u00a30.1m. In 2024, a property related credit of \u00a32.6m was
recognised reflecting the successful exit of a number of properties which had been provided for previously.
These amounts have been excluded from adjusted profit.
Other movements include amendments to existing leases.
Accounting policies
Provisions are recognised when the Group has a present legal or constructive obligation arising from past
events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably.
If the effect of the time value of money is material, provisions are discounted using the yield on government
bonds which have a similar timing and currency of cash flows to the provision being discounted. Where
required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted.
The unwinding of the discount is recognised as a financing cost in the consolidated income statement.
The value of the provision is determined based on assumptions and estimates in relation to the amount,
timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of
estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given
when there is a greater than remote probability of outflow of economic benefits. See note 6.2.
On an ongoing basis, management monitor provisions and their accurate estimation when compared to final
outcomes.
Accounting policies
The Group leases various assets, comprising land and buildings, equipment and motor vehicles.
The determination whether an arrangement is, or contains, a lease is based on whether the contract
conveys a right to control the use of an identified asset for a period of time in exchange for consideration.
The following sets out the Group\u2019s lease accounting policy for all leases with the exception of leases with
low value and term of twelve months or less which are expensed to the consolidated income statement.
The Group as a lessee
The accounting policy for right-of-use assets is included in note 3.5.
The Group recognises lease liabilities where a lease contract exists and right-of-use assets representing the
right to use the underlying leased assets.
At the commencement of a lease, the Group recognises the lease liability measured at the present value of
the lease payments to be made over the lease term.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date because the interest rate implicit in the lease is not readily determinable. After
the commencement date, the amount of the lease liability is increased to reflect the accretion of interest and
reduced for the lease payments made. The incremental borrowing rate is the rate of interest that the Group
would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain
an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental
borrowing rates are determined monthly and depend on the term, country, currency and commencement
date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the
risk-free rate based on swap market data; a country-specific risk adjustment; a credit risk adjustment; and
an entity-specific adjustment where the entity risk profile is different to that of the Group.
The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use
asset) when there is a change in future lease payments due to a renegotiation or market rent review, a
change of an index or rate or a reassessment of the lease term.
Lease payments are apportioned between a finance charge and a reduction of the lease liability based on
the constant interest rate applied to the remaining balance of the liability. Interest expense is included within
net finance costs in the consolidated income statement.
Lease payments comprise fixed payments, including in-substance fixed payments such as service charges
and variable lease payments that depend on an index or a rate, initially measured using the minimum index
or rate at inception date. The payments also include any lease incentives and any penalty payments for
terminating the lease, if the lease term reflects the lessee exercising that option.
The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by
an option to extend the lease are included if the Group has reasonable certainty that the option will be
exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will
not be exercised.
The Group has elected to apply the practical expedient in IFRS 16 Leases paragraph 15 not to separate
non-lease components such as service charges from lease rental charges.
The Group as a lessor
When the Group acts as a lessor, it determines at lease commencement whether the lease is a finance
lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee
all of the risks and rewards of ownership in relation to the underlying asset. If this is the case, then the lease
is a finance lease. If not, then it is an operating lease.
The Group acts as an intermediate lessor of property assets and equipment. When the Group is an
intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses
whether the sub-lease is a finance or operating lease in the context of the right-of-use asset arising from the
head lease.
In instances where the Group is the intermediate lessor and the sub-lease is classified as a finance lease,
the Group recognises a net investment in sub-leases for amounts recoverable from the sub-lessees while
derecognising the right-of-use asset. The lease liability is retained on the balance sheet. The net investment
in sub-leases is classified as current or non-current finance assets in the consolidated balance sheet
according to whether or not the amounts will be recovered within twelve months of the balance sheet date.
Finance income recognised in respect of net investment in sub-leases is presented within net finance costs
in the consolidated income statement and the capital element of lease rental received is presented within
investing activities in the consolidated cash flow statement.
The Group recognises lease payments received under operating leases as income on a straight-line basis
over the lease term. The Group accounts for finance leases as finance lease receivables, using an
incremental borrowing rate where the interest rate implicit in sub-lease is not easily determinable.
Accounting policies
Financial instruments \u2013 classification of financial instruments
The Group classifies its financial instruments in the following measurement categories:
\u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or
through profit or loss (FVPL); and
\u2022 those to be measured at amortised cost.
The classification depends on the Group\u2019s business model for managing the financial assets and the
contractual terms of the cash flows.
Financial instruments
At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a
financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the
financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the
consolidated income statement.
Financial instruments with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payment of principal and interest.
Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group
commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to
receive/pay cash flows from the financial instrument have expired or have been transferred such that the
Group has transferred substantially all risks and rewards of ownership.
Debt instruments
Debt instruments are initially recognised at fair value less directly attributable transaction costs and are
subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the
cash flow characteristics of the debt instrument. There are three measurement categories into which the
Group classifies its debt instruments:
\u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured
at amortised cost where those cash flows represent solely payments of principal and interest. Interest
income/expense from these financial instruments is included in net finance costs using the effective
interest rate method.
\u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the
financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely
payments of principal and interest. Movements in the carrying amount are taken through consolidated
Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest
income and foreign exchange gains/losses, which are recognised in the consolidated income statement.
When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is
reclassified to the consolidated income statement and recognised in other gains/(losses).
\u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A
gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income
statement and presented within net finance costs.
The Group reclassifies debt instruments when, and only when, its business model for managing those
instruments changes.
Equity instruments
Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at
fair value with the movement recognised through the consolidated income statement, except where an
election has been made for the movement to be recognised through OCI. An election can be made on initial
recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a
business combination. Once an election has been made all movements in fair value, with the exception of
dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses
to the consolidated income statement following the derecognition of the investment. Dividends from such
investments continue to be recognised in the consolidated income statement as other income when the
Group\u2019s right to receive payment is established.
Impairment
The Group assesses, on a forward looking basis, the expected credit losses associated with its financial
instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.
Derivatives
Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair
value at the end of each reporting period with the movement recognised through the consolidated income
statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash
flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/
loss is subsequently reclassified to the consolidated income statement in the same period that the relevant
hedged transaction is realised.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part
of the cost of the respective assets. All other borrowing costs are expensed in the period they occur.
Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds.
Accounting policies
The fair value of the equity instrument granted under these schemes is measured at its grant date and is
recognised as an expense over its vesting period, which ends on the date on which the relevant employees
become fully entitled to the award. Fair value is determined using an option pricing model, only taking into
account vesting conditions linked to the price of the shares of the Company (market conditions).
No expense is recognised for awards that do not ultimately vest as a result of not meeting performance or
service conditions. Where all service and performance vesting conditions have been met, the awards are
treated as vesting, irrespective of whether or not the market condition is satisfied, since market conditions
were reflected in the fair value of the equity instruments.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to
which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of
non-market conditions, the number of equity instruments that will ultimately vest or, in the case of an
instrument subject to a market condition, be treated as vesting as described above. The movement in
cumulative expense since the previous balance sheet date is recognised in the consolidated income
statement, with a corresponding adjustment to equity.
Where the terms of an award are modified or a new award is designated as replacing a cancelled or settled
award, the cost based on the original award terms continues to be recognised over the original vesting
period adjusted for the incremental fair value of any modification ie the difference between the fair value of
the original award and the fair value of the modified award, both as measured on the date of the
modification. No reduction is recognised if this difference is negative.
Where an award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not
yet recognised in the consolidated income statement for the award is expensed immediately. Any
compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from
equity, with any excess over the fair value being treated as an expense in the consolidated income
statement.
The expense recognised for share-based payments (before tax) in respect of employee services received
during the year to 31 December 2025 was \u00a35.0m (2024: \u00a36.0m), all of which arises from equity-settled
share based payment transactions. Details of the schemes are as follows:
Deferred annual bonus plan
This scheme is applicable to executive directors. Under this scheme, awards are made annually consisting
of only deferred shares, which are linked to the payout under the annual bonus scheme (details of which are
contained in the directors\u2019 remuneration report on page 119 to 137).
The value of deferred shares is determined by the pay-out under the annual bonus scheme: half of the
annual bonus is paid in cash and the remainder is deferred into shares under the deferred annual bonus
plan or the Capita executive plan. Directors have the option to defer up to 100% of their annual bonus into
deferred shares or net bonus into a restricted share award. The deferred/restricted shares are held for a
period of three years from the date of award, during which they are not forfeitable, except in the case of
dismissal for gross misconduct.
The weighted average share price of options at the date of exercise in 2025 was \u00a31.88 (2024: \u00a31.80). The
weighted average share price during the year was \u00a32.41 (2024: \u00a32.55).
The total cash value of the deferred shares awarded during the year was \u00a30.3m (2024: \u00a3nil).
Accounting policies
Defined contribution pension schemes
The Group maintains a number of defined contribution pension schemes and for these schemes the Group
has no further payment obligations once the contributions have been paid. The contributions are recognised
as an employee benefit expense in the consolidated income statement when the related service is provided
and as they fall due.
Defined benefit pension schemes
In addition, the Group operates two defined benefit pension schemes and participates in a number of other
defined benefit pension schemes, all of which require contributions to be made to separate trustee-
administered funds. The costs of providing benefits under these schemes are determined separately for
each scheme using the projected unit credit method, which attributes entitlement to benefits to the current
period (to determine current service cost) and to the current and prior periods (to determine the present
value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised
immediately in the consolidated income statement.
When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future
obligations as a result of a material reduction in the scheme membership or a reduction in future
entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial
assumptions and the resultant gain/loss recognised in the consolidated income statement during the period
in which the settlement or curtailment occurs.
Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the
return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are
recognised immediately in other comprehensive income and will not be reclassified to the consolidated
income statement. The Group generally determines the net interest expense/income on the net defined
benefit asset/liability for the year by applying the discount rate used to measure the defined benefit
obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any
changes in the net defined benefit asset/liability during the year as a result of contributions and benefit
payments. However, due consideration is given to events which require the net interest expense/income on
the net defined benefit asset/liability to be remeasured over the course of the year.
Current and past service costs are charged to operating profit/(loss) while the net interest expense/income
is included within finance income and finance costs.
The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension
schemes comprises the total for each scheme, or group of schemes, of the present value of the defined
benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets
out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed
in the note below. Where applicable the value of a net pension benefit asset is restricted to the present
value of any amount the Group expects to recover by way of refunds or reductions in future contributions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-434": { "value": "This section sets out the Group\u2019s accounting policies relating to these consolidated financial statements as a whole. Where an accounting policy is specific to one note, the policy is described in the note to which it relates. This section also includes details of new accounting standards, amendments and interpretations including their effective dates and explanation on the expected impact to the financial position and performance of the Group. For ease of reference, this symbol has been used to denote any accounting policies included within the notes to these consolidated financial statements: Denotes accounting policies These financial statements consolidate those of Capita plc (the Company or the Parent Company) and all of its subsidiaries (the Group). Capita plc is a public limited company incorporated in England and Wales whose shares are publicly traded. The principal activities of the Group are given in the strategic report on pages 2 to 88. These consolidated financial statements of Capita plc for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on 9 March 2026. These consolidated financial statements are presented in British pounds sterling and all values are rounded to the nearest tenth of a million (\u00a3m) except where otherwise indicated. Statement of compliance These consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK-IFRS) and the Disclosure and Transparency Rules of the UK's Financial Conduct Authority. Basis of consolidation These consolidated financial statements comprise the financial statements of the Group at 31 December each year. Subsidiaries are consolidated from the date on which control is transferred to the Group until control is transferred out of the Group. Where there is a loss of control of a subsidiary, these consolidated financial statements include the results for that part of the reporting year during which Capita plc had contro l and the profit or loss on disposal is calculated as the difference between the fair value of the consideration received and the carrying amount of the net assets (including goodwill) disposed of. Losses applicable to the non-controlling interests in subsidiaries are attributed to the non-controlling interests even if that results in the non-controlling interests having a deficit balance. Investments in associates are accounted for using the equity method. Under the equity method, the investment in the entity is stated as a one line item at cost plus the investor\u2019s share of retained post- acquisition profits or losses and other changes in net assets less any impairment. Section 1: Basis of preparation Going concern In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2025, the Board is required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future. The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, sensitivities, and mitigations as set out below. Accounting standards require that \u2018the foreseeable future\u2019 for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements. The Board has considered the period from the date of approval of these financial statements to 30 June 2027 (\u2018the going concern period\u2019), which aligns with a period end and covenant test date for the Group. The base case financial forecasts used in the going concern assessment are derived from the 2026-2028 business plan as approved by the Board in March 2026. The going concern assessment considers the Group\u2019s sources and uses of liquidity and covenant compliance throughout the period under review. The value of the Group\u2019s committed revolving credit facility (RCF) was \u00a3250.0m at 31 December 2025 and extends to 31 December 2027. In February 2026, the Company entered into a \u00a375m additional committed financing facility, with a subset of the existing lenders and terms consistent with the existing RCF. The additional facility expires 18 months from signing. In a severe but plausible downside scenario, the facility is partially drawn. Financial position at 31 December 2025 At 31 December 2025 the Group had net debt of \u00a3461.6m (2024: \u00a3415.2m), net financial debt (pre-IFRS 16) 1 of \u00a3143.4m (2024: \u00a366.5m), available liquidity1 of \u00a3329.4m (2024: \u00a3397.2m) and was in compliance with all debt covenants (refer to note 4.1.2 to the consolidated financial statements). Board assessment Base case scenario Under the base case scenario, the Group forecasts growth in revenue, profit and cash flow over the medium term. When combined with available committed facilities, this allows the Group to manage scheduled debt repayments (with no need for future refinancing of these repayments). The most material sensitivities to the base case are the risk of not delivering the planned revenue growth. The base case projections used for going concern assessment purposes reflect business disposals completed up to the date of approval of these consolidated financial statements. The base case financial forecasts demonstrate liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 30 June 2027. Severe but plausible downside scenario In considering severe but plausible downside scenarios, the Board has taken account of the potential adverse financial impacts resulting from the following risks: \u2022 revenue growth falling materially short of plan; \u2022 unforeseen operational issues leading to contract losses and cash outflows; \u2022 sustained interest rates at current levels; \u2022 non-availability of the Group\u2019s non-recourse trade receivables financing facility; and \u2022 unexpected financial costs linked to unexpected one-off incidents. 1.Refer to alternative performance measures in section 8.2 to the financial statements. The likelihood of simultaneous crystallisation of the above risks is considered by the Board to be low. Nevertheless in the event that simultaneous crystallisation were to occur, the Group would need to take action to ensure there is sufficient liquidity. In its assessment of going concern, the Board has considered the mitigations, under the direct control of the Group, that could be implemented including, but not limited to, substantially reducing (or removing in full) bonus and incentive payments, reducing discretionary spend and reductions or delays in capital investment. Taking these considerations into account, the Group\u2019s financial forecasts, in a severe but plausible downside scenario, demonstrate sufficient liquidity headroom and compliance with all debt covenant measures throughout the going concern period to 30 June 2027. Adoption of going concern basis Reflecting the forecasts, coupled with the Board\u2019s ability to implement appropriate mitigations should the severe but plausible downside materialise, the Group and Parent Company continue to adopt the going concern basis in preparing these consolidated financial statements. The Board has concluded that the Group and Parent Company will be able to continue in operation and meet their liabilities as they fall due over the period to 30 June 2027. Foreign currency translation The functional and presentation currency of Capita plc and its UK subsidiaries is the British pound sterling (\u00a3). Transactions in foreign currencies are initially recorded at the functional currency exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency exchange rate ruling at the balance sheet date. All differences are taken to the consolidated income statement with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in the consolidated income statement. Tax charges and credits attributable to exchange differences on those borrowings are also taken directly to equity. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The functional currencies of overseas operations include the euro, Indian rupee, South African rand, Polish zloty and the US dollar. At the balance sheet date, the assets and liabilities of the overseas operations are retranslated into the presentation currency of Capita plc at the exchange rate ruling on the balance sheet date and their income statements are translated using the weighted average exchange rate for the year. The exchange differences arising on the retranslation are taken directly to a separate component of equity. On disposal of a foreign operation, the deferred cumulative foreign currency translation difference recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. Current versus non-current classification The Group presents assets and liabilities in the balance sheet based on whether they are current or non- current. An asset is current when it is: \u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle; \u2022 Held primarily for the purpose of trading; \u2022 Expected to be realised within twelve months after the balance sheet date; or \u2022 Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date. All other assets are classified as non-current. A liability is current when: \u2022 It is expected to be settled in the normal operating cycle; \u2022 It is held primarily for the purpose of trading; \u2022 It is due to be settled within twelve months after the balance sheet date; or \u2022 Does not have the right at the end of the reporting period to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current. Recoverable amount of non-current assets At each balance sheet date, the Group assesses whether there is any indication that a non-current asset may be impaired. Where an indicator of impairment exists, the Group makes a formal estimate of the asset\u2019s recoverable amount. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The recoverable amount is the higher of an asset\u2019s, or cash-generating unit\u2019s, fair value less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Consideration of climate change The impact of climate change has been considered in the preparation of these consolidated financial statements across a number of areas, including our evaluation of the critical accounting estimates and assumptions which are detailed below, consistent with the risks and opportunities set out in the strategic report on pages 68 to 78. None of these risks had a material effect on the critical accounting estimates and assumptions or on the consolidated financial statements of the Group. The following areas were considered during the preparation of these consolidated financial statements: \u2022 contract judgements made on the Group\u2019s major contracts including contract fulfilment assets; \u2022 going concern and viability of the Group over the relevant respective period; \u2022 cash flow forecasts used in the impairment assessments of non-current assets including goodwill; \u2022 carrying value and useful economic lives of property, plant and equipment; \u2022 deferred tax asset recognition; and \u2022 the valuation of assets held within the Group\u2019s pension schemes. As current legislation stands, there is currently no material short or medium-term 1 impact expected from climate change on the Group. The Group will continue to monitor its climate strategy and the impact that policies or changes in legislation may have on the estimates the Group makes, and any subsequent impact on assets and liabilities recognised and presented in its consolidated financial statements. 1. As defined in the Task Force on Climate-related Financial Disclosures section of the Strategic Report. Significant accounting judgements, estimates and assumptions The preparation of financial statements in accordance with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the directors\u2019 best knowledge of the amounts, events or actions, actual results may differ. As described in note 2.1, given the level of judgement and estimation involved in assessing the future profitability of contracts, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions which could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. Judgements The key areas where significant accounting judgements have been made and which have the most significant effect on the amounts recognised in the consolidated financial statements, are summarised below and set out in more detail in the related note(s): \u2022 Contract accounting (note 2.1): \u2013 Revenue recognition; \u2022 Capitalisation of contract fulfilment assets (note 3.1.3); and \u2022 Adoption of the going concern basis of preparation (section 1). Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, which have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below and set out in more detail in the related note. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are incorporated into the assumptions when they occur: \u2022 Contract accounting (note 2.1): \u2013 Impairment of contract fulfilment assets; \u2013 Carrying value of onerous contract provisions; and \u2013 Variable consideration to be recognised; \u2022 Deferred tax asset recognition (note 2.6); \u2022 Impairment of goodwill in respect of the Contact Centre group of cash generating units (note 3.4); \u2022 Carrying value of closed book Life & Pensions business exit provision (note 3.6); \u2022 Carrying value of claims and litigations provisions (note 3.6); and \u2022 Measurement of defined benefit pension obligations (note 5.2). For ease of reference, the symbols below have been used to denote significant accounting judgements and/ or significant accounting estimates and assumptions where they occur within the notes to these consolidated financial statements: Denotes significant accounting judgements Denotes significant accounting estimates and assumptions New standards and interpretations adopted The accounting policies adopted are consistent with those of the previous financial year. In addition, the Group has adopted the new, and amendments to, standards listed below. These amendments were either not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
New standards and interpretations issued but not yet adopted The International Accounting Standards Board (IASB) has issued the following standards, amendments and interpretations with an effective date after the date of these consolidated financial statements. These are effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1 January 2026
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Deferred
Amendments to IFRS 10 and IAS 28 indefinitely
Presentation and Disclosure of Financial Statements - IFRS 18
1 January 2027
IFRS 18 Presentation and Disclosure in Financial Statements was issued by the IASB in April 2024 and adopted by the UK Endorsement Board in December 2025. The standard will replace IAS 1 Presentation of Financial Statements. While several sections from IAS 1 have been brought forward into IFRS 18, the standard introduces new requirements as follows: \u2022 Two newly defined subtotals of operating profit or loss and profit or loss before financing and income taxes; \u2022 Requirement to classify all income and expenses in the income statement into five specified categories \u2013 operating, investing, financing, income taxes and discontinued operations; \u2022 Disclosure of management-defined performance measures (MPMs) used to communicate financial performance in public communications outside financial statements within a single note in the financial statements; and \u2022 Enhanced guidance for the aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and the notes. The Group will adopt the standard for the reporting period ending 31 December 2027. The impact of the standard on the Group is currently being assessed, and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated financial statements. The other amendments are either not applicable or not expected to be material to the Group or Parent Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
These financial statements consolidate those of Capita plc (the Company or the Parent Company) and all of
its subsidiaries (the Group). Capita plc is a public limited company incorporated in England and Wales
whose shares are publicly traded. The principal activities of the Group are given in the strategic report on
pages 2 to 88.
These consolidated financial statements of Capita plc for the year ended 31 December 2025 were
authorised for issue in accordance with a resolution of the directors on 9 March 2026.
These consolidated financial statements are presented in British pounds sterling and all values are rounded
to the nearest tenth of a million (\u00a3m) except where otherwise indicated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Capita plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-431": { "value": "Capita plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "These consolidated financial statements of Capita plc for the year ended 31 December 2025 were authorised for issue in accordance with a resolution of the directors on 9 March 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "These consolidated financial statements are presented in British pounds sterling and all values are rounded to the nearest tenth of a million (\u00a3m) except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
Statement of compliance
These consolidated financial statements have been prepared in accordance with UK-adopted International
Accounting Standards (UK-IFRS) and the Disclosure and Transparency Rules of the UK's Financial
Conduct Authority.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
Basis of consolidation
These consolidated financial statements comprise the financial statements of the Group at 31 December
each year. Subsidiaries are consolidated from the date on which control is transferred to the Group until
control is transferred out of the Group. Where there is a loss of control of a subsidiary, these consolidated
financial statements include the results for that part of the reporting year during which Capita plc had contro l
and the profit or loss on disposal is calculated as the difference between the fair value of the consideration
received and the carrying amount of the net assets (including goodwill) disposed of. Losses applicable to
the non-controlling interests in subsidiaries are attributed to the non-controlling interests even if that results
in the non-controlling interests having a deficit balance.
Investments in associates are accounted for using the equity method. Under the equity method, the
investment in the entity is stated as a one line item at cost plus the investor\u2019s share of retained post-
acquisition profits or losses and other changes in net assets less any impairment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "Going concern In determining the appropriate basis of preparation of the financial statements for the year ended 31 December 2025, the Board is required to consider whether the Group and Parent Company can continue in operational existence for the foreseeable future. The Board has concluded that it is appropriate to adopt the going concern basis, having undertaken a rigorous assessment of the financial forecasts, key uncertainties, sensitivities, and mitigations as set out below. Accounting standards require that \u2018the foreseeable future\u2019 for going concern assessment covers a period of at least twelve months from the date of approval of these financial statements. The Board has considered the period from the date of approval of these financial statements to 30 June 2027 (\u2018the going concern period\u2019), which aligns with a period end and covenant test date for the Group. The base case financial forecasts used in the going concern assessment are derived from the 2026-2028 business plan as approved by the Board in March 2026. The going concern assessment considers the Group\u2019s sources and uses of liquidity and covenant compliance throughout the period under review. The value of the Group\u2019s committed revolving credit facility (RCF) was \u00a3250.0m at 31 December 2025 and extends to 31 December 2027. In February 2026, the Company entered into a \u00a375m additional committed financing facility, with a subset of the existing lenders and terms consistent with the existing RCF. The additional facility expires 18 months from signing. In a severe but plausible downside scenario, the facility is partially drawn. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Foreign currency translation The functional and presentation currency of Capita plc and its UK subsidiaries is the British pound sterling (\u00a3). Transactions in foreign currencies are initially recorded at the functional currency exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency exchange rate ruling at the balance sheet date. All differences are taken to the consolidated income statement with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign operation. These are taken directly to equity until the disposal of the net investment, at which time they are recognised in the consolidated income statement. Tax charges and credits attributable to exchange differences on those borrowings are also taken directly to equity. Non-monetary items that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The functional currencies of overseas operations include the euro, Indian rupee, South African rand, Polish zloty and the US dollar. At the balance sheet date, the assets and liabilities of the overseas operations are retranslated into the presentation currency of Capita plc at the exchange rate ruling on the balance sheet date and their income statements are translated using the weighted average exchange rate for the year. The exchange differences arising on the retranslation are taken directly to a separate component of equity. On disposal of a foreign operation, the deferred cumulative foreign currency translation difference recognised in equity relating to that particular foreign operation is recognised in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "Significant accounting judgements, estimates and assumptions The preparation of financial statements in accordance with generally accepted accounting principles requires the directors to make judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements and the reported income and expense during the presented periods. Although these judgements and assumptions are based on the directors\u2019 best knowledge of the amounts, events or actions, actual results may differ. As described in note 2.1, given the level of judgement and estimation involved in assessing the future profitability of contracts, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions which could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. Judgements The key areas where significant accounting judgements have been made and which have the most significant effect on the amounts recognised in the consolidated financial statements, are summarised below and set out in more detail in the related note(s): \u2022 Contract accounting (note 2.1): \u2013 Revenue recognition; \u2022 Capitalisation of contract fulfilment assets (note 3.1.3); and \u2022 Adoption of the going concern basis of preparation (section 1). Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date, which have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year, are summarised below and set out in more detail in the related note. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are incorporated into the assumptions when they occur: \u2022 Contract accounting (note 2.1): \u2013 Impairment of contract fulfilment assets; \u2013 Carrying value of onerous contract provisions; and \u2013 Variable consideration to be recognised; \u2022 Deferred tax asset recognition (note 2.6); \u2022 Impairment of goodwill in respect of the Contact Centre group of cash generating units (note 3.4); \u2022 Carrying value of closed book Life & Pensions business exit provision (note 3.6); \u2022 Carrying value of claims and litigations provisions (note 3.6); and \u2022 Measurement of defined benefit pension obligations (note 5.2). For ease of reference, the symbols below have been used to denote significant accounting judgements and/ or significant accounting estimates and assumptions where they occur within the notes to these consolidated financial statements: Denotes significant accounting judgements Denotes significant accounting estimates and assumptions Significant accounting estimates and assumptions Due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be applied, specifically in assessing: (i) the recoverability of non-current contract fulfilment assets; and (ii) the completeness of onerous contract provisions (within the customer contract provision and the closed book Life & Pensions business exit provision in note 3.6). These judgements are dependent on assessing the contract\u2019s future profitability and give rise to a key source of estimation uncertainty. It is possible that outcomes within the next financial year may be different from management\u2019s assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous provisions. Significant judgement is also applied when estimating variable consideration. This judgement requires an assessment of the amount of variable consideration to be recognised such that it is highly probable that no revenue reversal will occur. It is possible that outcomes within the next financial year may be different from management\u2019s assumption, resulting in additional, or reduced, revenues. Significant accounting judgements Significant judgement is exercised by management regarding when to recognise revenue from variations or scope changes on long-term contracts. There is a risk that revenue may be recognised while uncertainties exist over contractual terms during ongoing negotiations with customers. These uncertainties could impact the timing and/or transaction price and therefore the overall amount of revenue to be recognised. Judgement is also required when customers request scope changes to determine if there is a contract modification or a contract termination followed by a new contract. Contract terminations can lead to the immediate recognition of any deferred income being held for recognition in future periods. Refer to note 2.2 for the Group\u2019s accounting policies. Assessing contract profitability In assessing a contract\u2019s future lifetime profitability, management must estimate forecast revenue and costs to both transform and run the service over the remaining contract term. The ability to accurately forecast the outcomes involves estimates in respect of: costs to be incurred; cost savings to be achieved; future performance against any contract-specific key performance indicators (KPIs) that could trigger variable consideration or service credits; outcome of any commercial negotiations; and impact of inflation on the cost base and the indexation of revenue. The level of uncertainty in the estimated future profitability of a contract is directly related to the stage in a contract\u2019s life-cycle, and the complexity of the performance obligations. Contracts in the transformation stage are considered to have a higher level of uncertainty because of: \u2022 the ability to accurately estimate the costs to deliver the transformed process; \u2022 the dependency on the customer to agree to the specifics of the transformation: for example, where they are involved in certifying that the new process or, the new technical solution, designed by Capita meets their specific requirements; \u2022 the requirement to deliver the key transformation milestones in accordance with timelines agreed with the customer; and \u2022 the assumptions made to forecast expected savings in the target operating model. Those contracts which are in BAU tend to have a much lower level of uncertainty in estimating future profitability. Recoverability of non-current contract fulfilment assets and completeness of onerous contract provisions Management first assesses whether contract assets are impaired and then further considers whether an onerous contract exists. For half and full year reporting, the Audit and Risk Committee specifically review the material judgements and estimates, and the overall approach to this assessment in respect of the Group\u2019s major contracts, including comparison against previous forecasts. The major contracts are rated by management according to their financial risk profile, which is linked to the level of uncertainty over future assumptions. At half year, the Audit and Risk Committee review contracts in the high or medium risk categories, and, additionally at full year if not already identified, those contracts material by virtue of their size relative to the Group are reviewed. An assessment of which contracts are major contracts is performed twice a year. Other contracts are reported to the Audit and Risk Committee as deemed appropriate. These contracts are collectively referred to as \u2018major contracts\u2019 in the remainder of this note. In the following paragraphs, the amounts disclosed for the current period are only in respect of those major contracts that the Audit and Risk Committee have reviewed (ie those major contracts which are in the high or medium risk categories or material by virtue of their size relative to the Group). The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the Audit and Risk Committee for that year end. The prior period amounts are therefore not directly comparable to those disclosed for the current year. The major contracts contributed \u00a31.2 billion (2024: \u00a31.0 billion) or 52% (2024: 41%) of Group reported revenue. Non-current contract fulfilment assets at 31 December 2025 were \u00a3233.3m (2024: \u00a3257.5m), of which \u00a366.4m (2024: \u00a3119.3m) relates to major contracts with ongoing transformational activities. The remainder relates to contracts post transformation and includes non-major contracts. As noted above, the major contracts, both pre- and post-transformation, are rated according to their financial risk profile. For those that are in the high and medium rated risk categories the associated non- current contract fulfilment assets were, in aggregate, \u00a360.4m at 31 December 2025 (2024: \u00a367.8m). The recoverability of these assets is dependent on no significant adverse change in the key contract assumptions arising. The balance of deferred income associated with these contracts was \u00a363.9m at 31 December 2025 (2024: \u00a395.9m) and is forecast to be recognised as performance obligations continue to be delivered over the life of the respective contracts. Onerous contract provisions associated with these contracts were \u00a366.5m at 31 December 2025 (2024: \u00a335.3m) and primarily relate to the contracts with Royal London in the closed book Life & Pensions business (refer to note 3.6). Following these reviews, and reviews of smaller contracts across the business, as outlined in note 3.1.3, non-current contract fulfilment asset impairments of \u00a30.9m (2024:\u00a30.7m) were identified and recognised within adjusted cost of sales, of which \u00a3nil (2024: \u00a3nil) relates to non-current contract fulfilment assets added during the period. Additionally, a net onerous contract provision release of \u00a30.3m (2024: \u00a30.3m net charge), was identified and recognised in adjusted cost of sales, with a further cost of \u00a340.6m (2024: \u00a321.8m) excluded from adjusted cost of sales as part of the agreed exit of the contracts with Royal London in the closed book Life & Pensions business (refer to note 2.8). Given the quantum of the relevant contract assets and liabilities, and the nature of the estimates noted above, management has concluded it is reasonably possible that outcomes within the next financial year may be different from management\u2019s current assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. However, as noted above, \u00a366.4m (2024: \u00a3119.3m) of non-current contract fulfilment assets relates to major contracts with ongoing transformational activities; and, \u00a360.4m (2024: \u00a367.8m) of non-current contract fulfilment assets and \u00a366.5m (2024: \u00a335.3m) of onerous contract provisions relate to major contracts in the highest and medium rated risk category. Due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract. Certain major transformation contracts have key milestones during the next twelve months and an inability to meet these key milestones could lead to reduced profitability and a risk of impairment of the associated contract fulfilment assets. These include contracts with the BBC and the Civil Service Pension Scheme. Additional information, which does not form part of these consolidated financial statements, on the results and performance of the underlying divisions including the outlook on certain contracts is set out in the divisional performance review in the strategic report. Significant accounting estimates and assumptions Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. This involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets when they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions regarding future profitability change, there may be an increase or decrease in the amounts recognised in respect of deferred tax assets as well as in the amounts recognised during the year in which the change occurs. Sensitivities and additional information relating to deferred tax assets/liabilities are provided in note 2.6.2.
Significant accounting judgements
Judgement is applied by the Group when determining what costs qualify to be capitalised, in particular when
considering whether these costs are incremental and when considering if costs generate or enhance
resources to be used to satisfy future performance obligations and whether costs are expected to be
recoverable. For example, the Group considers which type of sales commissions are incremental to the cost
of obtaining specific contracts and the time when such costs should be capitalised. See note 2.1 for further
information.
Movements in non-current contract fulfilment assets were as follows1 :
2025 2024
\u00a3m \u00a3m
At 1 January
257.5
257.0
Additions
76.0
73.6
Reclassification to other receivables
(10.2)
\u2014
Transfer to disposal group assets held-for-sale
2
\u2014
(4.7)
Impairment - included in adjusted profit
(0.9)
(0.7)
Impairment - included in business exits
\u2014
(0.1)
Derecognition - included in adjusted profit
(12.9)
(1.9)
Utilisation - included in adjusted profit
(76.3)
(64.0)
Utilisation - included in business exits
\u2014
(1.6)
Exchange movement
0.1
(0.1)
At 31 December
233.3
257.5
1. Refer to note 3.1.1 for current contract fulfilment assets. 2. Transfer to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One which was transferred at 30 June 2024 and subsequently sold during the second half of 2024. As at 31 December 2025, the majority of the balance relates to transformation and set-up costs. This is consistent with the prior year. Impairment: In 2025, the Group recognised an impairment of \u00a30.9m (2024: \u00a30.8m) in cost of sales, of which, \u00a3nil (2024: \u00a3nil) related to contract fulfilment assets added during the year. Derecognition: In 2025, \u00a312.9m was derecognised primarily following the early termination of a customer contract in the Regulated Services business in Capita Experience (2024: \u00a31.9m). The assessment of costs capitalised as intangible assets to generate future economic benefits: Judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material.
Significant accounting estimates and assumptions
Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual
basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU
to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a
suitable discount rate.
Denotes significant accounting estimates and assumptions
As detailed in note 2.1, due to the size and complexity of some of the Group\u2019s contracts, there are
significant judgements to be applied, specifically in assessing the completeness of onerous contract
provisions. These judgements are dependent on assessing the contract\u2019s future profitability and give rise to
a key source of estimation uncertainty. It is possible that outcomes within the next financial year may be
different from management\u2019s assumptions and could require a material adjustment to the carrying amounts
of contract fulfilment assets and onerous provisions. In respect of onerous customer contract provisions
within the customer contract provision, due to the level of uncertainty, combination of variables and timing
across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated estimates
and assumptions that are applied, and management do not believe that disclosing a potential range of
outcomes on a consolidated basis would provide meaningful information to a user of the financial
statements. A potential range of outcomes has been disclosed in respect of the provision for the migration
of the Royal London contracts in the closed book Life & Pensions business exit provision. Due to
commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual
contract, other than for the exit of the contracts with Royal London in the closed book Life & Pensions
business.
In respect of claims and litigation provisions, due to the inherent uncertainty and complexity involved in
determining the financial impact of legal proceedings, significant estimation is required. Management
assess the likelihood of unfavourable outcomes and estimate the potential financial impact, which involves
making judgments based on legal and subject matter experts advice, past experience, relevant facts, and
the nature of the claims. The range of values attached to these claims, can be significant and the Group
robustly defends its position on each claim and they are often settled for amounts significantly smaller than
the initial claim and may result in no transfer of economic benefits. Therefore, we do not consider it
practicable to disclose a range of possible outcomes for the amounts and timing of settlement of these
claims.
Significant accounting estimates and assumptions Measurement of defined benefit obligations \u2013 the accounting cost of these benefits and the present value of pension liabilities involve judgements about uncertain events including such factors as the life expectancy of members, the salary progression of current employees, price inflation and the discount rate used to calculate the net present value of the future pension payments. The Group uses estimates for all of these factors in determining the pension costs and liabilities incorporated in the consolidated financial statements. The assumptions reflect historical experience and judgement regarding future expectations. The Group continued to set Retail Price Inflation (RPI) in accordance with the market break-even expectations less an inflation risk premium (IRP),which has remained at 0.30%. For Consumer Price Inflation (CPI), the Group reduced the assumed difference between RPI and CPI to an average of 0.50% per annum (2024: 0.55% per annum). The longer-term implications of the Covid-19 pandemic on future life expectancy remain uncertain. In June 2025, the Continuous Mortality Investigation (CMI) published a new model (CMI 2024) that includes population experience up to 2024. The CMI 2024 model introduced significant changes to mortality projections, aiming for a more data-driven approach that reflects recent mortality trends and the impact of the Covid-19 pandemic. Overall, the proposed changes are expected to lead to slightly longer assumed life expectancies. The Group remains aware of the 2023 high court case (and subsequent appeal in 2024) that considered the validity of deeds where no Section 37 certificate (confirming that the minimum level of benefits had not been breached) was attached to the deed. The UK Government announced in 2025 that they will introduce legislation to enable schemes to retrospectively obtain the necessary actuarial confirmations required where these are not currently available. It is expected that this will resolve the issue in the majority of cases. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "New standards and interpretations adopted The accounting policies adopted are consistent with those of the previous financial year. In addition, the Group has adopted the new, and amendments to, standards listed below. These amendments were either not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "New standards and interpretations adopted The accounting policies adopted are consistent with those of the previous financial year. In addition, the Group has adopted the new, and amendments to, standards listed below. These amendments were either not applicable or not material to the Group or Parent Company.
International Accounting Standards (IAS/IFRS)
Effective date
Lack of Exchangeability - Amendments to IAS 21
1 January 2025
New standards and interpretations issued but not yet adopted The International Accounting Standards Board (IASB) has issued the following standards, amendments and interpretations with an effective date after the date of these consolidated financial statements. These are effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1 January 2026
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Deferred
Amendments to IFRS 10 and IAS 28 indefinitely
Presentation and Disclosure of Financial Statements - IFRS 18
1 January 2027
IFRS 18 Presentation and Disclosure in Financial Statements was issued by the IASB in April 2024 and adopted by the UK Endorsement Board in December 2025. The standard will replace IAS 1 Presentation of Financial Statements. While several sections from IAS 1 have been brought forward into IFRS 18, the standard introduces new requirements as follows: \u2022 Two newly defined subtotals of operating profit or loss and profit or loss before financing and income taxes; \u2022 Requirement to classify all income and expenses in the income statement into five specified categories \u2013 operating, investing, financing, income taxes and discontinued operations; \u2022 Disclosure of management-defined performance measures (MPMs) used to communicate financial performance in public communications outside financial statements within a single note in the financial statements; and \u2022 Enhanced guidance for the aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and the notes. The Group will adopt the standard for the reporting period ending 31 December 2027. The impact of the standard on the Group is currently being assessed, and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated financial statements. The other amendments are either not applicable or not expected to be material to the Group or Parent Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "New standards and interpretations issued but not yet adopted The International Accounting Standards Board (IASB) has issued the following standards, amendments and interpretations with an effective date after the date of these consolidated financial statements. These are effective for annual reporting periods beginning on or after the date indicated:
International Accounting Standards (IAS/IFRS)
Effective date
Amendments to the Classification and Measurement of Financial Instruments - IFRS 9 1 January 2026
and IFRS 7
Annual Improvements to IFRS Accounting Standards - Volume 11 - Amendments to
IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7
1 January 2026
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and
IFRS 7
1 January 2026
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Deferred
Amendments to IFRS 10 and IAS 28 indefinitely
Presentation and Disclosure of Financial Statements - IFRS 18
1 January 2027
IFRS 18 Presentation and Disclosure in Financial Statements was issued by the IASB in April 2024 and adopted by the UK Endorsement Board in December 2025. The standard will replace IAS 1 Presentation of Financial Statements. While several sections from IAS 1 have been brought forward into IFRS 18, the standard introduces new requirements as follows: \u2022 Two newly defined subtotals of operating profit or loss and profit or loss before financing and income taxes; \u2022 Requirement to classify all income and expenses in the income statement into five specified categories \u2013 operating, investing, financing, income taxes and discontinued operations; \u2022 Disclosure of management-defined performance measures (MPMs) used to communicate financial performance in public communications outside financial statements within a single note in the financial statements; and \u2022 Enhanced guidance for the aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and the notes. The Group will adopt the standard for the reporting period ending 31 December 2027. The impact of the standard on the Group is currently being assessed, and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated financial statements. The other amendments are either not applicable or not expected to be material to the Group or Parent Company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "
2.1 Contract accounting
At 31 December 2025, the Group had the following results and balance sheet items related to long-term
contracts:
2025 2024
Notes \u00a3m \u00a3m
Long-term contractual revenue
2.2
1,746.7
 1,871.7
Contract fulfilment assets (non-current)
3.1.3
233.3
257.5
Accrued income
3.1.1
145.7
132.7
Deferred income
380.1
465.9
Onerous contract provisions
71.6
46.2
Background
The Group operates diverse businesses. The majority of the Group\u2019s revenue is from contracts greater than
two years in duration (long-term contractual), representing 75.5% of Group reported revenue in 2025 (2024:
77.3%).
These long-term contracts can be complex in nature given the breadth of solutions the Group offers and the
transformational activities involved. Typically, Capita takes a customer\u2019s process and transforms it into a
more efficient and effective solution which is then operated for the customer. The outcome is a high quality
solution that addresses the customer\u2019s needs and is delivered consistently over the life of the contract.
The Group recognises revenue on long-term contracts as the value is delivered to the customer, which is
generally evenly over the contract term, regardless of any restructuring and transformation activity required
to deliver the services to the customer. Capita will often incur greater costs during contract transformation
phases with costs diminishing over time as the target operating model is implemented and efficiencies
realised. This results in lower profits or losses in the early years of contracts and potentially higher profits in
later years as the transformation activities are successfully completed and the target operating model fully
implemented (the business as usual (BAU) phase). The inflection point is when the contract becomes
profitable.
Non-current contract fulfilment assets are recognised for those costs qualifying for capitalisation. The
utilisation of these assets is recognised over the contract term. The timing of cash receipts from customers
typically matches when the costs are incurred to transform, restructure and run the service. This results in
income being deferred and released when the Group delivers against its obligations to provide services and
solutions to its customers.
An example, showing the revenue, cost, profit and cash flow of a typical long-term contract lifecycle is as
follows:
Significant accounting estimates and assumptions
Due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be
applied, specifically in assessing: (i) the recoverability of non-current contract fulfilment assets; and (ii) the
completeness of onerous contract provisions (within the customer contract provision and the closed book
Life & Pensions business exit provision in note 3.6). These judgements are dependent on assessing the
contract\u2019s future profitability and give rise to a key source of estimation uncertainty. It is possible that
outcomes within the next financial year may be different from management\u2019s assumptions and could require
a material adjustment to the carrying amounts of contract fulfilment assets and onerous provisions.
Significant judgement is also applied when estimating variable consideration. This judgement requires an
assessment of the amount of variable consideration to be recognised such that it is highly probable that no
revenue reversal will occur. It is possible that outcomes within the next financial year may be different from
management\u2019s assumption, resulting in additional, or reduced, revenues.
Significant accounting judgements
Significant judgement is exercised by management regarding when to recognise revenue from variations or
scope changes on long-term contracts. There is a risk that revenue may be recognised while uncertainties
exist over contractual terms during ongoing negotiations with customers. These uncertainties could impact
the timing and/or transaction price and therefore the overall amount of revenue to be recognised.
Judgement is also required when customers request scope changes to determine if there is a contract
modification or a contract termination followed by a new contract. Contract terminations can lead to the
immediate recognition of any deferred income being held for recognition in future periods. Refer to note 2.2
for the Group\u2019s accounting policies.
Assessing contract profitability
In assessing a contract\u2019s future lifetime profitability, management must estimate forecast revenue and costs
to both transform and run the service over the remaining contract term. The ability to accurately forecast the
outcomes involves estimates in respect of: costs to be incurred; cost savings to be achieved; future
performance against any contract-specific key performance indicators (KPIs) that could trigger variable
consideration or service credits; outcome of any commercial negotiations; and impact of inflation on the cost
base and the indexation of revenue.
The level of uncertainty in the estimated future profitability of a contract is directly related to the stage in a
contract\u2019s life-cycle, and the complexity of the performance obligations. Contracts in the transformation
stage are considered to have a higher level of uncertainty because of:
\u2022 the ability to accurately estimate the costs to deliver the transformed process;
\u2022 the dependency on the customer to agree to the specifics of the transformation: for example, where they
are involved in certifying that the new process or, the new technical solution, designed by Capita meets
their specific requirements;
\u2022 the requirement to deliver the key transformation milestones in accordance with timelines agreed with the
customer; and
\u2022 the assumptions made to forecast expected savings in the target operating model.
Those contracts which are in BAU tend to have a much lower level of uncertainty in estimating future
profitability.
Recoverability of non-current contract fulfilment assets and completeness of onerous contract provisions
Management first assesses whether contract assets are impaired and then further considers whether an
onerous contract exists. For half and full year reporting, the Audit and Risk Committee specifically review
the material judgements and estimates, and the overall approach to this assessment in respect of the
Group\u2019s major contracts, including comparison against previous forecasts.
The major contracts are rated by management according to their financial risk profile, which is linked to the
level of uncertainty over future assumptions. At half year, the Audit and Risk Committee review contracts in
the high or medium risk categories, and, additionally at full year if not already identified, those contracts
material by virtue of their size relative to the Group are reviewed.
An assessment of which contracts are major contracts is performed twice a year. Other contracts are
reported to the Audit and Risk Committee as deemed appropriate. These contracts are collectively referred
to as \u2018major contracts\u2019 in the remainder of this note.
In the following paragraphs, the amounts disclosed for the current period are only in respect of those major
contracts that the Audit and Risk Committee have reviewed (ie those major contracts which are in the high
or medium risk categories or material by virtue of their size relative to the Group). The prior year amounts in
relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by
the Audit and Risk Committee for that year end. The prior period amounts are therefore not directly
comparable to those disclosed for the current year.
The major contracts contributed \u00a31.2 billion (2024: \u00a31.0 billion) or 52% (2024: 41%) of Group reported
revenue. Non-current contract fulfilment assets at 31 December 2025 were \u00a3233.3m (2024: \u00a3257.5m), of
which \u00a366.4m (2024: \u00a3119.3m) relates to major contracts with ongoing transformational activities. The
remainder relates to contracts post transformation and includes non-major contracts.
As noted above, the major contracts, both pre- and post-transformation, are rated according to their
financial risk profile. For those that are in the high and medium rated risk categories the associated non-
current contract fulfilment assets were, in aggregate, \u00a360.4m at 31 December 2025 (2024: \u00a367.8m). The
recoverability of these assets is dependent on no significant adverse change in the key contract
assumptions arising. The balance of deferred income associated with these contracts was \u00a363.9m at
31 December 2025 (2024: \u00a395.9m) and is forecast to be recognised as performance obligations continue to
be delivered over the life of the respective contracts. Onerous contract provisions associated with these
contracts were \u00a366.5m at 31 December 2025 (2024: \u00a335.3m) and primarily relate to the contracts with
Royal London in the closed book Life & Pensions business (refer to note 3.6).
Following these reviews, and reviews of smaller contracts across the business, as outlined in note 3.1.3,
non-current contract fulfilment asset impairments of \u00a30.9m (2024:\u00a30.7m) were identified and recognised
within adjusted cost of sales, of which \u00a3nil (2024: \u00a3nil) relates to non-current contract fulfilment assets
added during the period. Additionally, a net onerous contract provision release of \u00a30.3m (2024: \u00a30.3m net
charge), was identified and recognised in adjusted cost of sales, with a further cost of \u00a340.6m (2024:
\u00a321.8m) excluded from adjusted cost of sales as part of the agreed exit of the contracts with Royal London
in the closed book Life & Pensions business (refer to note 2.8).
Given the quantum of the relevant contract assets and liabilities, and the nature of the estimates noted
above, management has concluded it is reasonably possible that outcomes within the next financial year
may be different from management\u2019s current assumptions and could require a material adjustment to the
carrying amounts of contract fulfilment assets and onerous contract provisions. However, as noted above,
\u00a366.4m (2024: \u00a3119.3m) of non-current contract fulfilment assets relates to major contracts with ongoing
transformational activities; and, \u00a360.4m (2024: \u00a367.8m) of non-current contract fulfilment assets and
\u00a366.5m (2024: \u00a335.3m) of onerous contract provisions relate to major contracts in the highest and medium
rated risk category. Due to the level of uncertainty, combination of variables and timing across numerous
contracts, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied,
and management do not believe that disclosing a potential range of outcomes on a consolidated basis
would provide meaningful information to a user of the financial statements. Due to commercial sensitivities,
the Group does not specifically disclose the amounts involved in any individual contract.
Certain major transformation contracts have key milestones during the next twelve months and an inability
to meet these key milestones could lead to reduced profitability and a risk of impairment of the associated
contract fulfilment assets. These include contracts with the BBC and the Civil Service Pension Scheme.
Additional information, which does not form part of these consolidated financial statements, on the results
and performance of the underlying divisions including the outlook on certain contracts is set out in the
divisional performance review in the strategic report.
2.2 Revenue including segmental revenue Accounting policies Revenue The Group operates a diverse range of businesses and accordingly applies a variety of methods for revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers. The revenue and profits are recognised based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point- in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer. For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts. The Group enters into contracts which contain extension periods, where either the customer or both parties can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that could impact the actual duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the appropriate contract term. The term of the contract impacts both the period over which revenue from performance obligations may be recognised and the period over which non- current contract fulfilment assets are expensed. For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are: (i) distinct \u2013 to be accounted for as separate performance obligations; (ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is distinct; or, (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the contract. This includes an assessment of any variable consideration where the Group\u2019s performance may result in additional, or reduced, revenues based on the achievement, or not, of agreed key performance indicators (KPIs). Such amounts are only included based on the expected value, or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are already agreed. After the total transaction price is determined, the Group allocates this to the identified performance obligations in proportion to their relative standalone selling prices and recognises revenue when (or while) those performance obligations are satisfied. The Group infrequently sells standard products with observable standalone prices due to the specialised services required by customers, consequently the Group applies judgement to determine an appropriate standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation. The Group may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in a contract. For each performance obligation to be recognised over-time, the Group applies a revenue recognition method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Group has promised to transfer to the customer. The Group applies the relevant output or input method consistently to similar performance obligations in other contracts. When using the output method, the Group recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. This is a faithful depiction of the transfer of services since the service delivered to the customer is unchanged. Where the output method is used, in particular for long-term service contracts where the series guidance is applied, the Group often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimations of: user numbers; service activity levels; or fees collected. When transfer of control is most closely aligned to Group efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. This is a faithful depiction of the transfer of services because costs (or other inputs) most accurately reflect the incremental benefits received by the customer from efforts to date. If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at a point-in-time when the service or good is delivered. Where a contract contains variable consideration the estimate is regularly reviewed, including at half year and full year reporting, to ensure the criteria that it is highly probable that the eventual consideration will not be significantly lower than the current estimate continues to be met. Where the Group commits to provide exit assistance services in a contract, delivery of these services may be a separate performance obligation. Where the contract does not provide the standalone selling price for these services, the Group allocates revenue from the other performance obligations, and recognises this revenue using a method that faithfully depicts the Group\u2019s performance in providing these services. Contract modifications The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways: a) prospectively as an additional performance obligation (this is typically when new distinct goods or services are provided on an existing contract); b) prospectively as a termination of the existing contract and creation of a new contract; c) as part of the original contract using a cumulative catch up (this is typically where the modification changes the services provided to date); or, d) as a combination of (b) and (c). In respect of contracts for which the Group has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over-time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part- termination and a modification of the remaining performance obligations. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the year end because management needs to determine if a modification has been approved and if it either creates new, or changes existing, enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in subsequent accounting periods. Modification and amendments to contracts are undertaken through an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management uses judgement to estimate the change in total transaction price. Importantly, any variable consideration is only recognised to the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index (RPI)) then the revenue related to the indexation will only be recognised after the relevant indexation is confirmed. Future indexation is not recognised because it is not highly probable that a significant reversal of an indexation adjustment will not occur. Principal versus agent The Group has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent because more than one party is involved in providing the goods and services to the customer. The Group is a principal if it controls a promised good or service before transferring that good or service to the customer. The Group is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably: the discretion the Group has in establishing the price for the specified good or service; whether the Group has inventory risk; and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good. This assessment of control requires judgement particularly in relation to certain service contracts. An example is the provision of certain recruitment and learning services where the Group may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered. Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as revenue. Licences Software licences delivered by the Group can either be right to access (active) or right to use (passive) licences, which determines the timing of revenue recognition. The assessment of whether a licence is active or passive involves judgement. The key determinant of an active licence is whether or not the Group is required to undertake continuing activities that significantly affect the licensed intellectual property (or the customer has a reasonable expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts resulting from those changes. Where the Group is responsible for any maintenance, continuing support, updates and upgrades, then the sale of the initial software is not distinct. All other licences which have significant standalone functionality are treated as passive licences. When software upgrades are sold as part of the software licence agreement (ie software upgrades are promised to the customer), the Group applies judgement to assess whether the software upgrades are distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental to the ongoing use of the software by the customer, the upgrades are not considered distinct and not accounted for as a separate performance obligation. For each contract that includes a separate licence performance obligation, the Group considers all the facts and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point- in-time (passive) from the go-live date of the licence. Deferred and accrued income The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and/or services being provided. This can include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance. The long-term service contracts tend to have higher cash flows early in the contract to cover transformational activities. Where payments received are greater than the revenue recognised up to the balance sheet date, the Group recognises a deferred income contract liability for this difference. Where payments received are less than the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income asset for this difference. At each balance sheet date, the Group assesses whether accrued income may be impaired by applying the simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is reduced by appropriate allowances for expected credit losses calculated using this approach. Financing component If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of goods or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: (i) when the Group expects, at contract inception, that the period between the entity transferring the good or service and the customer paying for it will be one year or less; or (ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for reasons other than for financing and the overall consideration that the customer pays is no different as a result of paying this consideration upfront. There were no contracts with significant financing components in 2025 (2024: none). Contract types The Group disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Categories are: long-term contractual (greater than two years); short-term contractual (less than two years); and transactional. The years being measured from the service commencement date. Long-term contractual (greater than two years) The Group provides a range of services under contracts with a duration of more than two years. The nature of contracts or performance obligations within this revenue type includes: (i) long-term outsourced service arrangements in the public and private sectors; and (ii) active software licence arrangements. The majority of long-term contractual agreements form part of a series of distinct goods and services because they are substantially the same service; and have the same pattern of transfer, since the series constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and therefore treats the series as one performance obligation. Short-term contractual (less than two years) The nature of contracts or performance obligations within this revenue type includes: (i) short-term outsourced service arrangements in the public and private sectors; and (ii) software maintenance contracts. The Group has assessed that maintenance and support (ie on-call support, remote support) for software licences is a performance obligation that can be considered capable of being distinct and separately identifiable in a contract if the customer has a passive licence. These recurring services are substantially the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day and is transferred in the same pattern to the customer. Transactional (point-in-time) contracts The Group delivers a range of goods or services in all reportable segments that are transactional services for which revenue is recognised at the point-in-time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods or services and acceptance by the customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria. The nature of contracts or performance obligations within this revenue type includes: (i) provision of computing hardware goods; (ii) passive software licence agreements; (iii) commission received as agent from the sale of third-party software; and (iv) fees received in relation to the delivery of professional services. Master service arrangements (MSA) or Frameworks MSA or individual call-off agreements are classified as short-term contractual if they include a notice period with committed volumes, otherwise they are classified as transactional (point-in-time) contracts. 2.2.1 Segmental revenue The Group\u2019s operations are managed separately according to the nature of the services provided, with each segment representing a strategic business offering a different package of client services across the markets the Group serves. Capita plc is a reconciling item and not an operating segment. A description of the service provision for each segment can be found in the strategic report on pages 2 to 87. Inter-segmental pricing is based on set criteria and is either charged on an arm's length basis or at cost. The tables opposite present revenue for the Group\u2019s operating segments as reported to the Chief Operating Decision Maker (\u2018CODM\u2019). The Group comprises two trading divisions: Capita Public Service and Capita Experience. Capita Public Service goes to market through three subdivisions: Local and Regional Partnerships; Defence and National Preparedness; and Central Government, however, the CODM views these subdivisions as one operating segment. Capita Experience also comprises three subdivisions: Contact Centre; Pension Solutions; and Regulated Services; the CODM reviews the operating results for each of these three subdivisions separately, and therefore each subdivision is an operating segment. Comparative information has been re-presented to reflect businesses moved to business exits during 2025. Adjusted revenue, excluding results from businesses exited in both years (adjusting items), was \u00a32,199.5m (2024: \u00a32,225.7m), a decline of 1.2% (2024: a decline of 6.8%).
Capita Capita Experience
Public Contact Pension Regulated Total Adjusting Total
Year ended Service Centre Solutions Services adjusted items reported
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Long-term contractual
1,198.8
288.7
130.9
24.6
1,643.0
103.7
1,746.7
Short-term contractual
133.5
229.2
56.1
\u2014
418.8
9.1
427.9
Transactional (point-in-
time)
117.7
18.8
\u2014
1.2
137.7
\u2014
137.7
Total segment revenue
1,450.0
536.7
187.0
25.8
2,199.5
112.8
2,312.3
Trading revenue
1,470.0
554.4
189.8
25.8
2,240.0
\u2014
2,240.0
Inter-segment revenue
(20.0)
(17.7)
(2.8)
\u2014
(40.5)
\u2014
(40.5)
Total adjusted segment
revenue
1,450.0
536.7
187.0
25.8
2,199.5
\u2014
2,199.5
Business exits \u2013 trading
\u2014
\u2014
\u2014
\u2014
\u2014
116.1
116.1
Inter-segment revenue
\u2014
\u2014
\u2014
\u2014
\u2014
(3.3)
(3.3)
Total segment revenue
1,450.0
536.7
187.0
25.8
2,199.5
112.8
2,312.3
Year ended
31 December 2024
Continuing operations
Long-term contractual
1,148.4
408.4
127.9
5.5
1,690.2
181.5
1,871.7
Short-term contractual
162.0
220.3
51.1
\u2014
433.4
9.5
442.9
Transactional (point-in-
time)
76.8
22.2
\u2014
3.1
102.1
4.9
107.0
Total segment revenue
1,387.2
650.9
179.0
8.6
2,225.7
195.9
2,421.6
Trading revenue
1,409.9
676.7
179.8
9.5
2,275.9
\u2014
2,275.9
Inter-segment revenue
(22.7)
(25.8)
(0.8)
(0.9)
(50.2)
\u2014
(50.2)
Total adjusted segment
revenue
1,387.2
650.9
179.0
8.6
2,225.7
\u2014
2,225.7
Business exits \u2013 trading
\u2014
\u2014
\u2014
\u2014
\u2014
196.1
196.1
Inter-segment revenue
\u2014
\u2014
\u2014
\u2014
\u2014
(0.2)
(0.2)
Total segment revenue
1,387.2
650.9
179.0
8.6
2,225.7
195.9
2,421.6
Geographical location
The Group generates revenue largely in the UK and Europe. The table below presents revenue by
geographical location.
2025
2024
United Rest of United Rest of
Kingdom Europe Total Kingdom Europe Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
2,061.2
251.1
2,312.3
2,150.3
271.3
2,421.6
2.2.2 Order book
The tables below show the order book for each division, categorised into long-term contractual and short-
term contractual. The figures represent the aggregate amount of currently contracted transaction price
allocated to the performance obligations that are unsatisfied or partially unsatisfied. Revenue expected to
be recognised upon satisfaction of these performance obligations is as follows:
Capita Capita Experience
Public Contact Pension Regulated
Order book Service Centre Solutions Services Total
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
2,686.7
890.0
450.9
106.5
4,134.1
Short-term contractual
33.4
59.2
14.2
\u2014
106.8
Total
2,720.1
949.2
465.1
106.5
4,240.9
Capita Capita Experience
Public Contact Pension Regulated
Order book Service Centre Solutions Services Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
2,843.1
426.1
431.2
226.1
3,926.5
Short-term contractual
80.3
218.5
10.1
5.3
 314.2
Total
2,923.4
644.6
441.3
231.4
4,240.7
The table below shows the expected timing of revenue to be recognised from long-term contractual orders
at 31 December 2025:
Capita Capita Experience
Public Contact Pension Regulated
Time bands of expected revenue recognition from long- Service Centre Solutions Services Total
term contractual orders \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
< 1 year
834.3
221.8
102.0
63.3
1,221.4
1\u20135 years
1,659.3
634.4
234.5
43.2
2,571.4
> 5 years
193.1
33.8
114.4
\u2014
341.3
Total
2,686.7
890.0
450.9
106.5
4,134.1
Prior year comparative information is not presented for the expected timing of revenue recognition because
it is a forward looking disclosure and therefore management does not believe that such disclosure provides
meaningful information to a user of the consolidated financial statements.
The order book represents the consideration that the Group will be entitled to receive from customers when
the Group satisfies its remaining performance obligations under the contracts. However, the total revenue
that will be earned by the Group will also include non-contracted volumetric revenue, future indexation
linked to an external metric, new wins, scope changes, and anticipated contract extensions. These
elements have been excluded from the above tables because they are not contracted. Additionally, revenue
from contract extensions is excluded from the order book unless they are pre-priced extensions whereby
the Group has a legally binding obligation to deliver the performance obligations during the extension
period. The total revenue related to pre-priced extensions for major contracts included in the tables above
amounted to \u00a3157.7m (2024: \u00a3309.0m
1
). The amounts presented do not include orders for which neither
party has performed, and each party has the unilateral right to terminate a wholly unperformed contract
without compensating the other party.
Of the \u00a34.1 billion (2024: \u00a33.9 billion) revenue to be earned on long-term contracts, \u00a33.1 billion (2024: \u00a33.1
billion
1
) relates to major contracts. This amount excludes revenue that will be derived from frameworks,
non-contracted volumetric revenue, non-contracted scope changes and future unforeseen volume changes
from these major contracts, which together are anticipated to contribute an additional \u00a30.7-\u00a30.9 billion
(2024: \u00a30.8-\u00a31.0 billion
1
) of revenue to the Group over the life of these contracts.
The Group performs various services for a number of UK Government ministerial departments and
considers these individual ministerial departments to be separate customers due to the limited economic
integration between each ministerial department. Revenues of \u00a3350.0m from one customer in Capita Public
Service represented more than 10% of the Group\u2019s total revenues (2024: \u00a3325.8m from one customer in the
Capita Public Service division).
1. The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the
Audit and Risk Committee for that year end (refer to note 2.1). Consequently, the prior year amounts are not directly comparable to those
disclosed for the current period.
2.2.3 Deferred income
The Group\u2019s deferred income balances solely relate to revenue from contracts with customers. Revenue
recognised in the reporting period that was included in the deferred income balance at the beginning of the
period was \u00a3422.1m (2024: \u00a3492.2m).
Movements in the deferred income balances were driven by transactions entered into by the Group in the
normal course of business during the current and prior year, other than accelerated revenue recognised in
adjusted revenue of \u00a313.4m which related to a termination of a contract in the Regulated Services business
in Capita Experience (2024: \u00a31.8m recognised in adjusted revenue which primarily related to a partial
termination of a contract within Capita Public Service; and, \u00a37.4m excluded from adjusted revenue which
related to termination of contracts in the Regulated Services business within Capita Experience).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "2.1 Contract accounting At 31 December 2025, the Group had the following results and balance sheet items related to long-term contracts:
2025 2024
Notes \u00a3m \u00a3m
Long-term contractual revenue
2.2
1,746.7
 1,871.7
Contract fulfilment assets (non-current)
3.1.3
233.3
257.5
Accrued income
3.1.1
145.7
132.7
Deferred income
380.1
465.9
Onerous contract provisions
71.6
46.2
Background The Group operates diverse businesses. The majority of the Group\u2019s revenue is from contracts greater than two years in duration (long-term contractual), representing 75.5% of Group reported revenue in 2025 (2024: 77.3%). These long-term contracts can be complex in nature given the breadth of solutions the Group offers and the transformational activities involved. Typically, Capita takes a customer\u2019s process and transforms it into a more efficient and effective solution which is then operated for the customer. The outcome is a high quality solution that addresses the customer\u2019s needs and is delivered consistently over the life of the contract. The Group recognises revenue on long-term contracts as the value is delivered to the customer, which is generally evenly over the contract term, regardless of any restructuring and transformation activity required to deliver the services to the customer. Capita will often incur greater costs during contract transformation phases with costs diminishing over time as the target operating model is implemented and efficiencies realised. This results in lower profits or losses in the early years of contracts and potentially higher profits in later years as the transformation activities are successfully completed and the target operating model fully implemented (the business as usual (BAU) phase). The inflection point is when the contract becomes profitable. Non-current contract fulfilment assets are recognised for those costs qualifying for capitalisation. The utilisation of these assets is recognised over the contract term. The timing of cash receipts from customers typically matches when the costs are incurred to transform, restructure and run the service. This results in income being deferred and released when the Group delivers against its obligations to provide services and solutions to its customers. An example, showing the revenue, cost, profit and cash flow of a typical long-term contract lifecycle is as follows: Significant accounting estimates and assumptions Due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be applied, specifically in assessing: (i) the recoverability of non-current contract fulfilment assets; and (ii) the completeness of onerous contract provisions (within the customer contract provision and the closed book Life & Pensions business exit provision in note 3.6). These judgements are dependent on assessing the contract\u2019s future profitability and give rise to a key source of estimation uncertainty. It is possible that outcomes within the next financial year may be different from management\u2019s assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous provisions. Significant judgement is also applied when estimating variable consideration. This judgement requires an assessment of the amount of variable consideration to be recognised such that it is highly probable that no revenue reversal will occur. It is possible that outcomes within the next financial year may be different from management\u2019s assumption, resulting in additional, or reduced, revenues. Significant accounting judgements Significant judgement is exercised by management regarding when to recognise revenue from variations or scope changes on long-term contracts. There is a risk that revenue may be recognised while uncertainties exist over contractual terms during ongoing negotiations with customers. These uncertainties could impact the timing and/or transaction price and therefore the overall amount of revenue to be recognised. Judgement is also required when customers request scope changes to determine if there is a contract modification or a contract termination followed by a new contract. Contract terminations can lead to the immediate recognition of any deferred income being held for recognition in future periods. Refer to note 2.2 for the Group\u2019s accounting policies. Assessing contract profitability In assessing a contract\u2019s future lifetime profitability, management must estimate forecast revenue and costs to both transform and run the service over the remaining contract term. The ability to accurately forecast the outcomes involves estimates in respect of: costs to be incurred; cost savings to be achieved; future performance against any contract-specific key performance indicators (KPIs) that could trigger variable consideration or service credits; outcome of any commercial negotiations; and impact of inflation on the cost base and the indexation of revenue. The level of uncertainty in the estimated future profitability of a contract is directly related to the stage in a contract\u2019s life-cycle, and the complexity of the performance obligations. Contracts in the transformation stage are considered to have a higher level of uncertainty because of: \u2022 the ability to accurately estimate the costs to deliver the transformed process; \u2022 the dependency on the customer to agree to the specifics of the transformation: for example, where they are involved in certifying that the new process or, the new technical solution, designed by Capita meets their specific requirements; \u2022 the requirement to deliver the key transformation milestones in accordance with timelines agreed with the customer; and \u2022 the assumptions made to forecast expected savings in the target operating model. Those contracts which are in BAU tend to have a much lower level of uncertainty in estimating future profitability. Recoverability of non-current contract fulfilment assets and completeness of onerous contract provisions Management first assesses whether contract assets are impaired and then further considers whether an onerous contract exists. For half and full year reporting, the Audit and Risk Committee specifically review the material judgements and estimates, and the overall approach to this assessment in respect of the Group\u2019s major contracts, including comparison against previous forecasts. The major contracts are rated by management according to their financial risk profile, which is linked to the level of uncertainty over future assumptions. At half year, the Audit and Risk Committee review contracts in the high or medium risk categories, and, additionally at full year if not already identified, those contracts material by virtue of their size relative to the Group are reviewed. An assessment of which contracts are major contracts is performed twice a year. Other contracts are reported to the Audit and Risk Committee as deemed appropriate. These contracts are collectively referred to as \u2018major contracts\u2019 in the remainder of this note. In the following paragraphs, the amounts disclosed for the current period are only in respect of those major contracts that the Audit and Risk Committee have reviewed (ie those major contracts which are in the high or medium risk categories or material by virtue of their size relative to the Group). The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the Audit and Risk Committee for that year end. The prior period amounts are therefore not directly comparable to those disclosed for the current year. The major contracts contributed \u00a31.2 billion (2024: \u00a31.0 billion) or 52% (2024: 41%) of Group reported revenue. Non-current contract fulfilment assets at 31 December 2025 were \u00a3233.3m (2024: \u00a3257.5m), of which \u00a366.4m (2024: \u00a3119.3m) relates to major contracts with ongoing transformational activities. The remainder relates to contracts post transformation and includes non-major contracts. As noted above, the major contracts, both pre- and post-transformation, are rated according to their financial risk profile. For those that are in the high and medium rated risk categories the associated non- current contract fulfilment assets were, in aggregate, \u00a360.4m at 31 December 2025 (2024: \u00a367.8m). The recoverability of these assets is dependent on no significant adverse change in the key contract assumptions arising. The balance of deferred income associated with these contracts was \u00a363.9m at 31 December 2025 (2024: \u00a395.9m) and is forecast to be recognised as performance obligations continue to be delivered over the life of the respective contracts. Onerous contract provisions associated with these contracts were \u00a366.5m at 31 December 2025 (2024: \u00a335.3m) and primarily relate to the contracts with Royal London in the closed book Life & Pensions business (refer to note 3.6). Following these reviews, and reviews of smaller contracts across the business, as outlined in note 3.1.3, non-current contract fulfilment asset impairments of \u00a30.9m (2024:\u00a30.7m) were identified and recognised within adjusted cost of sales, of which \u00a3nil (2024: \u00a3nil) relates to non-current contract fulfilment assets added during the period. Additionally, a net onerous contract provision release of \u00a30.3m (2024: \u00a30.3m net charge), was identified and recognised in adjusted cost of sales, with a further cost of \u00a340.6m (2024: \u00a321.8m) excluded from adjusted cost of sales as part of the agreed exit of the contracts with Royal London in the closed book Life & Pensions business (refer to note 2.8). Given the quantum of the relevant contract assets and liabilities, and the nature of the estimates noted above, management has concluded it is reasonably possible that outcomes within the next financial year may be different from management\u2019s current assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous contract provisions. However, as noted above, \u00a366.4m (2024: \u00a3119.3m) of non-current contract fulfilment assets relates to major contracts with ongoing transformational activities; and, \u00a360.4m (2024: \u00a367.8m) of non-current contract fulfilment assets and \u00a366.5m (2024: \u00a335.3m) of onerous contract provisions relate to major contracts in the highest and medium rated risk category. Due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated judgements that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract. Certain major transformation contracts have key milestones during the next twelve months and an inability to meet these key milestones could lead to reduced profitability and a risk of impairment of the associated contract fulfilment assets. These include contracts with the BBC and the Civil Service Pension Scheme. Additional information, which does not form part of these consolidated financial statements, on the results and performance of the underlying divisions including the outlook on certain contracts is set out in the divisional performance review in the strategic report. 2.2 Revenue including segmental revenue Accounting policies Revenue The Group operates a diverse range of businesses and accordingly applies a variety of methods for revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers. The revenue and profits are recognised based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point- in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer. For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts. The Group enters into contracts which contain extension periods, where either the customer or both parties can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that could impact the actual duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the appropriate contract term. The term of the contract impacts both the period over which revenue from performance obligations may be recognised and the period over which non- current contract fulfilment assets are expensed. For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are: (i) distinct \u2013 to be accounted for as separate performance obligations; (ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is distinct; or, (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the contract. This includes an assessment of any variable consideration where the Group\u2019s performance may result in additional, or reduced, revenues based on the achievement, or not, of agreed key performance indicators (KPIs). Such amounts are only included based on the expected value, or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are already agreed. After the total transaction price is determined, the Group allocates this to the identified performance obligations in proportion to their relative standalone selling prices and recognises revenue when (or while) those performance obligations are satisfied. The Group infrequently sells standard products with observable standalone prices due to the specialised services required by customers, consequently the Group applies judgement to determine an appropriate standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation. The Group may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in a contract. For each performance obligation to be recognised over-time, the Group applies a revenue recognition method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Group has promised to transfer to the customer. The Group applies the relevant output or input method consistently to similar performance obligations in other contracts. When using the output method, the Group recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. This is a faithful depiction of the transfer of services since the service delivered to the customer is unchanged. Where the output method is used, in particular for long-term service contracts where the series guidance is applied, the Group often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimations of: user numbers; service activity levels; or fees collected. When transfer of control is most closely aligned to Group efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. This is a faithful depiction of the transfer of services because costs (or other inputs) most accurately reflect the incremental benefits received by the customer from efforts to date. If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at a point-in-time when the service or good is delivered. Where a contract contains variable consideration the estimate is regularly reviewed, including at half year and full year reporting, to ensure the criteria that it is highly probable that the eventual consideration will not be significantly lower than the current estimate continues to be met. Where the Group commits to provide exit assistance services in a contract, delivery of these services may be a separate performance obligation. Where the contract does not provide the standalone selling price for these services, the Group allocates revenue from the other performance obligations, and recognises this revenue using a method that faithfully depicts the Group\u2019s performance in providing these services. Contract modifications The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways: a) prospectively as an additional performance obligation (this is typically when new distinct goods or services are provided on an existing contract); b) prospectively as a termination of the existing contract and creation of a new contract; c) as part of the original contract using a cumulative catch up (this is typically where the modification changes the services provided to date); or, d) as a combination of (b) and (c). In respect of contracts for which the Group has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over-time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part- termination and a modification of the remaining performance obligations. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the year end because management needs to determine if a modification has been approved and if it either creates new, or changes existing, enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in subsequent accounting periods. Modification and amendments to contracts are undertaken through an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management uses judgement to estimate the change in total transaction price. Importantly, any variable consideration is only recognised to the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index (RPI)) then the revenue related to the indexation will only be recognised after the relevant indexation is confirmed. Future indexation is not recognised because it is not highly probable that a significant reversal of an indexation adjustment will not occur. Principal versus agent The Group has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent because more than one party is involved in providing the goods and services to the customer. The Group is a principal if it controls a promised good or service before transferring that good or service to the customer. The Group is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably: the discretion the Group has in establishing the price for the specified good or service; whether the Group has inventory risk; and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good. This assessment of control requires judgement particularly in relation to certain service contracts. An example is the provision of certain recruitment and learning services where the Group may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered. Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as revenue. Licences Software licences delivered by the Group can either be right to access (active) or right to use (passive) licences, which determines the timing of revenue recognition. The assessment of whether a licence is active or passive involves judgement. The key determinant of an active licence is whether or not the Group is required to undertake continuing activities that significantly affect the licensed intellectual property (or the customer has a reasonable expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts resulting from those changes. Where the Group is responsible for any maintenance, continuing support, updates and upgrades, then the sale of the initial software is not distinct. All other licences which have significant standalone functionality are treated as passive licences. When software upgrades are sold as part of the software licence agreement (ie software upgrades are promised to the customer), the Group applies judgement to assess whether the software upgrades are distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental to the ongoing use of the software by the customer, the upgrades are not considered distinct and not accounted for as a separate performance obligation. For each contract that includes a separate licence performance obligation, the Group considers all the facts and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point- in-time (passive) from the go-live date of the licence. Deferred and accrued income The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and/or services being provided. This can include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance. The long-term service contracts tend to have higher cash flows early in the contract to cover transformational activities. Where payments received are greater than the revenue recognised up to the balance sheet date, the Group recognises a deferred income contract liability for this difference. Where payments received are less than the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income asset for this difference. At each balance sheet date, the Group assesses whether accrued income may be impaired by applying the simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is reduced by appropriate allowances for expected credit losses calculated using this approach. Financing component If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of goods or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: (i) when the Group expects, at contract inception, that the period between the entity transferring the good or service and the customer paying for it will be one year or less; or (ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for reasons other than for financing and the overall consideration that the customer pays is no different as a result of paying this consideration upfront. There were no contracts with significant financing components in 2025 (2024: none). Contract types The Group disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Categories are: long-term contractual (greater than two years); short-term contractual (less than two years); and transactional. The years being measured from the service commencement date. Long-term contractual (greater than two years) The Group provides a range of services under contracts with a duration of more than two years. The nature of contracts or performance obligations within this revenue type includes: (i) long-term outsourced service arrangements in the public and private sectors; and (ii) active software licence arrangements. The majority of long-term contractual agreements form part of a series of distinct goods and services because they are substantially the same service; and have the same pattern of transfer, since the series constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and therefore treats the series as one performance obligation. Short-term contractual (less than two years) The nature of contracts or performance obligations within this revenue type includes: (i) short-term outsourced service arrangements in the public and private sectors; and (ii) software maintenance contracts. The Group has assessed that maintenance and support (ie on-call support, remote support) for software licences is a performance obligation that can be considered capable of being distinct and separately identifiable in a contract if the customer has a passive licence. These recurring services are substantially the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day and is transferred in the same pattern to the customer. Transactional (point-in-time) contracts The Group delivers a range of goods or services in all reportable segments that are transactional services for which revenue is recognised at the point-in-time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods or services and acceptance by the customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria. The nature of contracts or performance obligations within this revenue type includes: (i) provision of computing hardware goods; (ii) passive software licence agreements; (iii) commission received as agent from the sale of third-party software; and (iv) fees received in relation to the delivery of professional services. Master service arrangements (MSA) or Frameworks MSA or individual call-off agreements are classified as short-term contractual if they include a notice period with committed volumes, otherwise they are classified as transactional (point-in-time) contracts. 2.2.1 Segmental revenue The Group\u2019s operations are managed separately according to the nature of the services provided, with each segment representing a strategic business offering a different package of client services across the markets the Group serves. Capita plc is a reconciling item and not an operating segment. A description of the service provision for each segment can be found in the strategic report on pages 2 to 87. Inter-segmental pricing is based on set criteria and is either charged on an arm's length basis or at cost. The tables opposite present revenue for the Group\u2019s operating segments as reported to the Chief Operating Decision Maker (\u2018CODM\u2019). The Group comprises two trading divisions: Capita Public Service and Capita Experience. Capita Public Service goes to market through three subdivisions: Local and Regional Partnerships; Defence and National Preparedness; and Central Government, however, the CODM views these subdivisions as one operating segment. Capita Experience also comprises three subdivisions: Contact Centre; Pension Solutions; and Regulated Services; the CODM reviews the operating results for each of these three subdivisions separately, and therefore each subdivision is an operating segment. Comparative information has been re-presented to reflect businesses moved to business exits during 2025. Adjusted revenue, excluding results from businesses exited in both years (adjusting items), was \u00a32,199.5m (2024: \u00a32,225.7m), a decline of 1.2% (2024: a decline of 6.8%).
Capita Capita Experience
Public Contact Pension Regulated Total Adjusting Total
Year ended Service Centre Solutions Services adjusted items reported
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Continuing operations
Long-term contractual
1,198.8
288.7
130.9
24.6
1,643.0
103.7
1,746.7
Short-term contractual
133.5
229.2
56.1
\u2014
418.8
9.1
427.9
Transactional (point-in-
time)
117.7
18.8
\u2014
1.2
137.7
\u2014
137.7
Total segment revenue
1,450.0
536.7
187.0
25.8
2,199.5
112.8
2,312.3
Trading revenue
1,470.0
554.4
189.8
25.8
2,240.0
\u2014
2,240.0
Inter-segment revenue
(20.0)
(17.7)
(2.8)
\u2014
(40.5)
\u2014
(40.5)
Total adjusted segment
revenue
1,450.0
536.7
187.0
25.8
2,199.5
\u2014
2,199.5
Business exits \u2013 trading
\u2014
\u2014
\u2014
\u2014
\u2014
116.1
116.1
Inter-segment revenue
\u2014
\u2014
\u2014
\u2014
\u2014
(3.3)
(3.3)
Total segment revenue
1,450.0
536.7
187.0
25.8
2,199.5
112.8
2,312.3
Year ended
31 December 2024
Continuing operations
Long-term contractual
1,148.4
408.4
127.9
5.5
1,690.2
181.5
1,871.7
Short-term contractual
162.0
220.3
51.1
\u2014
433.4
9.5
442.9
Transactional (point-in-
time)
76.8
22.2
\u2014
3.1
102.1
4.9
107.0
Total segment revenue
1,387.2
650.9
179.0
8.6
2,225.7
195.9
2,421.6
Trading revenue
1,409.9
676.7
179.8
9.5
2,275.9
\u2014
2,275.9
Inter-segment revenue
(22.7)
(25.8)
(0.8)
(0.9)
(50.2)
\u2014
(50.2)
Total adjusted segment
revenue
1,387.2
650.9
179.0
8.6
2,225.7
\u2014
2,225.7
Business exits \u2013 trading
\u2014
\u2014
\u2014
\u2014
\u2014
196.1
196.1
Inter-segment revenue
\u2014
\u2014
\u2014
\u2014
\u2014
(0.2)
(0.2)
Total segment revenue
1,387.2
650.9
179.0
8.6
2,225.7
195.9
2,421.6
Geographical location The Group generates revenue largely in the UK and Europe. The table below presents revenue by geographical location.
2025
2024
United Rest of United Rest of
Kingdom Europe Total Kingdom Europe Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
2,061.2
251.1
2,312.3
2,150.3
271.3
2,421.6
2.2.2 Order book The tables below show the order book for each division, categorised into long-term contractual and short- term contractual. The figures represent the aggregate amount of currently contracted transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied. Revenue expected to be recognised upon satisfaction of these performance obligations is as follows:
Capita Capita Experience
Public Contact Pension Regulated
Order book Service Centre Solutions Services Total
31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
2,686.7
890.0
450.9
106.5
4,134.1
Short-term contractual
33.4
59.2
14.2
\u2014
106.8
Total
2,720.1
949.2
465.1
106.5
4,240.9
Capita Capita Experience
Public Contact Pension Regulated
Order book Service Centre Solutions Services Total
31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Long-term contractual
2,843.1
426.1
431.2
226.1
3,926.5
Short-term contractual
80.3
218.5
10.1
5.3
 314.2
Total
2,923.4
644.6
441.3
231.4
4,240.7
The table below shows the expected timing of revenue to be recognised from long-term contractual orders at 31 December 2025:
Capita Capita Experience
Public Contact Pension Regulated
Time bands of expected revenue recognition from long- Service Centre Solutions Services Total
term contractual orders \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
< 1 year
834.3
221.8
102.0
63.3
1,221.4
1\u20135 years
1,659.3
634.4
234.5
43.2
2,571.4
> 5 years
193.1
33.8
114.4
\u2014
341.3
Total
2,686.7
890.0
450.9
106.5
4,134.1
Prior year comparative information is not presented for the expected timing of revenue recognition because it is a forward looking disclosure and therefore management does not believe that such disclosure provides meaningful information to a user of the consolidated financial statements. The order book represents the consideration that the Group will be entitled to receive from customers when the Group satisfies its remaining performance obligations under the contracts. However, the total revenue that will be earned by the Group will also include non-contracted volumetric revenue, future indexation linked to an external metric, new wins, scope changes, and anticipated contract extensions. These elements have been excluded from the above tables because they are not contracted. Additionally, revenue from contract extensions is excluded from the order book unless they are pre-priced extensions whereby the Group has a legally binding obligation to deliver the performance obligations during the extension period. The total revenue related to pre-priced extensions for major contracts included in the tables above amounted to \u00a3157.7m (2024: \u00a3309.0m 1). The amounts presented do not include orders for which neither party has performed, and each party has the unilateral right to terminate a wholly unperformed contract without compensating the other party. Of the \u00a34.1 billion (2024: \u00a33.9 billion) revenue to be earned on long-term contracts, \u00a33.1 billion (2024: \u00a33.1 billion 1 ) relates to major contracts. This amount excludes revenue that will be derived from frameworks, non-contracted volumetric revenue, non-contracted scope changes and future unforeseen volume changes from these major contracts, which together are anticipated to contribute an additional \u00a30.7-\u00a30.9 billion (2024: \u00a30.8-\u00a31.0 billion1) of revenue to the Group over the life of these contracts. The Group performs various services for a number of UK Government ministerial departments and considers these individual ministerial departments to be separate customers due to the limited economic integration between each ministerial department. Revenues of \u00a3350.0m from one customer in Capita Public Service represented more than 10% of the Group\u2019s total revenues (2024: \u00a3325.8m from one customer in the Capita Public Service division). 1. The prior year amounts in relation to major contracts are as previously presented, and as such reflect the major contracts reviewed by the Audit and Risk Committee for that year end (refer to note 2.1). Consequently, the prior year amounts are not directly comparable to those disclosed for the current period. 2.2.3 Deferred income The Group\u2019s deferred income balances solely relate to revenue from contracts with customers. Revenue recognised in the reporting period that was included in the deferred income balance at the beginning of the period was \u00a3422.1m (2024: \u00a3492.2m). Movements in the deferred income balances were driven by transactions entered into by the Group in the normal course of business during the current and prior year, other than accelerated revenue recognised in adjusted revenue of \u00a313.4m which related to a termination of a contract in the Regulated Services business in Capita Experience (2024: \u00a31.8m recognised in adjusted revenue which primarily related to a partial termination of a contract within Capita Public Service; and, \u00a37.4m excluded from adjusted revenue which related to termination of contracts in the Regulated Services business within Capita Experience).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-435": { "value": "Accounting policies Revenue The Group operates a diverse range of businesses and accordingly applies a variety of methods for revenue recognition, based on the principles set out in IFRS 15 Revenue from Contracts with Customers. The revenue and profits are recognised based on the delivery of performance obligations and an assessment of when control is transferred to the customer. Revenue is recognised either when the performance obligation in the contract has been performed (\u2018point- in-time\u2019 recognition) or \u2018over-time\u2019 as control of the performance obligation is transferred to the customer. For all contracts, the Group determines if the arrangement with a customer creates enforceable rights and obligations. This assessment results in certain Master Service Agreements (MSA) or Frameworks not meeting the definition of a contract under IFRS 15 and as such the individual call-off agreements, linked to the MSA, are treated as individual contracts. The Group enters into contracts which contain extension periods, where either the customer or both parties can choose to extend the contract or there is an automatic annual renewal, and/or termination clauses that could impact the actual duration of the contract. Judgement is applied to assess the impact that these clauses have when determining the appropriate contract term. The term of the contract impacts both the period over which revenue from performance obligations may be recognised and the period over which non- current contract fulfilment assets are expensed. For contracts with multiple components to be delivered such as transformation, transitions and the delivery of outsourced services, management applies judgement to consider whether those promised goods and services are: (i) distinct \u2013 to be accounted for as separate performance obligations; (ii) not distinct \u2013 to be combined with other promised goods or services until a bundle is identified that is distinct; or, (iii) part of a series of distinct goods and services that are substantially the same and have the same pattern of transfer to the customer. At a contract\u2019s inception the total transaction price is estimated, being the amount to which the Group expects to be entitled and has rights to under the contract. This includes an assessment of any variable consideration where the Group\u2019s performance may result in additional, or reduced, revenues based on the achievement, or not, of agreed key performance indicators (KPIs). Such amounts are only included based on the expected value, or the most likely outcome method, and only to the extent that it is highly probable that no revenue reversal will occur. The transaction price does not include estimates of consideration resulting from change orders for additional goods and services unless these are already agreed. After the total transaction price is determined, the Group allocates this to the identified performance obligations in proportion to their relative standalone selling prices and recognises revenue when (or while) those performance obligations are satisfied. The Group infrequently sells standard products with observable standalone prices due to the specialised services required by customers, consequently the Group applies judgement to determine an appropriate standalone selling price. More frequently, the Group sells customers bespoke solutions, and in these cases the Group typically uses the expected cost-plus margin or a contractually stated price approach to estimate the standalone selling price of each performance obligation. The Group may offer price step downs during the life of a contract, but with no change to the underlying scope of services to be delivered. In general, any such variable consideration, price step down or discount is included in the total transaction price to be allocated across all performance obligations unless it relates to only one performance obligation in a contract. For each performance obligation to be recognised over-time, the Group applies a revenue recognition method that faithfully depicts the Group\u2019s performance in transferring control of the goods or services to the customer. This decision requires assessment of the real nature of the goods or services that the Group has promised to transfer to the customer. The Group applies the relevant output or input method consistently to similar performance obligations in other contracts. When using the output method, the Group recognises revenue on the basis of direct measurements of the value to the customer of the goods and services transferred to date relative to the remaining goods and services under the contract. This is a faithful depiction of the transfer of services since the service delivered to the customer is unchanged. Where the output method is used, in particular for long-term service contracts where the series guidance is applied, the Group often uses a method of time elapsed which requires minimal estimation. Certain long-term contracts use output methods based upon estimations of: user numbers; service activity levels; or fees collected. When transfer of control is most closely aligned to Group efforts in delivering the service, the input method is used to measure progress and revenue is recognised in direct proportion to costs incurred. This is a faithful depiction of the transfer of services because costs (or other inputs) most accurately reflect the incremental benefits received by the customer from efforts to date. If performance obligations in a contract do not meet the over-time criteria, the Group recognises revenue at a point-in-time when the service or good is delivered. Where a contract contains variable consideration the estimate is regularly reviewed, including at half year and full year reporting, to ensure the criteria that it is highly probable that the eventual consideration will not be significantly lower than the current estimate continues to be met. Where the Group commits to provide exit assistance services in a contract, delivery of these services may be a separate performance obligation. Where the contract does not provide the standalone selling price for these services, the Group allocates revenue from the other performance obligations, and recognises this revenue using a method that faithfully depicts the Group\u2019s performance in providing these services. Contract modifications The Group\u2019s contracts are often amended for changes in contract specifications and requirements. Contract modifications exist when the amendment either creates new, or changes existing, enforceable rights and obligations. The effect of a contract modification on the transaction price and the Group\u2019s measure of progress for the performance obligation to which it relates, is recognised as an adjustment to revenue in one of the following ways: a) prospectively as an additional performance obligation (this is typically when new distinct goods or services are provided on an existing contract); b) prospectively as a termination of the existing contract and creation of a new contract; c) as part of the original contract using a cumulative catch up (this is typically where the modification changes the services provided to date); or, d) as a combination of (b) and (c). In respect of contracts for which the Group has decided there is a series of distinct goods and services that are substantially the same and have the same pattern of transfer where revenue is recognised over-time, the modification will always be treated under either (a) or (b); (d) may arise when a contract has a part- termination and a modification of the remaining performance obligations. Judgement is applied in relation to the accounting for such modifications where the final terms or legal contracts have not been agreed prior to the year end because management needs to determine if a modification has been approved and if it either creates new, or changes existing, enforceable rights and obligations of the parties. Depending upon the outcome of such negotiations, the timing and amount of revenue recognised may be different in subsequent accounting periods. Modification and amendments to contracts are undertaken through an agreed formal process. For example, if a change in scope has been approved but the corresponding change in price is still being negotiated, management uses judgement to estimate the change in total transaction price. Importantly, any variable consideration is only recognised to the extent that it is highly probable that no revenue reversal will occur. For example, if pricing is subject to indexation based on an external metric (such as the Consumer Price Index (CPI) or the Retail Price Index (RPI)) then the revenue related to the indexation will only be recognised after the relevant indexation is confirmed. Future indexation is not recognised because it is not highly probable that a significant reversal of an indexation adjustment will not occur. Principal versus agent The Group has arrangements with some of its customers whereby it needs to determine if it acts as a principal or an agent because more than one party is involved in providing the goods and services to the customer. The Group is a principal if it controls a promised good or service before transferring that good or service to the customer. The Group is an agent if its role is to arrange for another entity to provide the goods or services. Factors considered in making this assessment are most notably: the discretion the Group has in establishing the price for the specified good or service; whether the Group has inventory risk; and whether or not the Group is primarily responsible for fulfilling the promise to deliver the service or good. This assessment of control requires judgement particularly in relation to certain service contracts. An example is the provision of certain recruitment and learning services where the Group may be assessed to be agent or principal dependent upon the facts and circumstances of the arrangement and the nature of the services being delivered. Where the Group is acting as a principal, revenue is recorded on a gross basis. Where the Group is acting as an agent, revenue is recorded on a net basis, recognising only the commission or fee earned as revenue. Licences Software licences delivered by the Group can either be right to access (active) or right to use (passive) licences, which determines the timing of revenue recognition. The assessment of whether a licence is active or passive involves judgement. The key determinant of an active licence is whether or not the Group is required to undertake continuing activities that significantly affect the licensed intellectual property (or the customer has a reasonable expectation that it will do so) and the customer is, therefore, exposed to positive (or negative) impacts resulting from those changes. Where the Group is responsible for any maintenance, continuing support, updates and upgrades, then the sale of the initial software is not distinct. All other licences which have significant standalone functionality are treated as passive licences. When software upgrades are sold as part of the software licence agreement (ie software upgrades are promised to the customer), the Group applies judgement to assess whether the software upgrades are distinct from the licence (ie a separate performance obligation). If the upgrades are considered fundamental to the ongoing use of the software by the customer, the upgrades are not considered distinct and not accounted for as a separate performance obligation. For each contract that includes a separate licence performance obligation, the Group considers all the facts and circumstances in determining whether the licence revenue is recognised over-time (active) or at a point- in-time (passive) from the go-live date of the licence. Deferred and accrued income The Group\u2019s customer contracts include a diverse range of payment schedules dependent upon the nature and type of goods and/or services being provided. This can include performance-based payments or progress payments as well as regular monthly or quarterly payments for ongoing service delivery. Payments for transactional goods and services may be at delivery date, in arrears or part payment in advance. The long-term service contracts tend to have higher cash flows early in the contract to cover transformational activities. Where payments received are greater than the revenue recognised up to the balance sheet date, the Group recognises a deferred income contract liability for this difference. Where payments received are less than the revenue recognised up to the balance sheet date, the Group recognises an accrued contract income asset for this difference. At each balance sheet date, the Group assesses whether accrued income may be impaired by applying the simplified approach permitted by IFRS 9 (as with trade receivables). Where applicable, accrued income is reduced by appropriate allowances for expected credit losses calculated using this approach. Financing component If the timing of payments agreed with the customer provides the Group or the customer with a significant benefit of financing the transfer of goods or services, the amount of consideration is adjusted for the effects of the time value of money. The Group does not make an adjustment for the time value of money in the following circumstances: (i) when the Group expects, at contract inception, that the period between the entity transferring the good or service and the customer paying for it will be one year or less; or (ii) when the Group receives consideration upfront as part of a transformation phase, this receipt is for reasons other than for financing and the overall consideration that the customer pays is no different as a result of paying this consideration upfront. There were no contracts with significant financing components in 2025 (2024: none). Contract types The Group disaggregates revenue from contracts with customers by contract type, because management believe this best depicts how the nature, amount, timing, and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. Categories are: long-term contractual (greater than two years); short-term contractual (less than two years); and transactional. The years being measured from the service commencement date. Long-term contractual (greater than two years) The Group provides a range of services under contracts with a duration of more than two years. The nature of contracts or performance obligations within this revenue type includes: (i) long-term outsourced service arrangements in the public and private sectors; and (ii) active software licence arrangements. The majority of long-term contractual agreements form part of a series of distinct goods and services because they are substantially the same service; and have the same pattern of transfer, since the series constitutes services provided in distinct time increments (eg daily, monthly, quarterly or annually), and therefore treats the series as one performance obligation. Short-term contractual (less than two years) The nature of contracts or performance obligations within this revenue type includes: (i) short-term outsourced service arrangements in the public and private sectors; and (ii) software maintenance contracts. The Group has assessed that maintenance and support (ie on-call support, remote support) for software licences is a performance obligation that can be considered capable of being distinct and separately identifiable in a contract if the customer has a passive licence. These recurring services are substantially the same because the nature of the promise is for the Group to \u2018stand ready\u2019 to perform maintenance and support when required by the customer. Each day of \u2018standing ready\u2019 is distinct from each subsequent day and is transferred in the same pattern to the customer. Transactional (point-in-time) contracts The Group delivers a range of goods or services in all reportable segments that are transactional services for which revenue is recognised at the point-in-time when control of the goods or services has transferred to the customer. This may be at the point of physical delivery of goods or services and acceptance by the customer or when the customer obtains control of an asset or service in a contract with customer-specified acceptance criteria. The nature of contracts or performance obligations within this revenue type includes: (i) provision of computing hardware goods; (ii) passive software licence agreements; (iii) commission received as agent from the sale of third-party software; and (iv) fees received in relation to the delivery of professional services. Master service arrangements (MSA) or Frameworks MSA or individual call-off agreements are classified as short-term contractual if they include a notice period with committed volumes, otherwise they are classified as transactional (point-in-time) contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "2.2.3 Deferred income The Group\u2019s deferred income balances solely relate to revenue from contracts with customers. Revenue recognised in the reporting period that was included in the deferred income balance at the beginning of the period was \u00a3422.1m (2024: \u00a3492.2m). Movements in the deferred income balances were driven by transactions entered into by the Group in the normal course of business during the current and prior year, other than accelerated revenue recognised in adjusted revenue of \u00a313.4m which related to a termination of a contract in the Regulated Services business in Capita Experience (2024: \u00a31.8m recognised in adjusted revenue which primarily related to a partial termination of a contract within Capita Public Service; and, \u00a37.4m excluded from adjusted revenue which related to termination of contracts in the Regulated Services business within Capita Experience).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
2.3 Operating profit
2.3.1 Items charged/(credited) to reported operating profit
2025 2024
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
18.9
24.2
Depreciation of right-of-use assets
3.5
36.1
42.3
Impairment of property, plant and equipment
3.2
0.7
1.8
Impairment of right-of-use assets
3.5
0.1
0.2
Amortisation of intangible assets
3.3
21.6
23.4
Impairment of intangible assets
3.3
0.6
9.1
Impairment of goodwill
3.4
73.7
75.1
(Gain)/loss on sale of property, plant and equipment and
intangibles
2.9.1
(0.3)
1.7
Expense/(income) from foreign exchange differences
1.6
(0.1)
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
90.1
68.3
Contract termination gains
(6.0)
\u2014
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
(0.5)
9.0
Onerous contract provisions (net of additions, releases and
unwinding of discount)
40.3
22.1
Contract termination gains: customer contracts usually contain provisions to compensate the Group for
exit costs and future profits in the event of early termination. During 2025 there were \u00a36.0m contract
termination gains recognised and recorded as income during the year in the Regulated Services business
within Capita Experience (2024: \u00a3nil).
The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2025
the Group recognised a gain of \u00a30.5m related to the net of accelerated deferred income unwinds and non-
current contract fulfilment asset utilisation on contract exits. This primarily related to a termination of a
contract in the Regulated Services business within Capita Experience (2024: \u00a39.0m primarily related to the
closed book Life & Pensions business within business exits, where the early exit of two contracts was
agreed).
Onerous contract provisions: during 2025 the Group recognised a net loss of \u00a340.3m related primarily to
onerous contract provisions (refer to note 3.6) in the closed book Life & Pensions business within business
exits (2024: \u00a322.1m net loss related to contracts in the closed book Life & Pensions business within
business exits).
2.3.2 Fees payable to auditors
The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2025 2024
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.5
4.6
The audit of the financial statements of the Group\u2019s subsidiary companies
0.8
0.7
Total audit and audit-related services
5.3
5.3
Non-audit services
Other assurance services
1.9
1.0
Audit-related assurance services
0.3
0.3
Total non-audit services
2.2
1.3
Total audit and non-audit services
7.5
6.6
The non-audit fees in respect of 2025 related to the review of interim results, ISAE 3402 assurance
reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics
reported, and services to support the Group in fulfilling obligations required by the UK Listing Rules.
In respect of 2024, the non-audit fees related to the review of interim results, ISAE 3402 assurance
reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics
reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of
Capita One Limited.
2.4 Adjusted operating profit and adjusted profit before tax Accounting policies IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Board has adopted a policy to disclose separately those items that it considers are outside the underlying operating results for the particular year under review and against which the Group\u2019s performance is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding of the financial information and the underlying performance of the Group. In general, the Board believes that alternative performance measures (APMs) are useful for investors because they provide further clarity and transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly, these items are also excluded from the discussion of divisional performance in the strategic report. This policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further details of the Group\u2019s APMs. While the Board considers APMs to be helpful to the reader it notes that APMs have certain limitations, including the exclusion of significant recurring and non-recurring items, and may not be directly comparable with similarly titled measures presented by other companies. Those items excluded from the adjusted income statement are: business exits; amortisation and impairment of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net finance costs; the costs associated with the cyber incident in March 2023, and the expenses associated with the cost reduction programme. The items below are excluded from the adjusted results:
Operating profit/(loss)
Profit/(loss) before tax
2025 2024 2025 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Reported
(129.6)
(9.9)
(170.9)
116.6
Amortisation and impairment of acquired intangibles
3.3
0.2
0.2
0.2
0.2
Impairment of goodwill
3.4
73.7
75.1
73.7
75.1
Net finance (income)/costs
4.3
\u2014
\u2014
(2.1)
0.1
Business exits expense/(gain)
2.8
97.2
(9.7)
101.6
(180.4)
Cyber incident
15.9
 1.0 15.9 1.0
Cost reduction programme
56.1
 27.9 56.1 27.9
Adjusted
113.5
84.6
74.5
40.5
1. Adjusted operating profit increased by 34.2% (2024: increased 5.5%) and adjusted profit before tax increased by 84.0% (2024: increased 22.2%). Adjusted operating profit of \u00a3113.5m (2024: profit \u00a384.6m) was generated on adjusted revenue of \u00a32,199.5m (2024: \u00a32,225.7m) resulting in an adjusted operating margin of 5.2% (2024: 3.8%). 2. The tax charge on adjusted profit before tax is \u00a319.0m (2024: \u00a334.6m charge) resulting in adjusted profit after tax of \u00a355.5m (2024: \u00a35.9m profit). 3. The adjusted operating profit and adjusted profit before tax for 2024 has been re-presented for the impact of business exits during 2025 and the change in adjusting items. This has resulted in adjusted operating profit decreasing from \u00a395.9m to \u00a384.6m and adjusted profit before tax decreasing from \u00a350.0m to \u00a340.5m. Amortisation and impairment of acquired intangible assets: The Group recognised acquired intangible amortisation of \u00a30.2m (2024: \u00a30.2m). These charges are excluded from the adjusted results of the Group because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Impairment of goodwill: The Group carries on its balance sheet significant amounts of goodwill which are subject to annual impairment testing and when any indicators of impairment are identified. Any impairment changes are reported separately because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Net finance (income)/costs: Relate to movements in the mark-to-market value of forward foreign exchange contracts to cover anticipated future expenses and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. Business exits: The trading result of businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy, and the gain or loss on business disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding which income statement line items are impacted by business exits. Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident. These costs comprise specialist professional fees, recovery and remediation costs, investment to reinforce Capita\u2019s cyber security environment, and, in 2025, a \u00a314m penalty from the Information Commissioner\u2019s Office (ICO). A charge of \u00a315.9m has been recognised in the year ended 31 December 2025, which primarily comprises the ICO penalty of \u00a314m and related legal fees, offset by insurance receipts (2024: charge of \u00a31.0m). Cumulatively the net costs incurred total \u00a342.2m and are included within administrative expenses. Further insurance receipts are anticipated but did not meet the criteria for recognition at 31 December 2025. Cost reduction programme: The Group implemented a multi-year cost reduction programme in November 2023 to deliver annualised savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to deliver further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of efficiencies that could be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m. This target was met by the end of 2025. The Group exercises judgement in assessing whether the actions being taken to deliver these savings are exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings should be excluded from the Group's adjusted results. The assessment considers the nature of the activity being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract. Investment in new technology that supports the delivery of customer contracts are considered business as usual and are not excluded from the Group\u2019s adjusted results. A charge of \u00a356.1m (2024: \u00a327.9m) has been recognised in the year ended 31 December 2025 for the expenses to deliver the cost reduction programme. This includes redundancy and other expenses of \u00a353.4m (2024: \u00a330.5m) to deliver a significant reduction in headcount, and a charge of \u00a32.7m arising from the rationalisation of the Group's property estate (2024: a credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for previously). The cumulative expense recognised since the commencement of the cost reduction programme is \u00a3138.4m (2024: \u00a382.3m), which is included within administrative expenses. Since the targeted savings were delivered by the end of 2025, no further expenses to deliver this cost reduction programme are expected beyond the end of 2025. Refer to note 2.9.1 for the cash flow impact of the above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "2.3 Operating profit 2.3.1 Items charged/(credited) to reported operating profit
2025 2024
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
18.9
24.2
Depreciation of right-of-use assets
3.5
36.1
42.3
Impairment of property, plant and equipment
3.2
0.7
1.8
Impairment of right-of-use assets
3.5
0.1
0.2
Amortisation of intangible assets
3.3
21.6
23.4
Impairment of intangible assets
3.3
0.6
9.1
Impairment of goodwill
3.4
73.7
75.1
(Gain)/loss on sale of property, plant and equipment and
intangibles
2.9.1
(0.3)
1.7
Expense/(income) from foreign exchange differences
1.6
(0.1)
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
90.1
68.3
Contract termination gains
(6.0)
\u2014
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
(0.5)
9.0
Onerous contract provisions (net of additions, releases and
unwinding of discount)
40.3
22.1
Contract termination gains: customer contracts usually contain provisions to compensate the Group for exit costs and future profits in the event of early termination. During 2025 there were \u00a36.0m contract termination gains recognised and recorded as income during the year in the Regulated Services business within Capita Experience (2024: \u00a3nil). The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2025 the Group recognised a gain of \u00a30.5m related to the net of accelerated deferred income unwinds and non- current contract fulfilment asset utilisation on contract exits. This primarily related to a termination of a contract in the Regulated Services business within Capita Experience (2024: \u00a39.0m primarily related to the closed book Life & Pensions business within business exits, where the early exit of two contracts was agreed). Onerous contract provisions: during 2025 the Group recognised a net loss of \u00a340.3m related primarily to onerous contract provisions (refer to note 3.6) in the closed book Life & Pensions business within business exits (2024: \u00a322.1m net loss related to contracts in the closed book Life & Pensions business within business exits). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "2.3 Operating profit 2.3.1 Items charged/(credited) to reported operating profit
2025 2024
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
18.9
24.2
Depreciation of right-of-use assets
3.5
36.1
42.3
Impairment of property, plant and equipment
3.2
0.7
1.8
Impairment of right-of-use assets
3.5
0.1
0.2
Amortisation of intangible assets
3.3
21.6
23.4
Impairment of intangible assets
3.3
0.6
9.1
Impairment of goodwill
3.4
73.7
75.1
(Gain)/loss on sale of property, plant and equipment and
intangibles
2.9.1
(0.3)
1.7
Expense/(income) from foreign exchange differences
1.6
(0.1)
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
90.1
68.3
Contract termination gains
(6.0)
\u2014
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
(0.5)
9.0
Onerous contract provisions (net of additions, releases and
unwinding of discount)
40.3
22.1
Contract termination gains: customer contracts usually contain provisions to compensate the Group for exit costs and future profits in the event of early termination. During 2025 there were \u00a36.0m contract termination gains recognised and recorded as income during the year in the Regulated Services business within Capita Experience (2024: \u00a3nil). The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2025 the Group recognised a gain of \u00a30.5m related to the net of accelerated deferred income unwinds and non- current contract fulfilment asset utilisation on contract exits. This primarily related to a termination of a contract in the Regulated Services business within Capita Experience (2024: \u00a39.0m primarily related to the closed book Life & Pensions business within business exits, where the early exit of two contracts was agreed). Onerous contract provisions: during 2025 the Group recognised a net loss of \u00a340.3m related primarily to onerous contract provisions (refer to note 3.6) in the closed book Life & Pensions business within business exits (2024: \u00a322.1m net loss related to contracts in the closed book Life & Pensions business within business exits). 2.3.2 Fees payable to auditors The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2025 2024
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.5
4.6
The audit of the financial statements of the Group\u2019s subsidiary companies
0.8
0.7
Total audit and audit-related services
5.3
5.3
Non-audit services
Other assurance services
1.9
1.0
Audit-related assurance services
0.3
0.3
Total non-audit services
2.2
1.3
Total audit and non-audit services
7.5
6.6
The non-audit fees in respect of 2025 related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported, and services to support the Group in fulfilling obligations required by the UK Listing Rules. In respect of 2024, the non-audit fees related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of Capita One Limited. 2.4 Adjusted operating profit and adjusted profit before tax Accounting policies IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Board has adopted a policy to disclose separately those items that it considers are outside the underlying operating results for the particular year under review and against which the Group\u2019s performance is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding of the financial information and the underlying performance of the Group. In general, the Board believes that alternative performance measures (APMs) are useful for investors because they provide further clarity and transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly, these items are also excluded from the discussion of divisional performance in the strategic report. This policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further details of the Group\u2019s APMs. While the Board considers APMs to be helpful to the reader it notes that APMs have certain limitations, including the exclusion of significant recurring and non-recurring items, and may not be directly comparable with similarly titled measures presented by other companies. Those items excluded from the adjusted income statement are: business exits; amortisation and impairment of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net finance costs; the costs associated with the cyber incident in March 2023, and the expenses associated with the cost reduction programme. The items below are excluded from the adjusted results:
Operating profit/(loss)
Profit/(loss) before tax
2025 2024 2025 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Reported
(129.6)
(9.9)
(170.9)
116.6
Amortisation and impairment of acquired intangibles
3.3
0.2
0.2
0.2
0.2
Impairment of goodwill
3.4
73.7
75.1
73.7
75.1
Net finance (income)/costs
4.3
\u2014
\u2014
(2.1)
0.1
Business exits expense/(gain)
2.8
97.2
(9.7)
101.6
(180.4)
Cyber incident
15.9
 1.0 15.9 1.0
Cost reduction programme
56.1
 27.9 56.1 27.9
Adjusted
113.5
84.6
74.5
40.5
1. Adjusted operating profit increased by 34.2% (2024: increased 5.5%) and adjusted profit before tax increased by 84.0% (2024: increased 22.2%). Adjusted operating profit of \u00a3113.5m (2024: profit \u00a384.6m) was generated on adjusted revenue of \u00a32,199.5m (2024: \u00a32,225.7m) resulting in an adjusted operating margin of 5.2% (2024: 3.8%). 2. The tax charge on adjusted profit before tax is \u00a319.0m (2024: \u00a334.6m charge) resulting in adjusted profit after tax of \u00a355.5m (2024: \u00a35.9m profit). 3. The adjusted operating profit and adjusted profit before tax for 2024 has been re-presented for the impact of business exits during 2025 and the change in adjusting items. This has resulted in adjusted operating profit decreasing from \u00a395.9m to \u00a384.6m and adjusted profit before tax decreasing from \u00a350.0m to \u00a340.5m. Amortisation and impairment of acquired intangible assets: The Group recognised acquired intangible amortisation of \u00a30.2m (2024: \u00a30.2m). These charges are excluded from the adjusted results of the Group because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Impairment of goodwill: The Group carries on its balance sheet significant amounts of goodwill which are subject to annual impairment testing and when any indicators of impairment are identified. Any impairment changes are reported separately because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Net finance (income)/costs: Relate to movements in the mark-to-market value of forward foreign exchange contracts to cover anticipated future expenses and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. Business exits: The trading result of businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy, and the gain or loss on business disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding which income statement line items are impacted by business exits. Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident. These costs comprise specialist professional fees, recovery and remediation costs, investment to reinforce Capita\u2019s cyber security environment, and, in 2025, a \u00a314m penalty from the Information Commissioner\u2019s Office (ICO). A charge of \u00a315.9m has been recognised in the year ended 31 December 2025, which primarily comprises the ICO penalty of \u00a314m and related legal fees, offset by insurance receipts (2024: charge of \u00a31.0m). Cumulatively the net costs incurred total \u00a342.2m and are included within administrative expenses. Further insurance receipts are anticipated but did not meet the criteria for recognition at 31 December 2025. Cost reduction programme: The Group implemented a multi-year cost reduction programme in November 2023 to deliver annualised savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to deliver further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of efficiencies that could be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m. This target was met by the end of 2025. The Group exercises judgement in assessing whether the actions being taken to deliver these savings are exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings should be excluded from the Group's adjusted results. The assessment considers the nature of the activity being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract. Investment in new technology that supports the delivery of customer contracts are considered business as usual and are not excluded from the Group\u2019s adjusted results. A charge of \u00a356.1m (2024: \u00a327.9m) has been recognised in the year ended 31 December 2025 for the expenses to deliver the cost reduction programme. This includes redundancy and other expenses of \u00a353.4m (2024: \u00a330.5m) to deliver a significant reduction in headcount, and a charge of \u00a32.7m arising from the rationalisation of the Group's property estate (2024: a credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for previously). The cumulative expense recognised since the commencement of the cost reduction programme is \u00a3138.4m (2024: \u00a382.3m), which is included within administrative expenses. Since the targeted savings were delivered by the end of 2025, no further expenses to deliver this cost reduction programme are expected beyond the end of 2025. Refer to note 2.9.1 for the cash flow impact of the above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "2.3 Operating profit 2.3.1 Items charged/(credited) to reported operating profit
2025 2024
Notes \u00a3m \u00a3m
Depreciation of property, plant and equipment
3.2
18.9
24.2
Depreciation of right-of-use assets
3.5
36.1
42.3
Impairment of property, plant and equipment
3.2
0.7
1.8
Impairment of right-of-use assets
3.5
0.1
0.2
Amortisation of intangible assets
3.3
21.6
23.4
Impairment of intangible assets
3.3
0.6
9.1
Impairment of goodwill
3.4
73.7
75.1
(Gain)/loss on sale of property, plant and equipment and
intangibles
2.9.1
(0.3)
1.7
Expense/(income) from foreign exchange differences
1.6
(0.1)
Contract fulfilment asset utilisation, impairment and derecognition
3.1.3
90.1
68.3
Contract termination gains
(6.0)
\u2014
The net of: accelerated deferred income unwind, and contract
fulfilment asset utilisation
(0.5)
9.0
Onerous contract provisions (net of additions, releases and
unwinding of discount)
40.3
22.1
Contract termination gains: customer contracts usually contain provisions to compensate the Group for exit costs and future profits in the event of early termination. During 2025 there were \u00a36.0m contract termination gains recognised and recorded as income during the year in the Regulated Services business within Capita Experience (2024: \u00a3nil). The net of: accelerated deferred income unwind and contract fulfilment asset utilisation: during 2025 the Group recognised a gain of \u00a30.5m related to the net of accelerated deferred income unwinds and non- current contract fulfilment asset utilisation on contract exits. This primarily related to a termination of a contract in the Regulated Services business within Capita Experience (2024: \u00a39.0m primarily related to the closed book Life & Pensions business within business exits, where the early exit of two contracts was agreed). Onerous contract provisions: during 2025 the Group recognised a net loss of \u00a340.3m related primarily to onerous contract provisions (refer to note 3.6) in the closed book Life & Pensions business within business exits (2024: \u00a322.1m net loss related to contracts in the closed book Life & Pensions business within business exits). 2.3.2 Fees payable to auditors The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2025 2024
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.5
4.6
The audit of the financial statements of the Group\u2019s subsidiary companies
0.8
0.7
Total audit and audit-related services
5.3
5.3
Non-audit services
Other assurance services
1.9
1.0
Audit-related assurance services
0.3
0.3
Total non-audit services
2.2
1.3
Total audit and non-audit services
7.5
6.6
The non-audit fees in respect of 2025 related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported, and services to support the Group in fulfilling obligations required by the UK Listing Rules. In respect of 2024, the non-audit fees related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of Capita One Limited. 2.4 Adjusted operating profit and adjusted profit before tax Accounting policies IAS 1 Presentation of Financial Statements permits an entity to present additional information for specific items to enable users to better assess the entity\u2019s financial performance. The Board has adopted a policy to disclose separately those items that it considers are outside the underlying operating results for the particular year under review and against which the Group\u2019s performance is assessed internally. In the Board\u2019s judgement, these need to be disclosed separately by virtue of their nature, size and/or incidence, for users of the consolidated financial statements to obtain an understanding of the financial information and the underlying performance of the Group. In general, the Board believes that alternative performance measures (APMs) are useful for investors because they provide further clarity and transparency of the Group\u2019s financial performance and are closely monitored by management to evaluate the Group\u2019s operating performance to facilitate financial, strategic and operating decisions. Accordingly, these items are also excluded from the discussion of divisional performance in the strategic report. This policy is kept under review by the Board and the Audit and Risk Committee. Refer to Section 8.2 for further details of the Group\u2019s APMs. While the Board considers APMs to be helpful to the reader it notes that APMs have certain limitations, including the exclusion of significant recurring and non-recurring items, and may not be directly comparable with similarly titled measures presented by other companies. Those items excluded from the adjusted income statement are: business exits; amortisation and impairment of acquired intangibles; impairment of goodwill; certain mark-to-market valuation changes that impact net finance costs; the costs associated with the cyber incident in March 2023, and the expenses associated with the cost reduction programme. The items below are excluded from the adjusted results:
Operating profit/(loss)
Profit/(loss) before tax
2025 2024 2025 2024
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Reported
(129.6)
(9.9)
(170.9)
116.6
Amortisation and impairment of acquired intangibles
3.3
0.2
0.2
0.2
0.2
Impairment of goodwill
3.4
73.7
75.1
73.7
75.1
Net finance (income)/costs
4.3
\u2014
\u2014
(2.1)
0.1
Business exits expense/(gain)
2.8
97.2
(9.7)
101.6
(180.4)
Cyber incident
15.9
 1.0 15.9 1.0
Cost reduction programme
56.1
 27.9 56.1 27.9
Adjusted
113.5
84.6
74.5
40.5
1. Adjusted operating profit increased by 34.2% (2024: increased 5.5%) and adjusted profit before tax increased by 84.0% (2024: increased 22.2%). Adjusted operating profit of \u00a3113.5m (2024: profit \u00a384.6m) was generated on adjusted revenue of \u00a32,199.5m (2024: \u00a32,225.7m) resulting in an adjusted operating margin of 5.2% (2024: 3.8%). 2. The tax charge on adjusted profit before tax is \u00a319.0m (2024: \u00a334.6m charge) resulting in adjusted profit after tax of \u00a355.5m (2024: \u00a35.9m profit). 3. The adjusted operating profit and adjusted profit before tax for 2024 has been re-presented for the impact of business exits during 2025 and the change in adjusting items. This has resulted in adjusted operating profit decreasing from \u00a395.9m to \u00a384.6m and adjusted profit before tax decreasing from \u00a350.0m to \u00a340.5m. Amortisation and impairment of acquired intangible assets: The Group recognised acquired intangible amortisation of \u00a30.2m (2024: \u00a30.2m). These charges are excluded from the adjusted results of the Group because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Impairment of goodwill: The Group carries on its balance sheet significant amounts of goodwill which are subject to annual impairment testing and when any indicators of impairment are identified. Any impairment changes are reported separately because they are non-cash items generated from historical acquisition related activity. The charge is included within administrative expenses. Net finance (income)/costs: Relate to movements in the mark-to-market value of forward foreign exchange contracts to cover anticipated future expenses and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. Business exits: The trading result of businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy, and the gain or loss on business disposals are excluded from the Group's adjusted results. Note 2.8 provides further detail regarding which income statement line items are impacted by business exits. Cyber incident: The Group has incurred exceptional costs associated with the March 2023 cyber incident. These costs comprise specialist professional fees, recovery and remediation costs, investment to reinforce Capita\u2019s cyber security environment, and, in 2025, a \u00a314m penalty from the Information Commissioner\u2019s Office (ICO). A charge of \u00a315.9m has been recognised in the year ended 31 December 2025, which primarily comprises the ICO penalty of \u00a314m and related legal fees, offset by insurance receipts (2024: charge of \u00a31.0m). Cumulatively the net costs incurred total \u00a342.2m and are included within administrative expenses. Further insurance receipts are anticipated but did not meet the criteria for recognition at 31 December 2025. Cost reduction programme: The Group implemented a multi-year cost reduction programme in November 2023 to deliver annualised savings of \u00a360m by Q1 2024. The programme was extended in March 2024, to deliver further savings of \u00a3100m by mid-2025. In December 2024, reflecting on the progress made ahead of schedule with \u00a3140m annualised savings already delivered, and increased confidence in the level of efficiencies that could be delivered, the cost reduction target increased from \u00a3160m up to \u00a3250m. This target was met by the end of 2025. The Group exercises judgement in assessing whether the actions being taken to deliver these savings are exceptional as opposed to business as usual, and therefore whether or not the costs to deliver the savings should be excluded from the Group's adjusted results. The assessment considers the nature of the activity being undertaken, in particular, whether it was anticipated in the original bid to win a customer contract. Investment in new technology that supports the delivery of customer contracts are considered business as usual and are not excluded from the Group\u2019s adjusted results. A charge of \u00a356.1m (2024: \u00a327.9m) has been recognised in the year ended 31 December 2025 for the expenses to deliver the cost reduction programme. This includes redundancy and other expenses of \u00a353.4m (2024: \u00a330.5m) to deliver a significant reduction in headcount, and a charge of \u00a32.7m arising from the rationalisation of the Group's property estate (2024: a credit of \u00a32.6m reflecting the successful exit of a number of properties which had been provided for previously). The cumulative expense recognised since the commencement of the cost reduction programme is \u00a3138.4m (2024: \u00a382.3m), which is included within administrative expenses. Since the targeted savings were delivered by the end of 2025, no further expenses to deliver this cost reduction programme are expected beyond the end of 2025. Refer to note 2.9.1 for the cash flow impact of the above. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "2.3.2 Fees payable to auditors The amounts included in the table below relate to fees payable to KPMG LLP and its associates:
2025 2024
\u00a3m \u00a3m
Audit and audit-related services
The audit of the Parent Company and the Group\u2019s consolidated financial
statements
4.5
4.6
The audit of the financial statements of the Group\u2019s subsidiary companies
0.8
0.7
Total audit and audit-related services
5.3
5.3
Non-audit services
Other assurance services
1.9
1.0
Audit-related assurance services
0.3
0.3
Total non-audit services
2.2
1.3
Total audit and non-audit services
7.5
6.6
The non-audit fees in respect of 2025 related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported, and services to support the Group in fulfilling obligations required by the UK Listing Rules. In respect of 2024, the non-audit fees related to the review of interim results, ISAE 3402 assurance reporting on controls operated by a subsidiary, ISAE 3000 assurance reporting over non-financial metrics reported within the Annual Report and Accounts, and services as reporting accountant for the disposal of Capita One Limited. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-436": { "value": "Net finance (income)/costs: Relate to movements in the mark-to-market value of forward foreign exchange contracts to cover anticipated future expenses and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Net finance (income)/costs: Relate to movements in the mark-to-market value of forward foreign exchange contracts to cover anticipated future expenses and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Net finance (income)/costs: Relate to movements in the mark-to-market value of forward foreign exchange contracts to cover anticipated future expenses and therefore have no equivalent offsetting transaction in the accounting records, also refer to note 4.2.2. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "2.5 Segmental information The Group\u2019s operations are managed separately according to the nature of the services provided, with each segment representing a strategic business offering a different package of client outcomes across the markets the Group serves. Capita plc is a reconciling item and not an operating segment. A description of the services provided by each segment can be found in the strategic report on pages 2 to 87. The tables below present profit for the Group\u2019s operating segments as reported to the Chief Operating Decision Maker as detailed in note 2.2.1. For segmental reporting, the costs of the central functions have been allocated to the segments using appropriate drivers such as adjusted revenue, adjusted profit or headcount. The closed book Life & Pensions business within business exits has also been allocated a share of the costs of the central functions that relate to the running of the business which the Group expects will no longer be incurred when the business exit has completed. Comparative information has been re-presented to reflect businesses moved to business exits during 2025. Information on segmental revenue can be found in note 2.2.
Year ended 31 December 2025
Year ended 31 December 2024
Capita Capita Experience Capita Capita Experience
Notes
Public
Contact
Pension Regulated Capita Total Adjusting Total Public Contact Pension Regulated Capita Total Adjusting Total
Service Centre Solutions Services plc adjusted items reported Service Centre Solutions Services plc adjusted items reported
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Adjusted operating profit/(loss) 2.4
121.0
(17.0)
29.9
5.4
(25.8)
113.5
\u2014
113.5
89.1
(5.9)
28.1
1.3
(28.0)
84.6
\u2014
84.6
Cost reduction programme 2.4
(18.1)
(19.7)
(3.2)
(3.0)
(12.1)
\u2014
(56.1)
(56.1)
(11.3)
(5.3)
(0.8)
(0.5)
(10.0)
\u2014
(27.9)
(27.9)
Business exits (trading) 2.8
(23.4)
(23.4)
17.7
17.7
Total trading result
102.9
(36.7)
26.7
2.4
(37.9)
113.5
(79.5)
34.0
77.8
(11.2)
27.3
0.8
(38.0)
84.6
(10.2)
74.4
Non-trading items:
Business exits 2.8
\u2014
(73.8)
(73.8)
\u2014
(8.0)
(8.0)
Other adjusting items 2.4
\u2014
(89.8)
(89.8)
\u2014
(76.3)
(76.3)
Operating profit/(loss)
113.5
(243.1)
(129.6)
84.6
(94.5)
(9.9)
Finance income 4.3
12.5
10.0
Finance costs 4.3
(51.7)
(56.3)
Share of results in associates and losses on financial assets
2.8
(0.5)
(11.8)
(Loss)/gain on disposal of businesses
2.8
(1.6)
184.6
(Loss)/profit before tax
(170.9)
116.6
Supplementary Information
Depreciation and amortisation
3.2
30.4
32.9
7.5
0.3
2.2
73.3
3.3
76.6
35.8
39.3
6.0
\u2014
1.7
82.8
7.1
89.9
Impairment of property, plant and equipment, intangible, right-of-use assets and 3.3
0.8
0.4
\u2014
\u2014
\u2014
1.2
73.9
75.1
0.7
0.9
\u2014
\u2014
\u2014
1.6
84.6
86.2
goodwill
3.5
Non-current contract fulfilment assets utilisation, impairment and derecognition
3.1.3
60.6
9.9
6.5
13.1
\u2014
90.1
\u2014
90.1
57.2
5.1
3.9
0.4
\u2014
66.6
1.7
68.3
Net onerous contract provisions (net of additions, releases and unwinding of
discount)
2.3
\u2014
(0.3)
\u2014
\u2014
\u2014
(0.3)
40.6
40.3
\u2014
0.3
\u2014
\u2014
\u2014
0.3
21.8
22.1
Geographical location The table below presents the carrying amount of non-current assets (excluding deferred tax, financial assets and employee benefits) by the geographical location of those assets.
United
2025
United
2024
Kingdom Europe Other Total Kingdom Europe Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
821.7
22.0
14.7
858.4
922.6
25.0
21.3
968.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "2.6 Taxation Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences: \u2022 except where the deferred tax liability arises from the initial recognition of goodwill; \u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
Significant accounting estimates and assumptions
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax
assets and unused tax losses, to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences and the carry-forward of unused tax assets and unused tax
losses can be utilised, except where the deferred tax asset relating to the deductible temporary difference
arises from the initial recognition of an asset or liability in a transaction that is not a business combination
and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. This
involves an assessment of when those assets are likely to reverse, and a judgement as to whether or not
there will be sufficient taxable profits available to offset the assets when they do reverse. This requires
assumptions regarding future profitability and is therefore inherently uncertain. To the extent assumptions
regarding future profitability change, there may be an increase or decrease in the amounts recognised in
respect of deferred tax assets as well as in the amounts recognised during the year in which the change
occurs.
Sensitivities and additional information relating to deferred tax assets/liabilities are provided in note 2.6.2.
2.6.1 Income tax charge
The reported income tax credit for the year is \u00a35.3m on reported loss before tax of \u00a3170.9m (2024: reported
income tax charge of \u00a336.2m on reported profit of \u00a3116.6m), and an adjusted income tax charge for the
period of \u00a319.0m on adjusted profit before tax of \u00a374.5m (2024: adjusted income tax charge of \u00a334.6m on
adjusted profit of \u00a340.5m). This includes \u00a30.2m (2024: \u00a30.2m) relating to Pillar Two current income taxes.
The most significant reconciling items, explaining the difference from the standard UK corporation tax rate
of 25.0% for the period (2024: 25.0%) are non-deductible business exit costs, a non-deductible fine relating
to the cyber incident, non-deductible goodwill impairment, changes in the accounting estimate of recognised
deferred tax assets and movement in unrecognised temporary differences relating to losses, fixed assets
and other provisions.
The forecast future adjusted effective tax rate, before and assuming no material changes to tax laws in the
jurisdictions in which Capita operates, is expected to be broadly similar to the UK corporation tax rate, with
an increase for taxable profits in higher tax rate jurisdictions.
The major components of the income tax charge are set out below:
2025
2024
Not
Not
Included in included in Included in included in
Total adjusted adjusted Total adjusted adjusted
reported profit profit reported
profit
1
profit
1
Consolidated income statement \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Current income tax
Current income tax charge
7.5
7.1
0.4
15.3
13.6
1.7
Adjustment in respect of prior years
1.1
1.1
\u2014
2.5
2.5
\u2014
Deferred tax
On origination and reversal of temporary
differences
(14.3)
10.4
(24.7)
19.5
19.6
(0.1)
Adjustment in respect of prior years
0.4
0.4
\u2014
(1.1)
(1.1)
\u2014
Total (credit)/charge
(5.3)
19.0
(24.3)
36.2
34.6
1.6
1. To enable a like-for-like comparison of adjusted results, the 2024 comparatives have been re-presented to exclude from adjusted profit those
businesses classified as business exits during 2025. Refer to note 2.8.
2025 2024
Consolidated statement of comprehensive income and consolidated statement of changes in equity \u00a3m \u00a3m
Deferred tax movement on cash flow hedges
(1.2)
1.8
Deferred tax movement in relation to actuarial changes on defined benefit
pension schemes
(2.2)
7.0
Current income tax movement on defined benefit pension scheme contributions
(0.6)
(9.8)
Deferred tax movement in relation to share-based payments
(0.7)
0.2
Total credit
(4.7)
(0.8)
The reconciliation between the total tax charge and the accounting profit multiplied by the UK corporation
tax rate is as follows:
Total tax
Current tax
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
(Loss)/profit before tax
(170.9)
116.6
(170.9)
116.6
Notional (credit)/charge at UK corporation tax rate of 25.0%
(42.7)
29.2
(42.7)
29.2
Adjustments in respect of current income tax of prior years
a
1.1
2.5
1.1
2.5
Adjustments in respect of deferred tax of prior years
b
0.4
(1.1)
\u2014
\u2014
Non-deductible expenses \u2013 adjusted
0.5
5.0
0.5
5.0
Non-deductible expenses \u2013 business exit
c*
8.3
2.7
8.3
2.7
Non-deductible expenses \u2013 specific items
3.5
\u2014
3.5
\u2014
Loss/(profit) on disposal of businesses
d*
0.4
(46.1)
0.4
(46.1)
Pillar Two income taxes
2.6.4
0.2
0.2
0.2
0.2
Non-deductible goodwill impairment
e*
18.4
18.7
18.4
18.7
Tax provided on unremitted earnings
f
(0.2)
(0.5)
\u2014
\u2014
Attributable to different tax rates in overseas jurisdictions
g
(1.1)
(0.5)
(0.6)
(0.1)
Movement in unrecognised temporary differences
2.6.2
5.3
26.1
\u2014
\u2014
Current year movement in uncertain tax positions
j
0.6
\u2014
0.6
\u2014
Fixed asset temporary differences
\u2014
\u2014
3.1
4.2
Current tax impact on other temporary differences
\u2014
\u2014
0.2
(3.5)
Carry forward of losses in current period
h
\u2014
\u2014
15.6
5.0
At the effective total tax rate of 3.1% (2024: 31.0%) and the
effective current tax rate of (5.0)% (2024: 15.3%)
i
(5.3)
36.2
8.6
17.8
Tax (credit)/charge reported in the income statement
(5.3)
36.2
8.6
17.8
* These \u00a327.1m (2024: \u00a3(24.7)m) of reconciling items relate to the reported tax charge only, with no impact on the adjusted tax charge.
Further details are given below.
a The \u00a31.1m prior year charge adjustment includes: (i) \u00a30.4m credit which has a corresponding impact within deferred tax of prior years;
and, (ii) a \u00a31.5m charge to adjust for finalisation of submitted tax returns.There is no opposite deferred tax credit in relation to the
temporary difference true-ups because these are unrecognised.
b Adjustments in respect of deferred tax of prior years mainly relate to \u00a30.4m of charges which have a corresponding impact within current
income tax of prior years.
c* Business exit: relates to non-deductible exit costs associated with the closed book Life & Pensions business. Refer to note 2.8 for further
details.
d* Relates to the gain/loss on disposal of entities in the current year. Refer to note 2.8.1 for further details.
e* Relates to the goodwill impairments as detailed further in note 3.4.
f Movement on the deferred tax liability recognised on the unremitted earnings of those subsidiaries affected by withholding taxes.
g Mainly relates to withholding tax and tax payable at rates which are lower than the UK such as Switzerland and Ireland.
h Relates to the carry forward of losses and non-deductible interest in the period.
i The current tax charge of \u00a38.6m (2024: \u00a317.8m) results in an effective current tax rate of (5.0)%, which is different from the UK statutory
rate of tax of 25% predominantly due to a non-deductible business exit costs, unrecognised losses, interest disallowance carried forward,
and other expenses not deductible for tax purposes, including non-qualifying depreciation, fines and capital related costs. The impact of
differing overseas tax rates is covered in footnote g.
j Please refer to note 2.6.3.
2.6.2 Deferred tax
Deferred tax relates to the following:
Credited/(charged) to
OCI and
At Income changes in Other At
1 January statement equity
movements
2
31 December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
Fixed assets which qualify for tax relief
77.8
8.6
\u2014
(0.1)
86.3
Provisions and other temporary
differences
8.2
(0.2)
1.2
(0.3)
8.9
Pension schemes
(8.6)
(0.2)
2.2
\u2014
(6.6)
Share-based payments
1.3
0.2
0.7
\u2014
2.2
Tax losses
1
30.7
5.2
\u2014
\u2014
35.9
109.4
13.6
4.1
(0.4)
126.7
Jurisdictional netting
2.2
2.0
Net deferred tax assets
111.6
13.6
4.1
(0.4)
128.7
Deferred tax liabilities
Acquired intangibles
(0.1)
\u2014
\u2014
\u2014
(0.1)
Contract fulfilment assets
(0.1)
0.1
\u2014
\u2014
\u2014
Unremitted earnings
(4.6)
0.2
\u2014
(0.1)
(4.5)
(4.8)
0.3
\u2014
(0.1)
(4.6)
Jurisdictional netting
(2.2)
(2.0)
Net deferred tax liabilities
(7.0)
0.3
\u2014
(0.1)
(6.6)
Net deferred tax
104.6
13.9
4.1
(0.5)
122.1
1. Mainly trading losses available to shelter future profits and deferred interest.
2. Other movements includes foreign exchange movements and business disposals.
The main movement in the net deferred tax asset is the income statement tax charge arising on the change
in the accounting estimate of deferred tax.
On 6 April 2024, it was announced that the free-standing tax charge that applies to authorised surplus
payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to
25%. This was substantively enacted retrospectively from 11 March 2024. Therefore, for the purpose of
recognising deferred tax on the pension scheme surplus, withholding tax at 25% (2023: 35%) would apply
for any surplus being refunded to the Group at the end of the life of the scheme. Corporation tax at 25%
would apply for any surplus expected to unwind over the life of the scheme. Management have concluded
that the corporation tax rate should apply to the recognition of deferred tax on the pension scheme surplus,
reflecting the Group\u2019s intention regarding the manner of recovery of the asset.
The UK Government has proposed reducing the main rate of capital allowances from 18% to 14%. As the
change has not yet been substantively enacted, deferred tax balances in these financial statements
continue to be measured using the existing enacted rates. The impact of any future rate changes will be
recognised in the period in which they become substantively enacted.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be
available against which the assets can be utilised. The recoverability of deferred tax assets is supported by
the deferred tax liabilities against which the reversal can be offset and the expected level of future taxable
profits available to offset the assets when they reverse.
The recognition of deferred tax assets at 31 December 2025 has been based on the forecast accounting
profits in the 2026-2028 business plan approved by the Board. This is the same plan used to derive forecast
cash flows for the goodwill impairment test (refer to note 3.4). A long-term growth rate of 1.5%, as used for
impairment test purposes, has been applied to the years beyond 2028. A reducing probability factor has
also been applied to future profits for the potential decrease in reliability of forecasts extrapolated for later
years, such that profits beyond seven years of the balance sheet date have not been considered probable
for the purpose of assessing deferred tax asset recognition.
Unused tax losses make up a significant proportion of the temporary differences available to be utilised in
future periods. These losses mainly arose due to the historic adoption of IFRS 15, previous Covid-19
related downward pressures on profits and tax deductible restructuring costs, tax deductible business exit
costs, cyber costs and pension contributions. Based on the forecast accounting profits, management have
concluded that some of the deductible temporary differences and unused tax losses are not recognisable
due to uncertainty in their recoverability. There is an increase in the amounts previously recognised in
respect of deferred tax assets and an increase in unrecognised temporary differences arising during the
year. The impact of this is a credit to the income statement of \u00a313.9m, and a credit to OCI and changes in
equity of \u00a34.1m. This is included in the movement in unrecognised temporary differences of \u00a35.3m in the tax
reconciliation table in section 2.6.1 above, which also includes unrecognised current year temporary
differences (mainly losses) of \u00a318.9m. The reported income statement charge includes a \u00a324.7m change in
the deferred tax asset estimate due to the impact on future taxable profits of the disposal of the closed book
Life & Pensions business, reflected in the tax arising on business exits (see note 2.8).
Deferred tax asset recognition depends on the reliability of management\u2019s forecasts and is sensitive to the
assumptions that underlie them. Management have considered the severe but plausible downsides applied
to the base-case projections for assessing going concern and viability, to gauge sensitivity and identify a
reasonable possible alternative result. This scenario identified a further potential reduction in recognised
deferred tax assets of approximately \u00a311.3m.
The Group has unrecognised tax losses and other temporary differences that are available for offset against
future taxable profits of the companies in which the losses or other temporary differences arose but have
not been recognised because it is not probable that future taxable profits will be available against which
these can be offset. The table below shows the amounts split between UK and non-UK jurisdictions.
2025 2024
\u00a3m \u00a3m
Gross Amount Gross Amount
UK:
Tax losses
690.7
667.6
Other temporary timing differences
234.5
239.2
925.2
906.8
Non-UK:
Tax losses
93.6
64.0
Other temporary timing differences
15.1
12.4
108.7
76.4
Total
1,033.9
983.2
The \u00a350.7m increase in unrecognised tax losses and other temporary differences reflects the increase in
unrecognised temporary differences arising during the year due to: deferred interest; tax deductible cost
reduction programme and business exit expenses.
Assets have no time expiry, but some losses are subject to specific loss restriction rules.
Dividends received from subsidiaries are largely exempt from UK tax but may be subject to dividend
withholding taxes levied by the overseas tax jurisdictions in which the subsidiaries operate. The gross
temporary differences of those subsidiaries affected by such potential taxes is \u00a344.9m (2024: \u00a345.6m). A
deferred tax liability of \u00a34.3m (2024: \u00a34.5m) has been recognised on the unremitted earnings of those
subsidiaries affected by such potential taxes because the Group is able to control the timing of reversal and
it is anticipating dividends to be distributed. The earnings remitted during the year have resulted in a
reduction in the closing deferred tax liability.
2.6.3 Uncertain tax positions
The Group files income tax returns in several jurisdictions and some of these returns are open to, or subject
to, tax authority audits or examinations. Tax returns contain matters that could be subject to differing
interpretations of applicable tax laws and regulations; and the resolution of tax positions, through
negotiations with relevant tax authorities or litigation, can take several years. Tax uncertainties are
assessed throughout the year and specifically at the year-end with any associated provisions recognised
considering the specific circumstances of each risk, including the merits of technical aspects, previous
experience with tax authorities, recent tax law and if relevant, external specialist advice. The Group applies
judgement in quantifying uncertainties over income tax treatments in accordance with this criteria.
At 31 December 2025 the net income tax payable of \u00a3nil is net of a \u00a33.3m (2024: \u00a33.0m) liability in relation
to uncertain tax positions. During 2025, the Group reassessed the uncertain tax provision and adjusted the
tax risk upwards by \u00a30.6m (2024: \u00a30.1m downwards), offset by \u00a30.3m relating to foreign exchange
movements.
Expiry under the statute of limitations, or conclusion of tax audits could result in a release of the provision in
the next financial year. While it is difficult to predict the ultimate outcome in some cases, and there are a
range of different outcomes, the Group does not currently anticipate that there will be any material impact
on the Group\u2019s financial position in the next financial year.
2.6.4 Global minimum tax
The Group is within the scope of the Pillar Two top-up tax that applies in the UK. The first period for which a
Pillar Two return will be required is the accounting period ending on 31 December 2024.
The Group has applied the mandatory exception to recognising and disclosing information about deferred
tax assets and liabilities related to Pillar Two income taxes.
It is expected that the Group will pay Pillar Two top-up taxes of \u00a30.2m for the period ended 31 December
2025 in relation to operations in Poland and Bulgaria. This is included in the current income tax expenses
as shown in note 2.6.1.
Since the stated jurisdictions either have a low tax rate and no material profits are expected; or, an
expected effective tax rate close to 15%; it is expected that the Pillar Two top-up tax will continue to have an
immaterial impact on the Group tax liability.
2.6.5 Capita\u2019s responsible approach to taxation
Capita has an open and positive working relationship with HMRC, has a designated customer compliance
manager, and is committed to prompt disclosure and transparency in all dealings with HMRC and overseas
tax authorities. The Group does not have a complex tax structure, nor does it pursue aggressive tax
avoidance activities. The Group continues to progress well with its legal entity rationalisation programme.
The Group has a low-risk rating from HMRC, and has been awarded the Fair Tax Mark for its tax
disclosures from 2018 to 2024. The Group has operations in a number of countries outside the UK. All such
operations outside the UK are trading operations and pay the appropriate local taxes on these activities.
Further detail, regarding Capita's tax strategy can be found on the Policies & Principles area of the Capita
website (https://www.capita.com/about-us/codes-policies-and-principles).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences: \u2022 except where the deferred tax liability arises from the initial recognition of goodwill; \u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-437": { "value": "Accounting policies Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognised for all taxable temporary differences: \u2022 except where the deferred tax liability arises from the initial recognition of goodwill; \u2022 except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "2.6.1 Income tax charge The reported income tax credit for the year is \u00a35.3m on reported loss before tax of \u00a3170.9m (2024: reported income tax charge of \u00a336.2m on reported profit of \u00a3116.6m), and an adjusted income tax charge for the period of \u00a319.0m on adjusted profit before tax of \u00a374.5m (2024: adjusted income tax charge of \u00a334.6m on adjusted profit of \u00a340.5m). This includes \u00a30.2m (2024: \u00a30.2m) relating to Pillar Two current income taxes. The most significant reconciling items, explaining the difference from the standard UK corporation tax rate of 25.0% for the period (2024: 25.0%) are non-deductible business exit costs, a non-deductible fine relating to the cyber incident, non-deductible goodwill impairment, changes in the accounting estimate of recognised deferred tax assets and movement in unrecognised temporary differences relating to losses, fixed assets and other provisions. The forecast future adjusted effective tax rate, before and assuming no material changes to tax laws in the jurisdictions in which Capita operates, is expected to be broadly similar to the UK corporation tax rate, with an increase for taxable profits in higher tax rate jurisdictions. 2.6.4 Global minimum tax The Group is within the scope of the Pillar Two top-up tax that applies in the UK. The first period for which a Pillar Two return will be required is the accounting period ending on 31 December 2024. The Group has applied the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. It is expected that the Group will pay Pillar Two top-up taxes of \u00a30.2m for the period ended 31 December 2025 in relation to operations in Poland and Bulgaria. This is included in the current income tax expenses as shown in note 2.6.1. Since the stated jurisdictions either have a low tax rate and no material profits are expected; or, an expected effective tax rate close to 15%; it is expected that the Pillar Two top-up tax will continue to have an immaterial impact on the Group tax liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "2.6.2 Deferred tax Deferred tax relates to the following:
Credited/(charged) to
OCI and
At Income changes in Other At
1 January statement equity
movements
2
31 December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
Fixed assets which qualify for tax relief
77.8
8.6
\u2014
(0.1)
86.3
Provisions and other temporary
differences
8.2
(0.2)
1.2
(0.3)
8.9
Pension schemes
(8.6)
(0.2)
2.2
\u2014
(6.6)
Share-based payments
1.3
0.2
0.7
\u2014
2.2
Tax losses
1
30.7
5.2
\u2014
\u2014
35.9
109.4
13.6
4.1
(0.4)
126.7
Jurisdictional netting
2.2
2.0
Net deferred tax assets
111.6
13.6
4.1
(0.4)
128.7
Deferred tax liabilities
Acquired intangibles
(0.1)
\u2014
\u2014
\u2014
(0.1)
Contract fulfilment assets
(0.1)
0.1
\u2014
\u2014
\u2014
Unremitted earnings
(4.6)
0.2
\u2014
(0.1)
(4.5)
(4.8)
0.3
\u2014
(0.1)
(4.6)
Jurisdictional netting
(2.2)
(2.0)
Net deferred tax liabilities
(7.0)
0.3
\u2014
(0.1)
(6.6)
Net deferred tax
104.6
13.9
4.1
(0.5)
122.1
1. Mainly trading losses available to shelter future profits and deferred interest. 2. Other movements includes foreign exchange movements and business disposals. The main movement in the net deferred tax asset is the income statement tax charge arising on the change in the accounting estimate of deferred tax. On 6 April 2024, it was announced that the free-standing tax charge that applies to authorised surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. This was substantively enacted retrospectively from 11 March 2024. Therefore, for the purpose of recognising deferred tax on the pension scheme surplus, withholding tax at 25% (2023: 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. Corporation tax at 25% would apply for any surplus expected to unwind over the life of the scheme. Management have concluded that the corporation tax rate should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the Group\u2019s intention regarding the manner of recovery of the asset. The UK Government has proposed reducing the main rate of capital allowances from 18% to 14%. As the change has not yet been substantively enacted, deferred tax balances in these financial statements continue to be measured using the existing enacted rates. The impact of any future rate changes will be recognised in the period in which they become substantively enacted. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The recoverability of deferred tax assets is supported by the deferred tax liabilities against which the reversal can be offset and the expected level of future taxable profits available to offset the assets when they reverse. The recognition of deferred tax assets at 31 December 2025 has been based on the forecast accounting profits in the 2026-2028 business plan approved by the Board. This is the same plan used to derive forecast cash flows for the goodwill impairment test (refer to note 3.4). A long-term growth rate of 1.5%, as used for impairment test purposes, has been applied to the years beyond 2028. A reducing probability factor has also been applied to future profits for the potential decrease in reliability of forecasts extrapolated for later years, such that profits beyond seven years of the balance sheet date have not been considered probable for the purpose of assessing deferred tax asset recognition. Unused tax losses make up a significant proportion of the temporary differences available to be utilised in future periods. These losses mainly arose due to the historic adoption of IFRS 15, previous Covid-19 related downward pressures on profits and tax deductible restructuring costs, tax deductible business exit costs, cyber costs and pension contributions. Based on the forecast accounting profits, management have concluded that some of the deductible temporary differences and unused tax losses are not recognisable due to uncertainty in their recoverability. There is an increase in the amounts previously recognised in respect of deferred tax assets and an increase in unrecognised temporary differences arising during the year. The impact of this is a credit to the income statement of \u00a313.9m, and a credit to OCI and changes in equity of \u00a34.1m. This is included in the movement in unrecognised temporary differences of \u00a35.3m in the tax reconciliation table in section 2.6.1 above, which also includes unrecognised current year temporary differences (mainly losses) of \u00a318.9m. The reported income statement charge includes a \u00a324.7m change in the deferred tax asset estimate due to the impact on future taxable profits of the disposal of the closed book Life & Pensions business, reflected in the tax arising on business exits (see note 2.8). Deferred tax asset recognition depends on the reliability of management\u2019s forecasts and is sensitive to the assumptions that underlie them. Management have considered the severe but plausible downsides applied to the base-case projections for assessing going concern and viability, to gauge sensitivity and identify a reasonable possible alternative result. This scenario identified a further potential reduction in recognised deferred tax assets of approximately \u00a311.3m. The Group has unrecognised tax losses and other temporary differences that are available for offset against future taxable profits of the companies in which the losses or other temporary differences arose but have not been recognised because it is not probable that future taxable profits will be available against which these can be offset. The table below shows the amounts split between UK and non-UK jurisdictions.
2025 2024
\u00a3m \u00a3m
Gross Amount Gross Amount
UK:
Tax losses
690.7
667.6
Other temporary timing differences
234.5
239.2
925.2
906.8
Non-UK:
Tax losses
93.6
64.0
Other temporary timing differences
15.1
12.4
108.7
76.4
Total
1,033.9
983.2
The \u00a350.7m increase in unrecognised tax losses and other temporary differences reflects the increase in unrecognised temporary differences arising during the year due to: deferred interest; tax deductible cost reduction programme and business exit expenses. Assets have no time expiry, but some losses are subject to specific loss restriction rules. Dividends received from subsidiaries are largely exempt from UK tax but may be subject to dividend withholding taxes levied by the overseas tax jurisdictions in which the subsidiaries operate. The gross temporary differences of those subsidiaries affected by such potential taxes is \u00a344.9m (2024: \u00a345.6m). A deferred tax liability of \u00a34.3m (2024: \u00a34.5m) has been recognised on the unremitted earnings of those subsidiaries affected by such potential taxes because the Group is able to control the timing of reversal and it is anticipating dividends to be distributed. The earnings remitted during the year have resulted in a reduction in the closing deferred tax liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "2.6.2 Deferred tax Deferred tax relates to the following:
Credited/(charged) to
OCI and
At Income changes in Other At
1 January statement equity
movements
2
31 December
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Deferred tax assets
Fixed assets which qualify for tax relief
77.8
8.6
\u2014
(0.1)
86.3
Provisions and other temporary
differences
8.2
(0.2)
1.2
(0.3)
8.9
Pension schemes
(8.6)
(0.2)
2.2
\u2014
(6.6)
Share-based payments
1.3
0.2
0.7
\u2014
2.2
Tax losses
1
30.7
5.2
\u2014
\u2014
35.9
109.4
13.6
4.1
(0.4)
126.7
Jurisdictional netting
2.2
2.0
Net deferred tax assets
111.6
13.6
4.1
(0.4)
128.7
Deferred tax liabilities
Acquired intangibles
(0.1)
\u2014
\u2014
\u2014
(0.1)
Contract fulfilment assets
(0.1)
0.1
\u2014
\u2014
\u2014
Unremitted earnings
(4.6)
0.2
\u2014
(0.1)
(4.5)
(4.8)
0.3
\u2014
(0.1)
(4.6)
Jurisdictional netting
(2.2)
(2.0)
Net deferred tax liabilities
(7.0)
0.3
\u2014
(0.1)
(6.6)
Net deferred tax
104.6
13.9
4.1
(0.5)
122.1
1. Mainly trading losses available to shelter future profits and deferred interest. 2. Other movements includes foreign exchange movements and business disposals. The main movement in the net deferred tax asset is the income statement tax charge arising on the change in the accounting estimate of deferred tax. On 6 April 2024, it was announced that the free-standing tax charge that applies to authorised surplus payments to sponsoring employers of a registered defined benefit pension scheme will reduce from 35% to 25%. This was substantively enacted retrospectively from 11 March 2024. Therefore, for the purpose of recognising deferred tax on the pension scheme surplus, withholding tax at 25% (2023: 35%) would apply for any surplus being refunded to the Group at the end of the life of the scheme. Corporation tax at 25% would apply for any surplus expected to unwind over the life of the scheme. Management have concluded that the corporation tax rate should apply to the recognition of deferred tax on the pension scheme surplus, reflecting the Group\u2019s intention regarding the manner of recovery of the asset. The UK Government has proposed reducing the main rate of capital allowances from 18% to 14%. As the change has not yet been substantively enacted, deferred tax balances in these financial statements continue to be measured using the existing enacted rates. The impact of any future rate changes will be recognised in the period in which they become substantively enacted. Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. The recoverability of deferred tax assets is supported by the deferred tax liabilities against which the reversal can be offset and the expected level of future taxable profits available to offset the assets when they reverse. The recognition of deferred tax assets at 31 December 2025 has been based on the forecast accounting profits in the 2026-2028 business plan approved by the Board. This is the same plan used to derive forecast cash flows for the goodwill impairment test (refer to note 3.4). A long-term growth rate of 1.5%, as used for impairment test purposes, has been applied to the years beyond 2028. A reducing probability factor has also been applied to future profits for the potential decrease in reliability of forecasts extrapolated for later years, such that profits beyond seven years of the balance sheet date have not been considered probable for the purpose of assessing deferred tax asset recognition. Unused tax losses make up a significant proportion of the temporary differences available to be utilised in future periods. These losses mainly arose due to the historic adoption of IFRS 15, previous Covid-19 related downward pressures on profits and tax deductible restructuring costs, tax deductible business exit costs, cyber costs and pension contributions. Based on the forecast accounting profits, management have concluded that some of the deductible temporary differences and unused tax losses are not recognisable due to uncertainty in their recoverability. There is an increase in the amounts previously recognised in respect of deferred tax assets and an increase in unrecognised temporary differences arising during the year. The impact of this is a credit to the income statement of \u00a313.9m, and a credit to OCI and changes in equity of \u00a34.1m. This is included in the movement in unrecognised temporary differences of \u00a35.3m in the tax reconciliation table in section 2.6.1 above, which also includes unrecognised current year temporary differences (mainly losses) of \u00a318.9m. The reported income statement charge includes a \u00a324.7m change in the deferred tax asset estimate due to the impact on future taxable profits of the disposal of the closed book Life & Pensions business, reflected in the tax arising on business exits (see note 2.8). Deferred tax asset recognition depends on the reliability of management\u2019s forecasts and is sensitive to the assumptions that underlie them. Management have considered the severe but plausible downsides applied to the base-case projections for assessing going concern and viability, to gauge sensitivity and identify a reasonable possible alternative result. This scenario identified a further potential reduction in recognised deferred tax assets of approximately \u00a311.3m. The Group has unrecognised tax losses and other temporary differences that are available for offset against future taxable profits of the companies in which the losses or other temporary differences arose but have not been recognised because it is not probable that future taxable profits will be available against which these can be offset. The table below shows the amounts split between UK and non-UK jurisdictions.
2025 2024
\u00a3m \u00a3m
Gross Amount Gross Amount
UK:
Tax losses
690.7
667.6
Other temporary timing differences
234.5
239.2
925.2
906.8
Non-UK:
Tax losses
93.6
64.0
Other temporary timing differences
15.1
12.4
108.7
76.4
Total
1,033.9
983.2
The \u00a350.7m increase in unrecognised tax losses and other temporary differences reflects the increase in unrecognised temporary differences arising during the year due to: deferred interest; tax deductible cost reduction programme and business exit expenses. Assets have no time expiry, but some losses are subject to specific loss restriction rules. Dividends received from subsidiaries are largely exempt from UK tax but may be subject to dividend withholding taxes levied by the overseas tax jurisdictions in which the subsidiaries operate. The gross temporary differences of those subsidiaries affected by such potential taxes is \u00a344.9m (2024: \u00a345.6m). A deferred tax liability of \u00a34.3m (2024: \u00a34.5m) has been recognised on the unremitted earnings of those subsidiaries affected by such potential taxes because the Group is able to control the timing of reversal and it is anticipating dividends to be distributed. The earnings remitted during the year have resulted in a reduction in the closing deferred tax liability. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "2.7 Earnings/(loss) per share Accounting policies Basic earnings/(loss) per share are calculated by dividing net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.
2025
2024
pence
pence
1
Basic (loss)/earnings per share
\u2013 reported
(144.13)
68.06
\u2013 adjusted
49.71
1.60
Diluted (loss)/earnings per share
\u2013 reported
(144.13)
66.10
\u2013 adjusted
49.71
1.55
1. 2024 comparatives have been re-presented from those previously published to reflect the 15 for 1 share consolidation undertaken in April 2025 (refer to note 4.6). The following tables show the earnings and share data used in the basic and diluted earnings/(loss) per share calculations:
2025
2024
\u00a3m
\u00a3m
Reported (loss)/profit before tax for the period
(170.9)
116.6
Income tax credit/(charge) 2.6.1
5.3
(36.2)
Reported (loss)/profit for the period
(165.6)
80.4
Less: Non-controlling interests
1.5
(3.7)
Total (loss)/profit attributable to shareholders
(164.1)
76.7
Adjusted profit before tax
1
for the period
2.4
74.5
40.5
Income tax charge 2.6.1
(19.0)
(34.6)
Adjusted profit for the period
55.5
5.9
Less: Non-controlling interests
1.1
(4.1)
Adjusted profit attributable to shareholders
56.6
1.8
1. Definitions of the alternative performance measures and related key performance indicators (KPIs) can be found in section 8.2.
2025 2024
thousands
thousands
1
Weighted average number of ordinary shares (excluding Employee benefit
trust shares) for basic earnings per share
113,856
112,694
Dilutive potential ordinary shares:
Employee share options
\u2014
3,341
Weighted average number of ordinary shares (excluding Employee benefit
trust shares) adjusted for the effect of dilution
113,856
116,035
1. 2024 comparatives have been re-presented from those previously published to reflect the 15 for 1 share consolidation undertaken in April
2025 (refer to note 4.6).
At 31 December 2025, 3,507,176 (2024: none) share options were excluded from the diluted weighted
average number of ordinary shares calculation because their effect would have been anti-dilutive. Under
IAS 33 Earnings per Share, potential ordinary shares are treated as dilutive when, and only when, their
conversion to ordinary shares would decrease earnings per share or increase loss per share from
continuing operations.
The earnings per share figures are calculated based on earnings attributable to ordinary equity holders of
the Parent Company and therefore exclude non-controlling interest. The earnings per share is calculated on
a total reported and an adjusted basis. The earnings per share for business exits and specific items are
reconciling items between total reported and adjusted basic earnings per share.
Details of transactions involving ordinary shares or potential ordinary shares between the balance sheet
date and the date on which these consolidated financial statements were authorised for issue, are included
in note 4.6.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-438": { "value": "Accounting policies Basic earnings/(loss) per share are calculated by dividing net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings/(loss) per share are calculated by dividing the net profit/(loss) for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "2.8 Business exits and assets held-for-sale Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or completed business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2024 comparatives have been re-presented to exclude the businesses classified as business exits during 2025. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, at 31 December 2025 no businesses were deemed to have met this threshold. At 31 December 2024 one business (the Group's mortgage servicing business) was deemed to have met this threshold, before it was subsequently sold in 2025. 2025 business exits Business exits at 31 December 2025 primarily comprised the following business: Closed book Life & Pensions business: The closed book Life & Pensions business, which previously sat within the Group\u2019s Regulated Services segment within Capita Experience, has been a challenging part of the Group which, as announced at the Company\u2019s Capital Markets Day in June 2024, Capita has been actively seeking to exit. The Group has entered into a number of transition agreements for the contracts within this business which are being migrated over the coming years. In December 2025, the Group reached a transition agreement for the remaining two legacy evergreen contracts with its last customer, Royal London, and therefore this business met the criteria to be presented as a business exit. The transition of the Royal London contracts is expected to take five years due to the complex nature of the contracts and systems, and data interdependencies. Under the transition agreement for the Royal London contracts, Capita agreed to pay Royal London an initial c.\u00a322m. The agreement provided an option, exercisable by either Royal London or Capita, for this initial payment to be settled through the issue to Royal London of 5,670,909 ordinary shares. This option was exercised in December 2025. The resulting share based payment charge of \u00a322.4m has been included in non-trading administrative business exit expenses. The Group will also make a contribution towards Royal London\u2019s costs, comprising three \u00a310m payments on the first, second and third anniversaries of the migration completion. The migration is expected to take five years, so these payments are expected to take place in 2031, 2032 and 2033. Provision has been made for these payments in December 2025, with the resultant charge included in non-trading administrative business exit expenses. The closed books and contractual dynamics have led to onerous conditions to service certain of the contracts in this business, and an onerous contract provision had been recognised in prior periods. This provision was increased in 2025 to reflect the current best estimate of the costs to continue service delivery up to the expected end of these contracts and the migration costs to hand over these services, reflecting the terms of the exits agreed and experience of previous contract exits. Refer to note 3.6. Mortgage servicing business: This business was held-for-sale at 31 December 2024, and its sale was completed on 13 October 2025. Other business exits: As disclosed in the 2024 Annual Report, in 2024 the Group decided to exit its corporate venture business (Capita Scaling Partner) within Capita Experience, and a small business from Capita Public Service. The trading results and non-trading expenses of these businesses have also been excluded from adjusted results. The Capita Scaling Partner business manages the Group\u2019s investments in start-up and scale-up companies. Part of our investment in one venture was sold during the year realising a gain of \u00a3nil which, in the table below, is included within \u2018share of results in associates and losses on financial assets\u2019. Also included is a net loss of \u00a30.5m in relation to the revaluation of the remaining Capita Scaling Partner investments. The Group will seek to maximise value from the remaining Capita Scaling Partner investments, which at 31 December 2025 had an aggregate carrying value of \u00a33.8m (2024: \u00a34.8m), including loans receivable by Capita of \u00a30.7m (2024: \u00a30.7m). To facilitate this, an external third party was engaged to manage the disposal process for the Group's remaining investments.
2025
2024 (Re-presented)
1
Trading Non-trading Total Trading Non-trading Total
Income statement impact \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
112.8
\u2014
112.8
195.9
\u2014
195.9
Cost of sales
(122.2)
\u2014
(122.2)
(161.7)
\u2014
(161.7)
Gross (loss)/profit
(9.4)
\u2014
(9.4)
34.2
\u2014
34.2
Administrative expenses
(14.0)
(73.8)
(87.8)
(16.5)
(8.0)
(24.5)
Operating (loss)/profit
(23.4)
(73.8)
(97.2)
17.7
(8.0)
9.7
Share of results in associates and
losses on financial assets
\u2014
(0.5)
(0.5)
\u2014
(11.8)
(11.8)
Finance income
0.9
\u2014
0.9
0.8
\u2014
0.8
Finance costs
(2.4)
(0.8)
(3.2)
(2.9)
\u2014
(2.9)
(Loss)/gain on disposal of
businesses
\u2014
(1.6)
(1.6)
\u2014
184.6
184.6
(Loss)/profit before tax
(24.9)
(76.7)
(101.6)
15.6
164.8
180.4
Taxation
\u2014
24.7
24.7
(1.7)
\u2014
(1.7)
(Loss)/profit after tax
(24.9)
(52.0)
(76.9)
13.9
164.8
178.7
1. To enable a like-for-like comparison of adjusted results, the 2024 comparatives have been re-presented to include the businesses classified as business exits during 2025. Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2024 (being Capita One and the Group's 75% shareholding in Fera Science Limited (Fera)). Trading expenses primarily comprise payroll costs of \u00a364.9m (2024: \u00a3108.4m) and information technology costs of \u00a333.6m (2024: \u00a352.1m). Non-trading administrative expenses include costs associated with the agreed exit of the Royal London contracts in the closed book Life & Pensions business of \u00a362.5m (which includes provision for migration costs, the initial share based payment charge recognised by the Group, and provision for the \u00a330m contribution to Royal London\u2019s running costs, as set out earlier in this note); project costs of \u00a311.3m (2024: \u00a31.1m); and, in the comparative period, asset impairments of \u00a38.7m. 2.8.1 Disposals During 2025 the Group disposed of its mortgage servicing business. During 2024 the Group disposed of two businesses: Capita One, and the Group's 75% shareholding in Fera. The (loss)/gain arising was determined as follows: Disposal group assets held-for-sale1 0.1 157.8 Disposal group liabilities held-for-sale1 (0.2) (82.9) Net identifiable assets sold (0.1) 74.9 Non-controlling interests \u2014 (9.1) (0.1) 65.8 Sales price: received in cash 0.1 269.8 Less: disposal costs (1.8) (19.4) Net sales price (1.7) 250.4 (Loss)/gain on disposal of businesses (1.6) 184.6 The net cash (outflow)/inflow was determined as follows:
2025 2024
\u00a3m \u00a3m
Net cash inflow
Proceeds received
0.1
269.8
Less disposal costs:
income statement charge
(1.8)
(19.4)
change in accrued disposal costs during the year
(0.4)
(1.3)
Total proceeds received net of disposal costs paid
(2.1)
249.1
Total cash held by businesses when sold
Cash held by businesses classified as held-for-sale
\u2014
(25.2)
Total cash held by businesses when sold
\u2014
(25.2)
Net cash (outflow)/inflow
(2.1)
223.9
1. 2024 balances in respect of disposal group assets and liabilities held-for-sale relate to Fera and Capita One which were transferred to held- for-sale on 31 December 2023 and 30 June 2024 respectively, prior to their disposals in 2024. Disposal costs of \u00a30.7m, relating to businesses disposed of in the current year, were recognised in prior years and are excluded from the above loss on disposal of businesses. 2.8.2 Disposal group assets and liabilities held-for-sale At 31 December 2025, no businesses were deemed to have met the threshold to be treated as held-for-sale (2024: the mortgage servicing business was deemed to have met the held-for-sale threshold).
2025 2024
\u00a3m \u00a3m
Property, plant and equipment
\u2014
0.1
Disposal group assets held-for-sale
\u2014
0.1
Accruals
\u2014
0.1
Disposal group liabilities held-for-sale
\u2014
0.1
2.8.3 Business exit cash flows Businesses exited and being exited had a cash generated from operations outflow of \u00a325.1m up to the date of exit (2024: cash inflow of \u00a33.5m). A reconciliation of cash generated from/(used by) operations excluding business exits, is included in note 2.9.2.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "2.8 Business exits and assets held-for-sale Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or completed business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2024 comparatives have been re-presented to exclude the businesses classified as business exits during 2025. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, at 31 December 2025 no businesses were deemed to have met this threshold. At 31 December 2024 one business (the Group's mortgage servicing business) was deemed to have met this threshold, before it was subsequently sold in 2025. 2025 business exits Business exits at 31 December 2025 primarily comprised the following business: Closed book Life & Pensions business: The closed book Life & Pensions business, which previously sat within the Group\u2019s Regulated Services segment within Capita Experience, has been a challenging part of the Group which, as announced at the Company\u2019s Capital Markets Day in June 2024, Capita has been actively seeking to exit. The Group has entered into a number of transition agreements for the contracts within this business which are being migrated over the coming years. In December 2025, the Group reached a transition agreement for the remaining two legacy evergreen contracts with its last customer, Royal London, and therefore this business met the criteria to be presented as a business exit. The transition of the Royal London contracts is expected to take five years due to the complex nature of the contracts and systems, and data interdependencies. Under the transition agreement for the Royal London contracts, Capita agreed to pay Royal London an initial c.\u00a322m. The agreement provided an option, exercisable by either Royal London or Capita, for this initial payment to be settled through the issue to Royal London of 5,670,909 ordinary shares. This option was exercised in December 2025. The resulting share based payment charge of \u00a322.4m has been included in non-trading administrative business exit expenses.
The Group will also make a contribution towards Royal London\u2019s costs, comprising three \u00a310m payments
on the first, second and third anniversaries of the migration completion. The migration is expected to take
five years, so these payments are expected to take place in 2031, 2032 and 2033. Provision has been
made for these payments in December 2025, with the resultant charge included in non-trading
administrative business exit expenses.
The closed books and contractual dynamics have led to onerous conditions to service certain of the
contracts in this business, and an onerous contract provision had been recognised in prior periods. This
provision was increased in 2025 to reflect the current best estimate of the costs to continue service delivery
up to the expected end of these contracts and the migration costs to hand over these services, reflecting the
terms of the exits agreed and experience of previous contract exits. Refer to note 3.6.
Mortgage servicing business:
This business was held-for-sale at 31 December 2024, and its sale was completed on 13 October 2025.
Other business exits:
As disclosed in the 2024 Annual Report, in 2024 the Group decided to exit its corporate venture business
(Capita Scaling Partner) within Capita Experience, and a small business from Capita Public Service. The
trading results and non-trading expenses of these businesses have also been excluded from adjusted
results. The Capita Scaling Partner business manages the Group\u2019s investments in start-up and scale-up
companies. Part of our investment in one venture was sold during the year realising a gain of \u00a3nil which, in
the table below, is included within \u2018share of results in associates and losses on financial assets\u2019. Also
included is a net loss of \u00a30.5m in relation to the revaluation of the remaining Capita Scaling Partner
investments. The Group will seek to maximise value from the remaining Capita Scaling Partner
investments, which at 31 December 2025 had an aggregate carrying value of \u00a33.8m (2024: \u00a34.8m),
including loans receivable by Capita of \u00a30.7m (2024: \u00a30.7m). To facilitate this, an external third party was
engaged to manage the disposal process for the Group's remaining investments.
2025
2024 (Re-presented)
1
Trading Non-trading Total Trading Non-trading Total
Income statement impact \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
112.8
\u2014
112.8
195.9
\u2014
195.9
Cost of sales
(122.2)
\u2014
(122.2)
(161.7)
\u2014
(161.7)
Gross (loss)/profit
(9.4)
\u2014
(9.4)
34.2
\u2014
34.2
Administrative expenses
(14.0)
(73.8)
(87.8)
(16.5)
(8.0)
(24.5)
Operating (loss)/profit
(23.4)
(73.8)
(97.2)
17.7
(8.0)
9.7
Share of results in associates and
losses on financial assets
\u2014
(0.5)
(0.5)
\u2014
(11.8)
(11.8)
Finance income
0.9
\u2014
0.9
0.8
\u2014
0.8
Finance costs
(2.4)
(0.8)
(3.2)
(2.9)
\u2014
(2.9)
(Loss)/gain on disposal of
businesses
\u2014
(1.6)
(1.6)
\u2014
184.6
184.6
(Loss)/profit before tax
(24.9)
(76.7)
(101.6)
15.6
164.8
180.4
Taxation
\u2014
24.7
24.7
(1.7)
\u2014
(1.7)
(Loss)/profit after tax
(24.9)
(52.0)
(76.9)
13.9
164.8
178.7
1. To enable a like-for-like comparison of adjusted results, the 2024 comparatives have been re-presented to include the businesses classified
as business exits during 2025.
Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2024 (being Capita One and the Group's 75% shareholding in Fera Science Limited (Fera)). Trading expenses primarily comprise payroll costs of \u00a364.9m (2024: \u00a3108.4m) and information technology costs of \u00a333.6m (2024: \u00a352.1m). Non-trading administrative expenses include costs associated with the agreed exit of the Royal London contracts in the closed book Life & Pensions business of \u00a362.5m (which includes provision for migration costs, the initial share based payment charge recognised by the Group, and provision for the \u00a330m contribution to Royal London\u2019s running costs, as set out earlier in this note); project costs of \u00a311.3m (2024: \u00a31.1m); and, in the comparative period, asset impairments of \u00a38.7m. 2.8.1 Disposals During 2025 the Group disposed of its mortgage servicing business. During 2024 the Group disposed of two businesses: Capita One, and the Group's 75% shareholding in Fera. The (loss)/gain arising was determined as follows: Disposal group assets held-for-sale1 0.1 157.8 Disposal group liabilities held-for-sale1 (0.2) (82.9) Net identifiable assets sold (0.1) 74.9 Non-controlling interests \u2014 (9.1) (0.1) 65.8 Sales price: received in cash 0.1 269.8 Less: disposal costs (1.8) (19.4) Net sales price (1.7) 250.4 (Loss)/gain on disposal of businesses (1.6) 184.6
The net cash (outflow)/inflow was determined as follows:
2025 2024
\u00a3m \u00a3m
Net cash inflow
Proceeds received
0.1
269.8
Less disposal costs:
income statement charge
(1.8)
(19.4)
change in accrued disposal costs during the year
(0.4)
(1.3)
Total proceeds received net of disposal costs paid
(2.1)
249.1
Total cash held by businesses when sold
Cash held by businesses classified as held-for-sale
\u2014
(25.2)
Total cash held by businesses when sold
\u2014
(25.2)
Net cash (outflow)/inflow
(2.1)
223.9
1. 2024 balances in respect of disposal group assets and liabilities held-for-sale relate to Fera and Capita One which were transferred to held-
for-sale on 31 December 2023 and 30 June 2024 respectively, prior to their disposals in 2024.
Disposal costs of \u00a30.7m, relating to businesses disposed of in the current year, were recognised in prior
years and are excluded from the above loss on disposal of businesses.
2.8.2 Disposal group assets and liabilities held-for-sale
At 31 December 2025, no businesses were deemed to have met the threshold to be treated as held-for-sale
(2024: the mortgage servicing business was deemed to have met the held-for-sale threshold).
2025 2024
\u00a3m \u00a3m
Property, plant and equipment
\u2014
0.1
Disposal group assets held-for-sale
\u2014
0.1
Accruals
\u2014
0.1
Disposal group liabilities held-for-sale
\u2014
0.1
2.8.3 Business exit cash flows
Businesses exited and being exited had a cash generated from operations outflow of \u00a325.1m up to the date
of exit (2024: cash inflow of \u00a33.5m). A reconciliation of cash generated from/(used by) operations excluding
business exits, is included in note 2.9.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or completed business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2024 comparatives have been re-presented to exclude the businesses classified as business exits during 2025. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, at 31 December 2025 no businesses were deemed to have met this threshold. At 31 December 2024 one business (the Group's mortgage servicing business) was deemed to have met this threshold, before it was subsequently sold in 2025. Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2024 (being Capita One and the Group's 75% shareholding in Fera Science Limited (Fera)). Trading expenses primarily comprise payroll costs of \u00a364.9m (2024: \u00a3108.4m) and information technology costs of \u00a333.6m (2024: \u00a352.1m). Non-trading administrative expenses include costs associated with the agreed exit of the Royal London contracts in the closed book Life & Pensions business of \u00a362.5m (which includes provision for migration costs, the initial share based payment charge recognised by the Group, and provision for the \u00a330m contribution to Royal London\u2019s running costs, as set out earlier in this note); project costs of \u00a311.3m (2024: \u00a31.1m); and, in the comparative period, asset impairments of \u00a38.7m. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-439": { "value": "Accounting policies Business exits Business exits are businesses that have been sold, exited during the period, or are in the process of being sold or exited in accordance with the Group's strategy. None of these business exits meets the definition of \u2018discontinued operations\u2019 as stipulated by IFRS 5 Non-current assets held-for-sale and discontinued operations, which requires comparative financial information to be restated where the relative size of a disposal or completed business closure is significant, which is normally understood to mean a reported segment. However, the trading result of these businesses, non-trading expenses, and any gain/loss on disposal, have been excluded from adjusted results. To enable a like-for-like comparison of adjusted results, the 2024 comparatives have been re-presented to exclude the businesses classified as business exits during 2025. Assets held-for-sale The Group classifies a non-current asset (or disposal group) as held-for-sale if its carrying amount will be recovered principally through a sale transaction instead of continued use. For this to be the case, the asset (or disposal group) must be available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (or disposal groups) and its sale must be highly probable. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell the asset (or disposal group), and an active programme to locate a buyer and complete the plan must have been initiated. Further, the asset (or disposal group) must be actively marketed for sale at a price that is reasonable in relation to its current fair value, and the sale should be expected to be completed within one year from the date of classification. Based on the above requirements, at 31 December 2025 no businesses were deemed to have met this threshold. At 31 December 2024 one business (the Group's mortgage servicing business) was deemed to have met this threshold, before it was subsequently sold in 2025. Trading revenue and costs represent the trading performance of the above businesses up to the point of being disposed or exited, and in the comparative period also those businesses disposed of during 2024 (being Capita One and the Group's 75% shareholding in Fera Science Limited (Fera)). Trading expenses primarily comprise payroll costs of \u00a364.9m (2024: \u00a3108.4m) and information technology costs of \u00a333.6m (2024: \u00a352.1m). Non-trading administrative expenses include costs associated with the agreed exit of the Royal London contracts in the closed book Life & Pensions business of \u00a362.5m (which includes provision for migration costs, the initial share based payment charge recognised by the Group, and provision for the \u00a330m contribution to Royal London\u2019s running costs, as set out earlier in this note); project costs of \u00a311.3m (2024: \u00a31.1m); and, in the comparative period, asset impairments of \u00a38.7m. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "2.9 Cash flow information Accounting policies In the consolidated balance sheet cash and cash equivalent comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates. 2.9.1 Additional cash flow information
2025
2024
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes
\u00a3m
\u00a3m \u00a3m \u00a3m
Cash flows from operating activities:
Reported operating loss
2.4
(129.6)
(129.6)
(9.9)
(9.9)
Remove: business exit operating loss/(profit)
2.8
\u2014
97.2
\u2014
(9.7)
Total operating loss
(129.6)
(32.4)
(9.9)
(19.6)
Adjustments for non-cash items:
Depreciation 3.2 3.5
55.0
53.8
66.5
64.1
Amortisation of intangible assets
3.3
21.6
19.7
23.4
18.9
Share-based payment expense
3
5.1
27.4
5.0
6.0
6.0
Employee benefits
5.2
7.5
7.5
8.5
8.5
(Gain)/loss on sale of property, plant and equipment
2.3
(0.3)
(0.3)
1.7
1.7
and intangibles
Amendments and early terminations of leases
(4.8)
(4.7)
(6.8)
(6.8)
Impairment of non-current assets
75.1
75.0
86.2
76.9
Other adjustments:
Movement in provisions
2
30.5
(15.8)
(31.2)
(23.4)
Defined benefit pension deficit contributions
5.2
\u2014
\u2014
(20.8)
(6.3)
Regular defined benefit pension contributions
5.2
(8.1)
(8.1)
(8.4)
(8.4)
Movements in working capital
2
:
Trade and other receivables
(19.6)
(29.0)
16.4
21.5
Non-recourse trade receivables financing
3.1.1
1.2
1.2
(11.8)
(11.8)
Trade and other payables
54.3
47.6
(65.2)
(60.4)
Deferred income
(86.7)
(70.9)
(33.2)
(28.0)
Contract fulfilment assets (non-current)
24.3
24.3
(5.4)
(5.9)
Cash generated from operations
47.8
72.9
16.0
27.0
2025
2024
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Adjustments for free cash flows:
Income tax paid
(5.7)
(3.9)
(4.0)
(4.0)
Income tax received
2.8
2.8
5.1
5.1
Interest received
7.8
7.2
8.0
7.2
Interest paid
(48.0)
(47.2)
(50.3)
(50.3)
Net cash inflow/(outflow) from operating
activities
4.7
31.8
(25.2)
(15.0)
Purchase of property, plant and equipment
3.2
(9.5)
(9.4)
(16.6)
(16.2)
Purchase of intangible assets
(38.2)
(38.2)
(33.5)
(33.4)
Proceeds from sale of property, plant and equipment
1.4
1.4
0.3
0.3
and intangible assets
Capital element of lease rental receipts
4.2
4.2
5.9
5.9
Capital element of lease rental payments
(44.7)
(43.8)
(53.6)
(52.5)
Free cash flow
1
(82.1)
(54.0)
(122.7)
(110.9)
1. Definitions of the alternative performance measures and related key performance indicators (KPIs) can be found in section 8.2.
2. These movements exclude items that have been adjusted for elsewhere within the cash flow statement. For example, balances transferred
to held-for-sale or relate to a business disposal. As such these movements may not directly agree to the year-on-year movements within the
balance sheet.
3. The reported share based payment expense in 2025 includes \u00a322.4m in respect of the transition agreement with Royal London. Refer to
note 2.8 for further details.
Cyber incident: In relation to the exceptional cyber incident costs referred to in note 2.4, the net cash
outflow during the year ended 31 December 2025 was \u00a313.6m (2024: \u00a35.0m) and is included within free
cash flow excluding business exits, and cash generated from operations excluding business exits. The
cumulative net cash outflow since the incident in 2023 is \u00a338.7m.
Cost reduction programme: In relation to the implementation of the cost reduction programme detailed in
note 2.4, the cash outflow during the year ended 31 December 2025 was \u00a353.2m (2024: \u00a344.5m), and is
included within free cash flow excluding business exits, and cash generated from operations excluding
business exits. The cumulative cash outflow since the commencement of the cost reduction programme in
2023 is \u00a3103.8m.
2.9.2 Free cash flow and cash generated from operations (alternative performance measures - refer to section 8.2) The Board considers free cash flow, and cash generated from operations excluding business exits, to be alternative performance measures because these metrics provide a more representative measure of the sustainable cash flow of the Group. To enable comparability of the adjusted results, the 2024 results have been re-presented for those businesses exited, or in the process of being exited, during 2025. These measures are analysed below:
Cash generated/(used) by
Free cash flow operations
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Reported (including business exits)
(82.1)
(122.7)
47.8
16.0
Business exits
28.1
(2.7)
25.1
(3.5)
Defined benefit pension deficit
\u2014
14.5
\u2014
14.5
contributions triggered by disposals
Excluding business exits
(54.0)
(110.9)
72.9
27.0
A reconciliation of net cash flow to movement in net debt is included in note 2.9.3. Business exits: The cash flows of businesses exited, or in the process of being exited, and the proceeds from disposals, are disclosed outside the adjusted results. Defined benefit pension deficit contributions triggered by disposals: The Trustees of the Group's main defined benefit pension scheme (HPS) agreed with the Group to accelerate the payment of future agreed deficit contributions on a pound for pound basis in the event of disposal proceeds being used to fund mandatory prepayments of debt. The Group paid all the outstanding deficit contributions in 2024. There are no further agreed deficit contributions to be paid at this time. 2.9.3 Reconciliation of net cash flow to movement in net debt
Total
Net debt at Cash flow Change in New Lease Lease Exchange Non-cash Net debt at
1 January movements Amortisation fair value Interest leases terminations modifications movements
movement
1
31 December
Year ended 31 December 2025 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
191.4
(67.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1.4
1.4
125.3
Private placement loan notes
(271.9)
(4.4)
\u2014
0.4
\u2014
\u2014
\u2014
\u2014
7.1
7.5
(268.8)
Unamortised transaction costs on debt issuance
2.6
1.5
(1.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1.7)
2.4
Carrying value of private placement loan notes
4.5
(269.3)
(2.9)
(1.7)
0.4
\u2014
\u2014
\u2014
\u2014
7.1
5.8
(266.4)
Cross-currency interest rate swaps
4.5
12.2
(13.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.4
0.4
(1.3)
Fair value of private placement loan notes
(257.1)
(16.8)
(1.7)
0.4
\u2014
\u2014
\u2014
\u2014
7.5
6.2
(267.7)
Other finance
4.5
(0.1)
(0.2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.3)
Lease liabilities
4.4
(348.7)
65.5
\u2014
\u2014
(20.8)
(11.1)
4.4
(6.8)
(0.7)
(35.0)
(318.2)
Total net liabilities from financing activities
(605.9)
48.5
(1.7)
0.4
(20.8)
(11.1)
4.4
(6.8)
6.8
(28.8)
(586.2)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(415.2)
(19.0)
(1.7)
0.4
(20.8)
(11.1)
4.4
(6.8)
8.2
(27.4)
(461.6)
Total
Net debt at Cash flow Change in New Lease Lease Exchange Non-cash Net debt at
1 January movements Amortisation fair value Interest Leases terminations modifications movements
movement
1
31 December
Year ended 31 December 2024 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
67.6
124.5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
(0.7)
191.4
Private placement loan notes
(267.0)
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.9)
(271.9)
Unamortised transaction costs on debt issuance
4.5
\u2014
(1.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1.9)
2.6
Carrying value of private placement loan notes
4.5
(262.5)
\u2014
(1.9)
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(6.8)
(269.3)
Cross-currency interest rate swaps
4.5
13.6
(3.4)
\u2014
2.0
\u2014
\u2014
\u2014
\u2014
\u2014
2.0
12.2
Fair value of private placement loan notes
(248.9)
(3.4)
(1.9)
2.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.8)
(257.1)
Other finance
4.5
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
Lease liabilities
4.4
(363.4)
76.3
\u2014
\u2014
(22.7)
(34.6)
9.3
(14.3)
0.7
(61.6)
(348.7)
Total net liabilities from financing activities
(612.4)
72.9
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.1)
(66.4)
(605.9)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(545.5)
197.4
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.8)
(67.1)
(415.2)
1. The non-cash movement relates to: the effect of changes in foreign exchange rates on cash; fair value changes on the swaps; amortisation of private placement loan notes issuance costs; and additions, terminations and foreign exchange rate effects on the Group's lease liabilities. Overdrafts comprise the aggregate value of overdrawn bank account balances within the Group\u2019s notional interest pooling arrangements. These aggregate overdrawn amounts are fully offset by surplus balances within the same notional pooling arrangements. At 31 December 2025, the Group\u2019s \u00a3250m committed revolving credit facility was undrawn (31 December 2024: undrawn). 4.5.4 Cash, cash equivalents and overdrafts The Group has a notional cash pool with its bank under which the bank is able to net overdrafts against cash balances held by other Group companies within the same notional pool. The overdraft balances shown below are fully offset by cash balances within the same notional pool. Since the pool is notional, the Group\u2019s gross cash and overdraft position is presented below:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
264.1
253.6
Overdrafts
(138.8)
(62.2)
Total cash, cash equivalents and overdrafts
125.3
191.4
Within total cash, cash equivalents and overdrafts, \u00a345.9m (2024: \u00a344.2m) is restricted cash, which includes cash required to be held under FCA regulations, cash held in foreign bank accounts, and cash represented by non-controlling interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "2.9 Cash flow information Accounting policies In the consolidated balance sheet cash and cash equivalent comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates.
2.9.1 Additional cash flow information
2025
2024
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes
\u00a3m
\u00a3m \u00a3m \u00a3m
Cash flows from operating activities:
Reported operating loss
2.4
(129.6)
(129.6)
(9.9)
(9.9)
Remove: business exit operating loss/(profit)
2.8
\u2014
97.2
\u2014
(9.7)
Total operating loss
(129.6)
(32.4)
(9.9)
(19.6)
Adjustments for non-cash items:
Depreciation 3.2 3.5
55.0
53.8
66.5
64.1
Amortisation of intangible assets
3.3
21.6
19.7
23.4
18.9
Share-based payment expense
3
5.1
27.4
5.0
6.0
6.0
Employee benefits
5.2
7.5
7.5
8.5
8.5
(Gain)/loss on sale of property, plant and equipment
2.3
(0.3)
(0.3)
1.7
1.7
and intangibles
Amendments and early terminations of leases
(4.8)
(4.7)
(6.8)
(6.8)
Impairment of non-current assets
75.1
75.0
86.2
76.9
Other adjustments:
Movement in provisions
2
30.5
(15.8)
(31.2)
(23.4)
Defined benefit pension deficit contributions
5.2
\u2014
\u2014
(20.8)
(6.3)
Regular defined benefit pension contributions
5.2
(8.1)
(8.1)
(8.4)
(8.4)
Movements in working capital
2
:
Trade and other receivables
(19.6)
(29.0)
16.4
21.5
Non-recourse trade receivables financing
3.1.1
1.2
1.2
(11.8)
(11.8)
Trade and other payables
54.3
47.6
(65.2)
(60.4)
Deferred income
(86.7)
(70.9)
(33.2)
(28.0)
Contract fulfilment assets (non-current)
24.3
24.3
(5.4)
(5.9)
Cash generated from operations
47.8
72.9
16.0
27.0
2025
2024
Excluding Excluding
business business
Reported
exits
1
Reported
exits
1
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Adjustments for free cash flows:
Income tax paid
(5.7)
(3.9)
(4.0)
(4.0)
Income tax received
2.8
2.8
5.1
5.1
Interest received
7.8
7.2
8.0
7.2
Interest paid
(48.0)
(47.2)
(50.3)
(50.3)
Net cash inflow/(outflow) from operating
activities
4.7
31.8
(25.2)
(15.0)
Purchase of property, plant and equipment
3.2
(9.5)
(9.4)
(16.6)
(16.2)
Purchase of intangible assets
(38.2)
(38.2)
(33.5)
(33.4)
Proceeds from sale of property, plant and equipment
1.4
1.4
0.3
0.3
and intangible assets
Capital element of lease rental receipts
4.2
4.2
5.9
5.9
Capital element of lease rental payments
(44.7)
(43.8)
(53.6)
(52.5)
Free cash flow
1
(82.1)
(54.0)
(122.7)
(110.9)
1. Definitions of the alternative performance measures and related key performance indicators (KPIs) can be found in section 8.2. 2. These movements exclude items that have been adjusted for elsewhere within the cash flow statement. For example, balances transferred to held-for-sale or relate to a business disposal. As such these movements may not directly agree to the year-on-year movements within the balance sheet. 3. The reported share based payment expense in 2025 includes \u00a322.4m in respect of the transition agreement with Royal London. Refer to note 2.8 for further details. Cyber incident: In relation to the exceptional cyber incident costs referred to in note 2.4, the net cash outflow during the year ended 31 December 2025 was \u00a313.6m (2024: \u00a35.0m) and is included within free cash flow excluding business exits, and cash generated from operations excluding business exits. The cumulative net cash outflow since the incident in 2023 is \u00a338.7m. Cost reduction programme: In relation to the implementation of the cost reduction programme detailed in note 2.4, the cash outflow during the year ended 31 December 2025 was \u00a353.2m (2024: \u00a344.5m), and is included within free cash flow excluding business exits, and cash generated from operations excluding business exits. The cumulative cash outflow since the commencement of the cost reduction programme in 2023 is \u00a3103.8m.
2.9.2 Free cash flow and cash generated from operations (alternative performance measures - refer
to section 8.2)
The Board considers free cash flow, and cash generated from operations excluding business exits, to be
alternative performance measures because these metrics provide a more representative measure of the
sustainable cash flow of the Group. To enable comparability of the adjusted results, the 2024 results have
been re-presented for those businesses exited, or in the process of being exited, during 2025.
These measures are analysed below:
Cash generated/(used) by
Free cash flow operations
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Reported (including business exits)
(82.1)
(122.7)
47.8
16.0
Business exits
28.1
(2.7)
25.1
(3.5)
Defined benefit pension deficit
\u2014
14.5
\u2014
14.5
contributions triggered by disposals
Excluding business exits
(54.0)
(110.9)
72.9
27.0
A reconciliation of net cash flow to movement in net debt is included in note 2.9.3.
Business exits: The cash flows of businesses exited, or in the process of being exited, and the proceeds
from disposals, are disclosed outside the adjusted results.
Defined benefit pension deficit contributions triggered by disposals: The Trustees of the Group's main
defined benefit pension scheme (HPS) agreed with the Group to accelerate the payment of future agreed
deficit contributions on a pound for pound basis in the event of disposal proceeds being used to fund
mandatory prepayments of debt. The Group paid all the outstanding deficit contributions in 2024. There are
no further agreed deficit contributions to be paid at this time.
2.9.3 Reconciliation of net cash flow to movement in net debt
Total
Net debt at Cash flow Change in New Lease Lease Exchange Non-cash Net debt at
1 January movements Amortisation fair value Interest leases terminations modifications movements
movement
1
31 December
Year ended 31 December 2025 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
191.4
(67.5)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1.4
1.4
125.3
Private placement loan notes
(271.9)
(4.4)
\u2014
0.4
\u2014
\u2014
\u2014
\u2014
7.1
7.5
(268.8)
Unamortised transaction costs on debt issuance
2.6
1.5
(1.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1.7)
2.4
Carrying value of private placement loan notes
4.5
(269.3)
(2.9)
(1.7)
0.4
\u2014
\u2014
\u2014
\u2014
7.1
5.8
(266.4)
Cross-currency interest rate swaps
4.5
12.2
(13.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.4
0.4
(1.3)
Fair value of private placement loan notes
(257.1)
(16.8)
(1.7)
0.4
\u2014
\u2014
\u2014
\u2014
7.5
6.2
(267.7)
Other finance
4.5
(0.1)
(0.2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.3)
Lease liabilities
4.4
(348.7)
65.5
\u2014
\u2014
(20.8)
(11.1)
4.4
(6.8)
(0.7)
(35.0)
(318.2)
Total net liabilities from financing activities
(605.9)
48.5
(1.7)
0.4
(20.8)
(11.1)
4.4
(6.8)
6.8
(28.8)
(586.2)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(415.2)
(19.0)
(1.7)
0.4
(20.8)
(11.1)
4.4
(6.8)
8.2
(27.4)
(461.6)
Total
Net debt at Cash flow Change in New Lease Lease Exchange Non-cash Net debt at
1 January movements Amortisation fair value Interest Leases terminations modifications movements
movement
1
31 December
Year ended 31 December 2024 Note \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash, cash equivalents and overdrafts
4.5.4
67.6
124.5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
(0.7)
191.4
Private placement loan notes
(267.0)
\u2014
\u2014
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.9)
(271.9)
Unamortised transaction costs on debt issuance
4.5
\u2014
(1.9)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1.9)
2.6
Carrying value of private placement loan notes
4.5
(262.5)
\u2014
(1.9)
0.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(6.8)
(269.3)
Cross-currency interest rate swaps
4.5
13.6
(3.4)
\u2014
2.0
\u2014
\u2014
\u2014
\u2014
\u2014
2.0
12.2
Fair value of private placement loan notes
(248.9)
(3.4)
(1.9)
2.9
\u2014
\u2014
\u2014
\u2014
(5.8)
(4.8)
(257.1)
Other finance
4.5
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
Lease liabilities
4.4
(363.4)
76.3
\u2014
\u2014
(22.7)
(34.6)
9.3
(14.3)
0.7
(61.6)
(348.7)
Total net liabilities from financing activities
(612.4)
72.9
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.1)
(66.4)
(605.9)
Deferred consideration payable
4.5
(0.7)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(0.7)
Net debt
4.1.1
(545.5)
197.4
(1.9)
2.9
(22.7)
(34.6)
9.3
(14.3)
(5.8)
(67.1)
(415.2)
1. The non-cash movement relates to: the effect of changes in foreign exchange rates on cash; fair value changes on the swaps; amortisation of private placement loan notes issuance costs; and additions, terminations and foreign exchange rate effects on the Group's lease liabilities.
Overdrafts comprise the aggregate value of overdrawn bank account balances within the Group\u2019s notional interest pooling arrangements. These aggregate overdrawn amounts are fully offset by surplus balances within
the same notional pooling arrangements.
At 31 December 2025, the Group\u2019s \u00a3250m committed revolving credit facility was undrawn (31 December 2024: undrawn).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-454": { "value": "Accounting policies In the consolidated balance sheet cash and cash equivalent comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-440": { "value": "Accounting policies In the consolidated balance sheet cash and cash equivalent comprise cash at bank and in-hand and short-term deposits with an original maturity of three months or less. In the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits net of outstanding bank overdrafts and include cash and overdrafts within disposal group assets and liabilities held-for-sale. Cash at bank earns interest at fixed and floating rates based on prevailing bank deposit rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "3.1 Working capital 3.1.1 Trade and other receivables Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount which the Group has the right to receive payment for as at the balance sheet date.
Current
Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
121.0
133.3
1.8
\u2014
Other receivables
25.8
10.8
5.9
3.7
Other taxes and social security
0.9
1.2
0.5
1.5
Current contract fulfilment assets
1
5.2
8.4
\u2014
\u2014
Accrued income
145.7
132.7
\u2014
\u2014
Prepayments
51.6
48.9
3.2
4.8
350.2
335.3
11.4
10.0
1. Refer to note 3.1.3 for non-current contract fulfilment assets. Trade receivables are non-interest bearing and generally on 30-day terms. The Group\u2019s accrued income balances solely relate to revenue from contracts with customers. Movements in the accrued income balances were driven by transactions entered into by the Group in the normal course of business during the year. There were no material loss allowances in respect of accrued income as at the balance sheet date. Movements in the loss allowance made against receivables were as follows:
2025 2024
\u00a3m \u00a3m
At 1 January
6.3
5.5
Net remeasurement of loss allowance
\u2014
0.8
At 31 December
6.3
6.3
2025 2024
Ageing of trade receivables \u00a3m \u00a3m
Not due
79.8
85.7
Overdue by less than three months
9.2
14.4
Overdue between three and six months
1.5
5.0
Overdue between six and twelve months
0.9
2.4
Overdue more than twelve months
1
37.7
32.1
Allowance for doubtful debts
(6.3)
(6.3)
122.8
133.3
1. In both 2025 and 2024, the amounts overdue by more than twelve months primarily relate to a previously agreed commercial settlement in the closed book Life & Pensions business which will not be received until a future date. Under the simplified approach permitted by IFRS 9, all invoices that are six months or more past due are fully provided for unless there is a specific confirmation from the customer that the invoice will be settled during the following month, or there are specific circumstances such that recognition of a provision is not appropriate. Additionally, any other invoices where the customer relationship manager has identified significant financial problems which mean that customer is unlikely to pay the invoice in the near future are also provided for. No material amounts receivable were renegotiated such that they were not past due at the balance sheet date. The Group trades only with third parties that are expected to be creditworthy. It is the Group\u2019s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The Group manages its operations to avoid any excessive concentration of counterparty risk and the Group takes all reasonable steps to seek assurance from the counterparties that they can fulfil their obligations. In addition, receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to credit loss remains low. Non-recourse trade receivable financing The value of invoices sold under the UK non-recourse trade receivables financing at 31 December 2025 was \u00a317.2m (2024: \u00a314.5m). Further, in Germany the Group uses a non-recourse trade receivable financing arrangement for a specific customer contract, and the value of invoices sold under that arrangement at 31 December 2025 was \u00a37.4m (2024: \u00a38.9m). Since these arrangements are non-recourse, and the underlying trade receivables are derecognised, the cash inflow is included within operating activities (refer to note 2.9.1). The cost of selling such invoices totalled \u00a32.6m (2024: \u00a33.4m) and was included in net finance costs (see note 4.3) in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "3.1 Working capital 3.1.1 Trade and other receivables Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount which the Group has the right to receive payment for as at the balance sheet date.
Current
Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
121.0
133.3
1.8
\u2014
Other receivables
25.8
10.8
5.9
3.7
Other taxes and social security
0.9
1.2
0.5
1.5
Current contract fulfilment assets
1
5.2
8.4
\u2014
\u2014
Accrued income
145.7
132.7
\u2014
\u2014
Prepayments
51.6
48.9
3.2
4.8
350.2
335.3
11.4
10.0
1. Refer to note 3.1.3 for non-current contract fulfilment assets. Trade receivables are non-interest bearing and generally on 30-day terms. The Group\u2019s accrued income balances solely relate to revenue from contracts with customers. Movements in the accrued income balances were driven by transactions entered into by the Group in the normal course of business during the year. There were no material loss allowances in respect of accrued income as at the balance sheet date. Movements in the loss allowance made against receivables were as follows:
2025 2024
\u00a3m \u00a3m
At 1 January
6.3
5.5
Net remeasurement of loss allowance
\u2014
0.8
At 31 December
6.3
6.3
2025 2024
Ageing of trade receivables \u00a3m \u00a3m
Not due
79.8
85.7
Overdue by less than three months
9.2
14.4
Overdue between three and six months
1.5
5.0
Overdue between six and twelve months
0.9
2.4
Overdue more than twelve months
1
37.7
32.1
Allowance for doubtful debts
(6.3)
(6.3)
122.8
133.3
1. In both 2025 and 2024, the amounts overdue by more than twelve months primarily relate to a previously agreed commercial settlement in the closed book Life & Pensions business which will not be received until a future date. Under the simplified approach permitted by IFRS 9, all invoices that are six months or more past due are fully provided for unless there is a specific confirmation from the customer that the invoice will be settled during the following month, or there are specific circumstances such that recognition of a provision is not appropriate. Additionally, any other invoices where the customer relationship manager has identified significant financial problems which mean that customer is unlikely to pay the invoice in the near future are also provided for. No material amounts receivable were renegotiated such that they were not past due at the balance sheet date. The Group trades only with third parties that are expected to be creditworthy. It is the Group\u2019s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. The Group manages its operations to avoid any excessive concentration of counterparty risk and the Group takes all reasonable steps to seek assurance from the counterparties that they can fulfil their obligations. In addition, receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to credit loss remains low.
Non-recourse trade receivable financing
The value of invoices sold under the UK non-recourse trade receivables financing at 31 December 2025
was \u00a317.2m (2024: \u00a314.5m). Further, in Germany the Group uses a non-recourse trade receivable financing
arrangement for a specific customer contract, and the value of invoices sold under that arrangement at
31 December 2025 was \u00a37.4m (2024: \u00a38.9m). Since these arrangements are non-recourse, and the
underlying trade receivables are derecognised, the cash inflow is included within operating activities (refer
to note 2.9.1).
The cost of selling such invoices totalled \u00a32.6m (2024: \u00a33.4m) and was included in net finance costs (see
note 4.3) in the consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "3.1 Working capital 3.1.1 Trade and other receivables Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount which the Group has the right to receive payment for as at the balance sheet date.
Current
Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade receivables
121.0
133.3
1.8
\u2014
Other receivables
25.8
10.8
5.9
3.7
Other taxes and social security
0.9
1.2
0.5
1.5
Current contract fulfilment assets
1
5.2
8.4
\u2014
\u2014
Accrued income
145.7
132.7
\u2014
\u2014
Prepayments
51.6
48.9
3.2
4.8
350.2
335.3
11.4
10.0
1. Refer to note 3.1.3 for non-current contract fulfilment assets. Trade receivables are non-interest bearing and generally on 30-day terms.
The Group\u2019s accrued income balances solely relate to revenue from contracts with customers. Movements
in the accrued income balances were driven by transactions entered into by the Group in the normal course
of business during the year. There were no material loss allowances in respect of accrued income as at the
balance sheet date.
Movements in the loss allowance made against receivables were as follows:
2025 2024
\u00a3m \u00a3m
At 1 January
6.3
5.5
Net remeasurement of loss allowance
\u2014
0.8
At 31 December
6.3
6.3
2025 2024
Ageing of trade receivables \u00a3m \u00a3m
Not due
79.8
85.7
Overdue by less than three months
9.2
14.4
Overdue between three and six months
1.5
5.0
Overdue between six and twelve months
0.9
2.4
Overdue more than twelve months
1
37.7
32.1
Allowance for doubtful debts
(6.3)
(6.3)
122.8
133.3
1. In both 2025 and 2024, the amounts overdue by more than twelve months primarily relate to a previously agreed commercial settlement in
the closed book Life & Pensions business which will not be received until a future date.
Under the simplified approach permitted by IFRS 9, all invoices that are six months or more past due are
fully provided for unless there is a specific confirmation from the customer that the invoice will be settled
during the following month, or there are specific circumstances such that recognition of a provision is not
appropriate. Additionally, any other invoices where the customer relationship manager has identified
significant financial problems which mean that customer is unlikely to pay the invoice in the near future are
also provided for. No material amounts receivable were renegotiated such that they were not past due at
the balance sheet date.
The Group trades only with third parties that are expected to be creditworthy. It is the Group\u2019s policy that all
customers who wish to trade on credit terms are subject to credit verification procedures. The Group
manages its operations to avoid any excessive concentration of counterparty risk and the Group takes all
reasonable steps to seek assurance from the counterparties that they can fulfil their obligations. In addition,
receivable balances are monitored on an ongoing basis with the result that the Group\u2019s exposure to credit
loss remains low.
Non-recourse trade receivable financing The value of invoices sold under the UK non-recourse trade receivables financing at 31 December 2025 was \u00a317.2m (2024: \u00a314.5m). Further, in Germany the Group uses a non-recourse trade receivable financing arrangement for a specific customer contract, and the value of invoices sold under that arrangement at 31 December 2025 was \u00a37.4m (2024: \u00a38.9m). Since these arrangements are non-recourse, and the underlying trade receivables are derecognised, the cash inflow is included within operating activities (refer to note 2.9.1). The cost of selling such invoices totalled \u00a32.6m (2024: \u00a33.4m) and was included in net finance costs (see note 4.3) in the consolidated income statement. 3.1.2 Trade and other payables
Current
Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
127.5
98.2
\u2014
\u2014
Other payables
44.0
31.4
11.6
5.5
Other taxes and social security
67.6
65.3
\u2014
\u2014
Accruals
166.6
158.3
2.3
1.2
405.7
353.2
13.9
6.7
The Group utilises a credit card facility, the outstanding balance of which was \u00a34.5m at 31 December 2025 (2024: \u00a35.2m). 3.1.3 Contract fulfilment assets (non-current) Accounting policies The Group regularly incurs costs to deliver its outsourcing services in a more efficient way (often referred to as \u2018transformation\u2019 costs). These costs may include process mapping and design, system development, project management, hardware (generally within the scope of the Group\u2019s accounting policy for property, plant and equipment), software licence costs (generally within the scope of the Group\u2019s accounting policy for intangible assets), recruitment costs and training. Contract fulfilment costs are divided into: (i) costs that give rise to an asset; and (ii) costs that are expensed when incurred. In determining the appropriate accounting treatment for such costs, the Group first considers any other applicable standards. If those other standards preclude capitalisation of a particular cost, then an asset is not recognised under IFRS 15 Revenue from Contracts with Customers. If other standards are not applicable to contract fulfilment costs, the Group applies the following criteria which, if met, result in capitalisation of costs that: (i) directly relate to a contract or to a specifically identifiable anticipated contract; (ii) generate or enhance resources that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) are expected to be recovered. The Group has determined that, where the relevant specific criteria are met, the costs for (i) process mapping and design; (ii) system development; and (iii) project management; are likely to qualify to be capitalised as contract fulfilment assets. The incremental costs of obtaining a contract with a customer are recognised as a contract fulfilment asset if the Group expects to recover them. The Group incurs costs such as bid costs, legal fees to draft a contract and sales commissions when it enters into a new contract. The Group has determined that the following costs may be capitalised as contract fulfilment assets: (i) legal fees to draft a contract after the Group has been selected as preferred supplier; and (ii) sales commissions directly related to winning a specific contract. Costs incurred prior to selection as preferred supplier are not capitalised but expensed when incurred. The Group also considers the nature of any Software as a Service (SaaS) utilised during delivery of the Group\u2019s revenue generating contracts and whether associated costs incurred meet the criteria for capitalisation as contract fulfilment assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Utilisation: The utilisation charge is included within cost of sales. The Group utilises non-current contract fulfilment assets over the expected contract period on a systematic basis that mirrors the pattern in which the Group satisfies its performance obligations to the customer. Derecognition: A non-current contract fulfilment asset is derecognised either when it is disposed of or when no further economic benefits are expected to flow from its use or disposal. Impairment: At each balance sheet date, the Group determines whether or not the non-current contract fulfilment assets are impaired by comparing the carrying amount of the asset with the remaining amount of consideration that the Group expects to receive less the costs that relate to providing services under the relevant contract. In determining the estimated amount of consideration, the Group uses the same principles as it does to determine the contract transaction price, except that any constraints used to reduce the transaction price are removed for the impairment test. Significant accounting judgements Judgement is applied by the Group when determining what costs qualify to be capitalised, in particular when considering whether these costs are incremental and when considering if costs generate or enhance resources to be used to satisfy future performance obligations and whether costs are expected to be recoverable. For example, the Group considers which type of sales commissions are incremental to the cost of obtaining specific contracts and the time when such costs should be capitalised. See note 2.1 for further information.
Movements in non-current contract fulfilment assets were as follows
1
:
2025 2024
\u00a3m \u00a3m
At 1 January
257.5
257.0
Additions
76.0
73.6
Reclassification to other receivables
(10.2)
\u2014
Transfer to disposal group assets held-for-sale
2
\u2014
(4.7)
Impairment - included in adjusted profit
(0.9)
(0.7)
Impairment - included in business exits
\u2014
(0.1)
Derecognition - included in adjusted profit
(12.9)
(1.9)
Utilisation - included in adjusted profit
(76.3)
(64.0)
Utilisation - included in business exits
\u2014
(1.6)
Exchange movement
0.1
(0.1)
At 31 December
233.3
257.5
1. Refer to note 3.1.1 for current contract fulfilment assets.
2. Transfer to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One which was transferred at
30 June 2024 and subsequently sold during the second half of 2024.
As at 31 December 2025, the majority of the balance relates to transformation and set-up costs. This is
consistent with the prior year.
Impairment: In 2025, the Group recognised an impairment of \u00a30.9m (2024: \u00a30.8m) in cost of sales, of
which, \u00a3nil (2024: \u00a3nil) related to contract fulfilment assets added during the year.
Derecognition: In 2025, \u00a312.9m was derecognised primarily following the early termination of a customer
contract in the Regulated Services business in Capita Experience (2024: \u00a31.9m).
", "dimensions": { "concept": "capitaplc:DisclosureOfWorkingCapital", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-441": { "value": "Accounting policies Trade receivables: Trade receivables are initially recognised at cost (being the same as fair value) and subsequently at amortised cost less any provision for impairment, to ensure the amounts recognised represent their recoverable amount. Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Derecognition: A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised (ie removed from the Group\u2019s consolidated balance sheet) when (i) the rights to receive the cash flows from the asset have expired; or, (ii) the Group has transferred its right to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risk and rewards of the asset; or, (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Trade receivables that are sold without recourse are derecognised at the point of sale when the risks and rewards of the receivables have been fully transferred. Accrued income: Accrued income is recognised when the revenue recognised on a customer contract exceeds the amount which the Group has the right to receive payment for as at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "Impairment: For trade receivables, the Group applies the simplified approach permitted by IFRS 9 Financial Instruments, resulting in trade receivables recognised and carried at original invoice amount less an allowance for any uncollectible amounts based on expected credit losses. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The Group monitors the level of trade receivables on a monthly basis, continually assessing the risk of default by any counterparty. Each customer has an external credit score which determines the level of credit provided. Impairment: At each balance sheet date, the Group determines whether or not the non-current contract fulfilment assets are impaired by comparing the carrying amount of the asset with the remaining amount of consideration that the Group expects to receive less the costs that relate to providing services under the relevant contract. In determining the estimated amount of consideration, the Group uses the same principles as it does to determine the contract transaction price, except that any constraints used to reduce the transaction price are removed for the impairment test. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "
3.1.2 Trade and other payables
Current
Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
127.5
98.2
\u2014
\u2014
Other payables
44.0
31.4
11.6
5.5
Other taxes and social security
67.6
65.3
\u2014
\u2014
Accruals
166.6
158.3
2.3
1.2
405.7
353.2
13.9
6.7
The Group utilises a credit card facility, the outstanding balance of which was \u00a34.5m at 31 December 2025
(2024: \u00a35.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "3.1.2 Trade and other payables
Current
Non-current
2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
127.5
98.2
\u2014
\u2014
Other payables
44.0
31.4
11.6
5.5
Other taxes and social security
67.6
65.3
\u2014
\u2014
Accruals
166.6
158.3
2.3
1.2
405.7
353.2
13.9
6.7
The Group utilises a credit card facility, the outstanding balance of which was \u00a34.5m at 31 December 2025 (2024: \u00a35.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-442": { "value": "Accounting policies The Group regularly incurs costs to deliver its outsourcing services in a more efficient way (often referred to as \u2018transformation\u2019 costs). These costs may include process mapping and design, system development, project management, hardware (generally within the scope of the Group\u2019s accounting policy for property, plant and equipment), software licence costs (generally within the scope of the Group\u2019s accounting policy for intangible assets), recruitment costs and training. Contract fulfilment costs are divided into: (i) costs that give rise to an asset; and (ii) costs that are expensed when incurred. In determining the appropriate accounting treatment for such costs, the Group first considers any other applicable standards. If those other standards preclude capitalisation of a particular cost, then an asset is not recognised under IFRS 15 Revenue from Contracts with Customers. If other standards are not applicable to contract fulfilment costs, the Group applies the following criteria which, if met, result in capitalisation of costs that: (i) directly relate to a contract or to a specifically identifiable anticipated contract; (ii) generate or enhance resources that will be used in satisfying (or in continuing to satisfy) performance obligations in the future; and (iii) are expected to be recovered. The Group has determined that, where the relevant specific criteria are met, the costs for (i) process mapping and design; (ii) system development; and (iii) project management; are likely to qualify to be capitalised as contract fulfilment assets. The incremental costs of obtaining a contract with a customer are recognised as a contract fulfilment asset if the Group expects to recover them. The Group incurs costs such as bid costs, legal fees to draft a contract and sales commissions when it enters into a new contract. The Group has determined that the following costs may be capitalised as contract fulfilment assets: (i) legal fees to draft a contract after the Group has been selected as preferred supplier; and (ii) sales commissions directly related to winning a specific contract. Costs incurred prior to selection as preferred supplier are not capitalised but expensed when incurred. The Group also considers the nature of any Software as a Service (SaaS) utilised during delivery of the Group\u2019s revenue generating contracts and whether associated costs incurred meet the criteria for capitalisation as contract fulfilment assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Utilisation: The utilisation charge is included within cost of sales. The Group utilises non-current contract fulfilment assets over the expected contract period on a systematic basis that mirrors the pattern in which the Group satisfies its performance obligations to the customer. Derecognition: A non-current contract fulfilment asset is derecognised either when it is disposed of or when no further economic benefits are expected to flow from its use or disposal. Impairment: At each balance sheet date, the Group determines whether or not the non-current contract fulfilment assets are impaired by comparing the carrying amount of the asset with the remaining amount of consideration that the Group expects to receive less the costs that relate to providing services under the relevant contract. In determining the estimated amount of consideration, the Group uses the same principles as it does to determine the contract transaction price, except that any constraints used to reduce the transaction price are removed for the impairment test. ", "dimensions": { "concept": "capitaplc:DescriptionOfAccountingPolicyForNonCurrentContrctFulfilmentAssets", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "3.2 Property, plant and equipment Accounting policies Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. Derecognition: An item of property, plant and equipment is derecognised on disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised.
2025
2024
Leasehold improvements, Plant and Leasehold improvements, Plant and
land and buildings machinery Total land and buildings machinery Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
78.3
79.5
157.8
81.0
108.9
189.9
Additions
4.6
4.9
9.5
7.3
9.3
16.6
Disposals \u2013 included in adjusted profit
(1.6)
(5.4)
(7.0)
(1.7)
(2.2)
(3.9)
Transfer to disposal group assets held-for-sale
\u2014
\u2014
\u2014
\u2014
(0.2)
(0.2)
Reclassifications to intangible assets
\u2014
\u2014
\u2014
0.1
(0.8)
(0.7)
Asset retirements
(10.8)
(16.3)
(27.1)
(8.1)
(34.1)
(42.2)
Exchange movement
0.1
\u2014
0.1
(0.3)
(1.4)
(1.7)
At 31 December
70.6
62.7
133.3
78.3
79.5
157.8
Depreciation and impairment
At 1 January
35.7
53.6
89.3
36.4
73.5
109.9
Depreciation charged - included in adjusted profit
6.8
11.7
18.5
7.2
15.7
22.9
Depreciation charged - included in business exits
0.2
0.2
0.4
0.4
0.9
1.3
Disposals \u2013 included in adjusted profit
(1.5)
(4.4)
(5.9)
(1.6)
(2.0)
(3.6)
Impairment \u2013 included in adjusted profit
0.5
0.2
0.7
1.1
0.2
1.3
Impairment \u2013 included in business exits
\u2014
\u2014
\u2014
0.4
0.1
0.5
Transfer to disposal group assets held-for-sale
\u2014
\u2014
\u2014
\u2014
(0.2)
(0.2)
Reclassifications from intangible assets
\u2014
\u2014
\u2014
\u2014
0.6
0.6
Asset retirements
(10.8)
(16.3)
(27.1)
(8.1)
(34.1)
(42.2)
Exchange movement
\u2014
(0.1)
(0.1)
(0.1)
(1.1)
(1.2)
At 31 December
30.9
44.9
75.8
35.7
53.6
89.3
Net book value
At 1 January
42.6
25.9
68.5
44.6
35.4
80.0
At 31 December
39.7
17.8
57.5
42.6
25.9
68.5
At 31 December 2025, amounts contracted for but not provided in the consolidated financial statements for the acquisition of property, plant and equipment amounted to \u00a30.4m (2024: \u00a31.4m), relating to building
improvements on leased property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-443": { "value": "Accounting policies Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. Derecognition: An item of property, plant and equipment is derecognised on disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Depreciation: Depreciation is calculated on a straight-line basis over the estimated useful life of the asset, as follows: \u2022 Freehold buildings and long leasehold property \u2013 up to 50 years. \u2022 Leasehold improvements \u2013 period of the lease. \u2022 Plant and machinery \u2013 3 to 10 years. Impairment: The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets are written down to their recoverable amount. The recoverable amount of property, plant and equipment is the greater of net selling price and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are disclosed as administrative expenses in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "3.3 Intangible assets Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any Software as a Service (SaaS) utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2025 or 2024. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: On the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: Judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material.
2025
2024
Intangible Intangible
assets assets
acquired in Capitalised/ acquired in Capitalised/
business purchased business purchased
combinations software Total combinations software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
3.1
145.7
148.8
3.0
175.0
178.0
Additions
1
\u2014
39.8
39.8
\u2014
33.5
33.5
Disposals \u2013 included in adjusted profit
\u2014
\u2014
\u2014
\u2014
(2.0)
(2.0)
Transfer to disposal group assets held-for-sale
2
\u2014
\u2014
\u2014
\u2014
(14.6)
(14.6)
Reclassifications to property, plant and equipment
\u2014
\u2014
\u2014
\u2014
0.7
0.7
Asset retirements
\u2014
(18.4)
(18.4)
\u2014
(46.2)
(46.2)
Exchange movement
\u2014
0.4
0.4
0.1
(0.7)
(0.6)
At 31 December
3.1
167.5
170.6
3.1
145.7
148.8
Amortisation and impairment
At 1 January
2.8
66.2
69.0
2.5
85.5
88.0
Amortisation charged in the year - included in adjusted profit
\u2014
19.5
19.5
\u2014
18.7
18.7
Amortisation charged in the year - excluded from adjusted profit
0.2
\u2014
0.2
0.2
\u2014
0.2
Amortisation charged in the year - included in business exits
\u2014
1.9
1.9
\u2014
4.5
4.5
Impairment \u2013 included in adjusted profit
\u2014
0.5
0.5
\u2014
0.3
0.3
Impairment \u2013 included in business exits
\u2014
0.1
0.1
\u2014
8.8
8.8
Disposals \u2013 included in adjusted profit
\u2014
\u2014
\u2014
\u2014
(0.3)
(0.3)
Transfer to disposal group assets held-for-sale
2
\u2014
\u2014
\u2014
\u2014
(4.2)
(4.2)
Reclassifications to property, plant and equipment
\u2014
\u2014
\u2014
\u2014
(0.6)
(0.6)
Asset retirements
\u2014
(18.4)
(18.4)
\u2014
(46.2)
(46.2)
Exchange movement
\u2014
0.2
0.2
0.1
(0.3)
(0.2)
At 31 December
3.0
70.0
73.0
2.8
66.2
69.0
Net book value
At 1 January
0.3
79.5
79.8
0.5
89.5
90.0
At 31 December
0.1
97.5
97.6
0.3
79.5
79.8
1. Additions comprise \u00a339.7m (2024: \u00a332.3m) of capitalised software development and \u00a30.1m (2024: \u00a31.2m) of purchased software.
2. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at 30 June 2024 and subsequently sold during the second half of 2024.
Intangible assets capitalised or purchased include capitalised software development (net book value 2025: \u00a394.2m; 2024: \u00a374.2m) and purchased software (net book value 2025: \u00a33.3m; 2024: \u00a35.3m). In the comparative
period \u2018Impairment - included in business exits\u2019 includes \u00a38.5m that arose following the decision to exit the mortgage servicing business which was sold during 2025 (see note 2.8.1).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "3.3 Intangible assets Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any Software as a Service (SaaS) utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2025 or 2024. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: On the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: Judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material.
2025
2024
Intangible Intangible
assets assets
acquired in Capitalised/ acquired in Capitalised/
business purchased business purchased
combinations software Total combinations software Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
3.1
145.7
148.8
3.0
175.0
178.0
Additions
1
\u2014
39.8
39.8
\u2014
33.5
33.5
Disposals \u2013 included in adjusted profit
\u2014
\u2014
\u2014
\u2014
(2.0)
(2.0)
Transfer to disposal group assets held-for-sale
2
\u2014
\u2014
\u2014
\u2014
(14.6)
(14.6)
Reclassifications to property, plant and equipment
\u2014
\u2014
\u2014
\u2014
0.7
0.7
Asset retirements
\u2014
(18.4)
(18.4)
\u2014
(46.2)
(46.2)
Exchange movement
\u2014
0.4
0.4
0.1
(0.7)
(0.6)
At 31 December
3.1
167.5
170.6
3.1
145.7
148.8
Amortisation and impairment
At 1 January
2.8
66.2
69.0
2.5
85.5
88.0
Amortisation charged in the year - included in adjusted profit
\u2014
19.5
19.5
\u2014
18.7
18.7
Amortisation charged in the year - excluded from adjusted profit
0.2
\u2014
0.2
0.2
\u2014
0.2
Amortisation charged in the year - included in business exits
\u2014
1.9
1.9
\u2014
4.5
4.5
Impairment \u2013 included in adjusted profit
\u2014
0.5
0.5
\u2014
0.3
0.3
Impairment \u2013 included in business exits
\u2014
0.1
0.1
\u2014
8.8
8.8
Disposals \u2013 included in adjusted profit
\u2014
\u2014
\u2014
\u2014
(0.3)
(0.3)
Transfer to disposal group assets held-for-sale
2
\u2014
\u2014
\u2014
\u2014
(4.2)
(4.2)
Reclassifications to property, plant and equipment
\u2014
\u2014
\u2014
\u2014
(0.6)
(0.6)
Asset retirements
\u2014
(18.4)
(18.4)
\u2014
(46.2)
(46.2)
Exchange movement
\u2014
0.2
0.2
0.1
(0.3)
(0.2)
At 31 December
3.0
70.0
73.0
2.8
66.2
69.0
Net book value
At 1 January
0.3
79.5
79.8
0.5
89.5
90.0
At 31 December
0.1
97.5
97.6
0.3
79.5
79.8
1. Additions comprise \u00a339.7m (2024: \u00a332.3m) of capitalised software development and \u00a30.1m (2024: \u00a31.2m) of purchased software. 2. Transfers to disposal group assets held-for-sale in the year ended 31 December 2024 is in respect of Capita One that was transferred at 30 June 2024 and subsequently sold during the second half of 2024. Intangible assets capitalised or purchased include capitalised software development (net book value 2025: \u00a394.2m; 2024: \u00a374.2m) and purchased software (net book value 2025: \u00a33.3m; 2024: \u00a35.3m). In the comparative period \u2018Impairment - included in business exits\u2019 includes \u00a38.5m that arose following the decision to exit the mortgage servicing business which was sold during 2025 (see note 2.8.1). 3.4 Goodwill Accounting policies Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off directly against reserves and does not get recycled through the consolidated income statement. At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained. Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent company. Significant accounting estimates and assumptions Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a suitable discount rate.
2025 2024
\u00a3m \u00a3m
Cost
At 1 January
845.6
1,074.2
Transfer to disposal group assets held-for-sale
1
\u2014
(72.5)
Adjustment to gross goodwill balances
2
\u2014
(154.9)
Exchange movement
1.4
(1.2)
At 31 December
847.0
845.6
Accumulated impairment
At 1 January
473.2
578.5
Transfer to disposal group assets held-for-sale
1
\u2014
(25.5)
Impairment \u2013 excluded from adjusted profit
73.7
75.1
Adjustment to gross goodwill balances
2
\u2014
(154.9)
At 31 December
546.9
473.2
Net book value
At 1 January
372.4
495.7
At 31 December
300.1
372.4
1. In the year ended 31 December 2024 this related to the Capita One business that was transferred to held-for-sale at 30 June 2024, and
subsequently sold during the second half of 2024.
2. Adjustment made in 2024 to remove gross cost and accumulated impairment in respect of goodwill that had been fully impaired and
subsequently disposed of in previous years. This resulted in an adjustment to each balance of \u00a3154.9m, with no change to the overall net
book value.
Cash-generating units
Reflecting the way management exercises oversight and monitors the Group\u2019s performance, the lowest
level at which goodwill is monitored is at the divisional level for Capita Public Service, and at a sub-
divisional level for Capita Experience in line with the Group\u2019s operating segments, with goodwill allocated to
these groups of CGUs (hereafter referred to as CGUs) accordingly.
Carrying amount of goodwill allocated to CGUs:
Capita Capita Experience
Public Contact Pension Regulated
Service Centre Solutions Services Total
CGU \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
239.4
72.3
60.7
\u2014
372.4
Impairment \u2013 excluded from adjusted profit
\u2014
(73.7)
\u2014
\u2014
(73.7)
Exchange movement
\u2014
1.4
\u2014
\u2014
1.4
At 31 December
239.4
\u2014
60.7
\u2014
300.1
Business exits
As set out in note 2.8, one business (the Group\u2019s mortgage servicing business) was fully disposed of during
the year. This business had been transferred to disposal group assets held-for-sale at 31 December 2024,
however there was no goodwill attributable to it.
The impairment test
The Group\u2019s impairment test compares the carrying value of each CGU with its recoverable amount. The
recoverable amount of a CGU is the higher of fair value less cost of disposal, and its value in use, where
value in use would typically be the expected cash flows to be generated operating the business into perpetuity.
As described in the strategic report, the Group delivered the targeted \u00a3250m cost savings by the end of
2025. The recoverable amount of each group of CGUs has therefore been calculated using value in use
(being the present value of future cash flows for each CGU).
In undertaking the annual impairment review, the directors considered both internal and external sources of
information, and any observable indications that may suggest that the carrying value of goodwill may be
impaired. This included a comparison with the Group\u2019s share price and market capitalisation.
At 31 December 2024, an impairment of \u00a375.1m was recognised in respect of the Contact Centre CGU.
Whilst progress has been made in improving the competitiveness of the Contact Centre business, it has
seen a material impact from contract losses and volume reduction on clients. The financial performance is
unsatisfactory and the level of improvement and contract wins that it was hoped would be delivered when
the Group\u2019s strategy was set out at the Capital Markets Day in 2024, has not been seen.
The business\u2019s adjusted revenue
1
declined 17.5% in 2025, driven by reduced volumes in the
Telecommunications vertical and contract losses, and its adjusted operating loss
1
increased to \u00a317.0m,
which includes costs associated with under-utilised property and losses arising in the German business.
During the year significant cost reductions were made to improve the business\u2019s financial performance
however the phasing of these reductions was later than expected in 2025, and there is more work to do in
respect of the German business and of the property footprint which currently represents around 60% of the
Group\u2019s lease liability.
Although the Contact Centre business secured deals with a total contract value of \u00a3716.5m in 2025, up by
66% on 2024 and its win rate across all opportunities was 80%, up from 57% in 2024, the business\u2019s
unweighted and weighted pipeline has reduced compared to the end of the prior year. In addition, the
majority of contracts won are framework agreements, which enable the customer to both ramp up and ramp
down volume, providing both an opportunity but also a risk to the business\u2019s forecast, as seen with the
reduction in volumes in the year.
A key aspect of the Contact Centre strategy is better technology, and the forecast for the business assumes
an increase in the use of its new AI and generative AI solutions, such as AgentSuite, with expansion
delivered in 2025 and further rollouts to clients planned in 2026. There is a risk with the assumed rollout of
these new technology solutions, such as the pace of technological change, which brings increased
uncertainty in delivery, and therefore a risk to the business\u2019s forecast.
These trends were reflected in the financial projections used for impairment testing previously, which
resulted in the impairment of the Contact Centre CGU at the end of 2024. However, as improvement in
financial performance has not yet been seen, and to reflect sector wide headwinds, and taking account of
the inherent uncertainty in forecasting, for the purposes of the impairment test, the business plan cash flow
projections have been risk adjusted in the Contact Centre CGU from 2026 onwards. At 31 December 2025,
a goodwill impairment of \u00a373.7m was recognised in respect of the Contact Centre CGU.
At 31 December 2025, the carrying value post impairment of the Contact Centre CGU was aligned to its
estimated recoverable amount of \u00a3(31.0)m, which is inclusive of lease liabilities. The estimated recoverable
amounts of the other CGUs exceeded their respective carrying values. The key inputs to the calculations
are described below, including changes in market conditions.
Forecast cash flows
The cash flow projections prepared for the impairment test are derived from the 2026-2028 business plan
approved by the Board, which are prepared on a nominal basis. The key assumption in the business plan
includes the delivery of planned revenue growth. As noted above, for the purposes of the impairment test,
the business plan cash flow projections have been risk adjusted in the Contact Centre CGU from 2026
onwards to reflect recent performance.
The going concern severe but plausible downside scenarios have taken account of the potential adverse
financial impacts resulting from the following risks, which include the key assumptions noted above:
\u2022 revenue growth falling materially short of plan;
\u2022 unforeseen operational issues leading to contract losses and cash outflows; and
\u2022 unexpected financial costs linked to unexpected one-off incidents.
As such, the below sensitivity analysis includes assessing the impact of these crystallising on the
impairment test performed.
Forecast cash flows have been adjusted for movements in deferred income and contract fulfilment assets.
An adjustment has also been made to the 2026 cash flows to reflect the assumed build-up in working
capital to reach a normalised working capital position for each CGU.
1. Refer to alternative performance measures in section 8.2 to the financial statements.
Allocation of central function costs
The Board has considered an appropriate methodology to apply when allocating central function costs. The
methodology applied for the 2025 impairment test was aligned to that applied in reporting segmental
performance (refer to note 2.5). The remaining Group related costs of Capita plc, which have not been
allocated as part of segmental reporting, are allocated to CGUs for impairment testing purposes based on
2026 forecast earnings before interest, tax, depreciation and amortisation (EBITDA).
Long-term growth rate
The long-term growth rate is based on economic growth forecasts by recognised bodies and this has been
applied to forecast cash flows for years four and five (2029 and 2030) and for the terminal period. The 2025
long-term growth rate is 1.5% (2024: 1.6%).
Discount rates
Management estimates discount rates using nominal post-tax rates of comparator companies for each
CGU. The discount rates reflect the latest market assumptions for the risk-free rate, the equity risk premium
and the net cost of debt, which are all based on publicly available external sources.
The table below presents the pre-tax discount rates applied to the cash flows for 2025 and 2024.
Capita Experience
Capita Public Contact Pension
Service Centre Solutions
2025
10.2%
10.6%
8.9%
2024
10.5%
11.2%
10.6%
Sensitivity analysis
The impairment testing as described is reliant on the reliability of management\u2019s forecasts and the
assumptions that underlie them; and on the selection of the discount and growth rates to be applied. To
gauge the sensitivity of the result to a change in any one, or combination of the assumptions that underlie
the model, a number of scenarios were developed to identify the range of reasonably possible alternatives
and measure which CGUs are the most susceptible to an impairment should the assumptions used be
varied. The most material sensitivity to the cash flow forecasts is the risk of not delivering the planned
revenue growth.
The sensitivity scenarios applied estimate potential impairments required (with all other variables being
equal) through: an increase in discount rate of 1%, or a decrease of 1% in the long-term growth rate (for the
terminal period) for the Group in total and each of the CGUs; or, through the severe but plausible downsides
applied to the base-case projections for assessing going concern and viability, without mitigations, for 2026
to 2028, and the long-term growth rate (1.5%) applied to the 2028 downside cash flows to generate
projected cash flows for 2029, 2030, and the terminal period. We have also considered the impact of all the
scenarios together, which is also a reasonable possible alternative.
In respect of the Capita Public Service and Pension Solution CGUs, no potential impairments have been
identified under any of these sensitivity scenarios, including the combination sensitivity scenario.
Following the impairment in respect of the Contact Centre CGU as at 31 December 2025 detailed above,
there is no longer any goodwill attributable to this CGU, and as such, no further risk of additional goodwill
impairment in any of the sensitivity scenarios.
The calculated recoverable value of the Contact Centre CGU under each of the sensitivity scenarios
detailed above gives rise to a potential impairment of non-goodwill balances attributable to the CGU, which
comprise right-of-use assets, intangible assets, property, plant and equipment, and corporate assets
allocated to the CGU for impairment testing purposes.
Given the potential for additional impairments under the different sensitivity scenarios, management
continue to closely monitor the performance of this CGU and will consider the impact of any changes to the
key assumptions, including due to the performance issues of the Contact Centre business detailed further
above.
If the estimated recoverable amount was to decline further, impairment would only be recognised to the
extent that the standalone fair value less cost of disposal or value in use of the individual assets did not
support their carrying value at that time. Accordingly, it is impracticable to disclose the extent of the possible
impact of changes to key assumptions on the carrying value of the non-goodwill assets within the CGU.
Comparison to share price and market capitalisation
The Company\u2019s market capitalisation, adjusted for the fair value of net debt, indicates an enterprise value
that continues to be significantly less than the Group\u2019s sum-of-the-parts CGU valuation based upon the
model prepared for impairment testing purposes at 31 December 2025. The directors gave consideration as
to why this might be the case and the reasonableness of the assumptions used in the impairment model,
and whether these points could indicate additional indicators of impairment in respect of the Group\u2019s
goodwill balances.
The factors considered included: the differing basis of valuations (including that third parties value the
services sector on income statement multiples versus long-term view using a discounted cash flow for the
basis of impairment testing under accounting standards), sum-of-the-parts view and the multiples achieved
on recent disposals, general market assumptions of the sector which can ignore the liquidity profile and
specific risks of an entity, and other specific items impacting the market\u2019s view of the Group at the moment,
including delivery of a sustainable improvement in financial performance.
Taking these points into consideration, the Board is comfortable that there is no further impairment in
respect of goodwill to be recognised at 31 December 2025, despite the continuing low market capitalisation
of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any Software as a Service (SaaS) utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2025 or 2024. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: On the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: Judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-444": { "value": "Accounting policies Intangible assets acquired separately are capitalised at cost and those identified in a business acquisition are capitalised at fair value at the date of acquisition. In the case of capitalised software development costs, research expenditure is written off to the consolidated income statement when it is incurred. Development expenditure is similarly written off until the Group is satisfied as to the technical, commercial and financial viability of individual projects. Where this condition is satisfied, the development expenditure is capitalised and amortised over the period during which the Group is expected to benefit. The Group considers the nature of any Software as a Service (SaaS) utilised by the Group and whether associated costs incurred meet the criteria for capitalisation as intangible assets. In particular the Group assesses whether the work conducted includes any configuration or customisation of the suppliers software and then considers the relevant accounting treatment. Following initial recognition, the carrying amount of an intangible asset is its cost less accumulated amortisation and impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. There were no indefinite-lived assets in 2025 or 2024. Amortisation: Amortisation is charged on assets with finite lives. The amortisation method used reflects the expected pattern of consumption of future economic benefits and generally amortised on a straight-line basis, the amortisation periods used are as follows: \u2022 Intangible assets acquired in business combinations \u2013 1.5 to 20 years. \u2022 Intangible assets purchased or internally capitalised \u2013 3 to 20 years. Impairment: Intangible assets with finite lives are only tested for impairment, either individually or at the cash-generating unit level, when there is an indicator of impairment. Derecognition: Intangible assets are derecognised upon disposal, or when no future economic benefits are expected to arise from the continued use of the asset (retired). Any gain or loss arising on derecognition of the asset, calculated as the difference between the net disposal proceeds and the carrying value of the asset, is included in the consolidated income statement when the asset is derecognised. The measurement of intangible assets other than goodwill in a business combination: On the acquisition of a business, the identifiable intangible assets may include licences, customer lists and brands. The fair value of these assets is determined by discounting estimated future net cash flows generated by the asset because in most cases no active market for the assets exists and therefore no observable value exists. The use of different assumptions for the expectations of future cash flows and the discount rate would change the valuation of the intangible assets. The assessment of costs capitalised as intangible assets to generate future economic benefits: Judgement is applied in assessing whether costs incurred, both internal and external, will generate future economic benefits. Judgements and estimates are applied in determining the carrying value of the assets, including assumptions made in respect of the status of the programme each asset relates to. Given the level of judgement and estimation involved in assessing future cash flows, it is reasonably possible that outcomes within the next financial year may be different from management\u2019s assumptions and require an adjustment to the carrying value of intangible assets, however any adjustment is not expected to be material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "3.4 Goodwill Accounting policies Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off directly against reserves and does not get recycled through the consolidated income statement. At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained. Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent company. Significant accounting estimates and assumptions Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a suitable discount rate.
2025 2024
\u00a3m \u00a3m
Cost
At 1 January
845.6
1,074.2
Transfer to disposal group assets held-for-sale
1
\u2014
(72.5)
Adjustment to gross goodwill balances
2
\u2014
(154.9)
Exchange movement
1.4
(1.2)
At 31 December
847.0
845.6
Accumulated impairment
At 1 January
473.2
578.5
Transfer to disposal group assets held-for-sale
1
\u2014
(25.5)
Impairment \u2013 excluded from adjusted profit
73.7
75.1
Adjustment to gross goodwill balances
2
\u2014
(154.9)
At 31 December
546.9
473.2
Net book value
At 1 January
372.4
495.7
At 31 December
300.1
372.4
1. In the year ended 31 December 2024 this related to the Capita One business that was transferred to held-for-sale at 30 June 2024, and subsequently sold during the second half of 2024. 2. Adjustment made in 2024 to remove gross cost and accumulated impairment in respect of goodwill that had been fully impaired and subsequently disposed of in previous years. This resulted in an adjustment to each balance of \u00a3154.9m, with no change to the overall net book value. Cash-generating units Reflecting the way management exercises oversight and monitors the Group\u2019s performance, the lowest level at which goodwill is monitored is at the divisional level for Capita Public Service, and at a sub- divisional level for Capita Experience in line with the Group\u2019s operating segments, with goodwill allocated to these groups of CGUs (hereafter referred to as CGUs) accordingly. Carrying amount of goodwill allocated to CGUs:
Capita Capita Experience
Public Contact Pension Regulated
Service Centre Solutions Services Total
CGU \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
239.4
72.3
60.7
\u2014
372.4
Impairment \u2013 excluded from adjusted profit
\u2014
(73.7)
\u2014
\u2014
(73.7)
Exchange movement
\u2014
1.4
\u2014
\u2014
1.4
At 31 December
239.4
\u2014
60.7
\u2014
300.1
Business exits As set out in note 2.8, one business (the Group\u2019s mortgage servicing business) was fully disposed of during the year. This business had been transferred to disposal group assets held-for-sale at 31 December 2024, however there was no goodwill attributable to it. The impairment test The Group\u2019s impairment test compares the carrying value of each CGU with its recoverable amount. The recoverable amount of a CGU is the higher of fair value less cost of disposal, and its value in use, where value in use would typically be the expected cash flows to be generated operating the business into perpetuity. As described in the strategic report, the Group delivered the targeted \u00a3250m cost savings by the end of 2025. The recoverable amount of each group of CGUs has therefore been calculated using value in use (being the present value of future cash flows for each CGU). In undertaking the annual impairment review, the directors considered both internal and external sources of information, and any observable indications that may suggest that the carrying value of goodwill may be impaired. This included a comparison with the Group\u2019s share price and market capitalisation. At 31 December 2024, an impairment of \u00a375.1m was recognised in respect of the Contact Centre CGU. Whilst progress has been made in improving the competitiveness of the Contact Centre business, it has seen a material impact from contract losses and volume reduction on clients. The financial performance is unsatisfactory and the level of improvement and contract wins that it was hoped would be delivered when the Group\u2019s strategy was set out at the Capital Markets Day in 2024, has not been seen. The business\u2019s adjusted revenue 1 declined 17.5% in 2025, driven by reduced volumes in the Telecommunications vertical and contract losses, and its adjusted operating loss1 increased to \u00a317.0m, which includes costs associated with under-utilised property and losses arising in the German business. During the year significant cost reductions were made to improve the business\u2019s financial performance however the phasing of these reductions was later than expected in 2025, and there is more work to do in respect of the German business and of the property footprint which currently represents around 60% of the Group\u2019s lease liability. Although the Contact Centre business secured deals with a total contract value of \u00a3716.5m in 2025, up by 66% on 2024 and its win rate across all opportunities was 80%, up from 57% in 2024, the business\u2019s unweighted and weighted pipeline has reduced compared to the end of the prior year. In addition, the majority of contracts won are framework agreements, which enable the customer to both ramp up and ramp down volume, providing both an opportunity but also a risk to the business\u2019s forecast, as seen with the reduction in volumes in the year. A key aspect of the Contact Centre strategy is better technology, and the forecast for the business assumes an increase in the use of its new AI and generative AI solutions, such as AgentSuite, with expansion delivered in 2025 and further rollouts to clients planned in 2026. There is a risk with the assumed rollout of these new technology solutions, such as the pace of technological change, which brings increased uncertainty in delivery, and therefore a risk to the business\u2019s forecast. These trends were reflected in the financial projections used for impairment testing previously, which resulted in the impairment of the Contact Centre CGU at the end of 2024. However, as improvement in financial performance has not yet been seen, and to reflect sector wide headwinds, and taking account of the inherent uncertainty in forecasting, for the purposes of the impairment test, the business plan cash flow projections have been risk adjusted in the Contact Centre CGU from 2026 onwards. At 31 December 2025, a goodwill impairment of \u00a373.7m was recognised in respect of the Contact Centre CGU. At 31 December 2025, the carrying value post impairment of the Contact Centre CGU was aligned to its estimated recoverable amount of \u00a3(31.0)m, which is inclusive of lease liabilities. The estimated recoverable amounts of the other CGUs exceeded their respective carrying values. The key inputs to the calculations are described below, including changes in market conditions. Forecast cash flows The cash flow projections prepared for the impairment test are derived from the 2026-2028 business plan approved by the Board, which are prepared on a nominal basis. The key assumption in the business plan includes the delivery of planned revenue growth. As noted above, for the purposes of the impairment test, the business plan cash flow projections have been risk adjusted in the Contact Centre CGU from 2026 onwards to reflect recent performance. The going concern severe but plausible downside scenarios have taken account of the potential adverse financial impacts resulting from the following risks, which include the key assumptions noted above: \u2022 revenue growth falling materially short of plan; \u2022 unforeseen operational issues leading to contract losses and cash outflows; and \u2022 unexpected financial costs linked to unexpected one-off incidents. As such, the below sensitivity analysis includes assessing the impact of these crystallising on the impairment test performed. Forecast cash flows have been adjusted for movements in deferred income and contract fulfilment assets. An adjustment has also been made to the 2026 cash flows to reflect the assumed build-up in working capital to reach a normalised working capital position for each CGU. 1. Refer to alternative performance measures in section 8.2 to the financial statements. Allocation of central function costs The Board has considered an appropriate methodology to apply when allocating central function costs. The methodology applied for the 2025 impairment test was aligned to that applied in reporting segmental performance (refer to note 2.5). The remaining Group related costs of Capita plc, which have not been allocated as part of segmental reporting, are allocated to CGUs for impairment testing purposes based on 2026 forecast earnings before interest, tax, depreciation and amortisation (EBITDA). Long-term growth rate The long-term growth rate is based on economic growth forecasts by recognised bodies and this has been applied to forecast cash flows for years four and five (2029 and 2030) and for the terminal period. The 2025 long-term growth rate is 1.5% (2024: 1.6%). Discount rates Management estimates discount rates using nominal post-tax rates of comparator companies for each CGU. The discount rates reflect the latest market assumptions for the risk-free rate, the equity risk premium and the net cost of debt, which are all based on publicly available external sources. The table below presents the pre-tax discount rates applied to the cash flows for 2025 and 2024.
Capita Experience
Capita Public Contact Pension
Service Centre Solutions
2025
10.2%
10.6%
8.9%
2024
10.5%
11.2%
10.6%
Sensitivity analysis The impairment testing as described is reliant on the reliability of management\u2019s forecasts and the assumptions that underlie them; and on the selection of the discount and growth rates to be applied. To gauge the sensitivity of the result to a change in any one, or combination of the assumptions that underlie the model, a number of scenarios were developed to identify the range of reasonably possible alternatives and measure which CGUs are the most susceptible to an impairment should the assumptions used be varied. The most material sensitivity to the cash flow forecasts is the risk of not delivering the planned revenue growth. The sensitivity scenarios applied estimate potential impairments required (with all other variables being equal) through: an increase in discount rate of 1%, or a decrease of 1% in the long-term growth rate (for the terminal period) for the Group in total and each of the CGUs; or, through the severe but plausible downsides applied to the base-case projections for assessing going concern and viability, without mitigations, for 2026 to 2028, and the long-term growth rate (1.5%) applied to the 2028 downside cash flows to generate projected cash flows for 2029, 2030, and the terminal period. We have also considered the impact of all the scenarios together, which is also a reasonable possible alternative. In respect of the Capita Public Service and Pension Solution CGUs, no potential impairments have been identified under any of these sensitivity scenarios, including the combination sensitivity scenario. Following the impairment in respect of the Contact Centre CGU as at 31 December 2025 detailed above, there is no longer any goodwill attributable to this CGU, and as such, no further risk of additional goodwill impairment in any of the sensitivity scenarios. The calculated recoverable value of the Contact Centre CGU under each of the sensitivity scenarios detailed above gives rise to a potential impairment of non-goodwill balances attributable to the CGU, which comprise right-of-use assets, intangible assets, property, plant and equipment, and corporate assets allocated to the CGU for impairment testing purposes. Given the potential for additional impairments under the different sensitivity scenarios, management continue to closely monitor the performance of this CGU and will consider the impact of any changes to the key assumptions, including due to the performance issues of the Contact Centre business detailed further above. If the estimated recoverable amount was to decline further, impairment would only be recognised to the extent that the standalone fair value less cost of disposal or value in use of the individual assets did not support their carrying value at that time. Accordingly, it is impracticable to disclose the extent of the possible impact of changes to key assumptions on the carrying value of the non-goodwill assets within the CGU. Comparison to share price and market capitalisation The Company\u2019s market capitalisation, adjusted for the fair value of net debt, indicates an enterprise value that continues to be significantly less than the Group\u2019s sum-of-the-parts CGU valuation based upon the model prepared for impairment testing purposes at 31 December 2025. The directors gave consideration as to why this might be the case and the reasonableness of the assumptions used in the impairment model, and whether these points could indicate additional indicators of impairment in respect of the Group\u2019s goodwill balances. The factors considered included: the differing basis of valuations (including that third parties value the services sector on income statement multiples versus long-term view using a discounted cash flow for the basis of impairment testing under accounting standards), sum-of-the-parts view and the multiples achieved on recent disposals, general market assumptions of the sector which can ignore the liquidity profile and specific risks of an entity, and other specific items impacting the market\u2019s view of the Group at the moment, including delivery of a sustainable improvement in financial performance. Taking these points into consideration, the Board is comfortable that there is no further impairment in respect of goodwill to be recognised at 31 December 2025, despite the continuing low market capitalisation of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-445": { "value": "Accounting policies Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Goodwill arising on acquisitions prior to 31 December 1997 remains set off directly against reserves and does not get recycled through the consolidated income statement. At the acquisition date, any goodwill acquired is allocated to the cash-generating units (CGU) which are expected to benefit from the combination\u2019s synergies. Impairment is determined by assessing the recoverable amount of the CGU to which the goodwill relates. Where the recoverable amount of the CGU is less than the carrying amount, an impairment loss is recognised. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in these circumstances is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained. Acquisitions and disposals of non-controlling interests that do not result in a change of control are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests are based on a proportionate amount of the net assets of the subsidiary. Any difference between the price paid or received and the amount by which non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent company. Significant accounting estimates and assumptions Impairment of Contact Centre goodwill: the Group determines whether goodwill is impaired on an annual basis, or more frequently if required, and this requires an estimation of the recoverable amount of the CGU to which the intangible assets are allocated utilising an estimation of future cash flows and choosing a suitable discount rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "3.5 Right-of-use assets Accounting policies At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use assets exclude leases with low values and terms of twelve months or less. These leases are expensed to the consolidated income statement when incurred. As detailed in note 2.4, during 2025 a charge of \u00a356.1m (2024: \u00a327.9m) was recognised for the costs to deliver the cost reduction programme. This includes a charge of \u00a32.7m arising from the rationalisation of the Group's property estate, including impairments of \u00a30.1m. In 2024, a property related credit of \u00a32.6m was recognised reflecting the successful exit of a number of properties which had been provided for previously. These amounts have been excluded from adjusted profit. Other movements include amendments to existing leases.
Motor
Property vehicles Equipment Total
Net Book Value \u00a3m
\u00a3m
\u00a3m \u00a3m
At 1 January 2024
200.1
5.9
2.5
208.5
Addition of new leases
27.6
5.8
1.2
34.6
Depreciation charged - included in adjusted profit
(35.4)
(4.2)
(1.6)
(41.2)
Depreciation charged - included in business exits
(1.1)
\u2014
\u2014
(1.1)
Impairment - excluded from adjusted profit
(0.2)
\u2014
\u2014
(0.2)
Transfer to lease receivable
1
(31.3)
\u2014
\u2014
(31.3)
Disposals - included in adjusted profit
(5.5)
(0.7)
\u2014
(6.2)
Exchange movement
(0.6)
\u2014
\u2014
(0.6)
Other movements
18.2
0.1
-0.1
18.2
At 31 December 2024
171.8
6.9
2.0
180.7
Addition of new leases
6.2
4.7
0.2
11.1
Depreciation charged - included in adjusted profit
(31.0)
(3.3)
(1.0)
(35.3)
Depreciation charged - included in business exits
(0.8)
\u2014
\u2014
(0.8)
Impairment - excluded from adjusted profit
(0.1)
\u2014
\u2014
(0.1)
Disposals - included in adjusted profit
(3.8)
(0.2)
(0.2)
(4.2)
Exchange movement
0.3
\u2014
\u2014
0.3
Other movements
6.7
0.1
\u2014
6.8
At 31 December 2025
149.3
8.2
1.0
158.5
1. Transfers to lease receivable in the year ended 31 December 2024 comprises \u00a331.3m that was transferred at 17 January 2024 on the disposal of Fera. 4.4 Leases Accounting policies The Group leases various assets, comprising land and buildings, equipment and motor vehicles. The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The following sets out the Group\u2019s lease accounting policy for all leases with the exception of leases with low value and term of twelve months or less which are expensed to the consolidated income statement. The Group as a lessee The accounting policy for right-of-use assets is included in note 3.5. The Group recognises lease liabilities where a lease contract exists and right-of-use assets representing the right to use the underlying leased assets. At the commencement of a lease, the Group recognises the lease liability measured at the present value of the lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental borrowing rates are determined monthly and depend on the term, country, currency and commencement date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on swap market data; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments due to a renegotiation or market rent review, a change of an index or rate or a reassessment of the lease term. Lease payments are apportioned between a finance charge and a reduction of the lease liability based on the constant interest rate applied to the remaining balance of the liability. Interest expense is included within net finance costs in the consolidated income statement. Lease payments comprise fixed payments, including in-substance fixed payments such as service charges and variable lease payments that depend on an index or a rate, initially measured using the minimum index or rate at inception date. The payments also include any lease incentives and any penalty payments for terminating the lease, if the lease term reflects the lessee exercising that option. The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by an option to extend the lease are included if the Group has reasonable certainty that the option will be exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will not be exercised. The Group has elected to apply the practical expedient in IFRS 16 Leases paragraph 15 not to separate non-lease components such as service charges from lease rental charges. The Group as a lessor When the Group acts as a lessor, it determines at lease commencement whether the lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee all of the risks and rewards of ownership in relation to the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease. The Group acts as an intermediate lessor of property assets and equipment. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses whether the sub-lease is a finance or operating lease in the context of the right-of-use asset arising from the head lease. In instances where the Group is the intermediate lessor and the sub-lease is classified as a finance lease, the Group recognises a net investment in sub-leases for amounts recoverable from the sub-lessees while derecognising the right-of-use asset. The lease liability is retained on the balance sheet. The net investment in sub-leases is classified as current or non-current finance assets in the consolidated balance sheet according to whether or not the amounts will be recovered within twelve months of the balance sheet date. Finance income recognised in respect of net investment in sub-leases is presented within net finance costs in the consolidated income statement and the capital element of lease rental received is presented within investing activities in the consolidated cash flow statement. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term. The Group accounts for finance leases as finance lease receivables, using an incremental borrowing rate where the interest rate implicit in sub-lease is not easily determinable.
4.4.1 The Group as a lessee
2025 2024 Type of financial
Amounts recognised on the balance sheet \u00a3m \u00a3m instrument
Financial
Lease liabilities
318.2
348.7
liabilities
The lease liability includes \u00a313.5m (2024: \u00a312.0m) of future lease payments (undiscounted) for leases with
termination options that could be exercised but are recognised at full term. The potential future cash
outflows of \u00a311.4m (2024: \u00a37.2m) (undiscounted) have not been included in the lease liability because the
Group is reasonably certain that the leases will not be extended. The total cash outflow for leases was
\u00a365.5m (2024: \u00a376.3m) consisting of interest paid of \u00a320.8m (2024: \u00a322.7m) and capital element of \u00a344.7m
(2024: \u00a353.6m).
Right-of-use assets are disclosed in note 3.5, the maturity analysis of lease liabilities is included in
note 4.2.1 and interest expense in note 4.3.
4.4.2 The Group as a lessor
2025 2024 Type of financial
Amounts recognised on the balance sheet \u00a3m \u00a3m instrument
Financial
Lease receivables
96.6
95.7
assets
The maturity analysis of lease receivables, including the undiscounted lease payments to be received, is as
follows:
2025 2024
\u00a3m \u00a3m
Within 1 year
10.1
9.5
Between 1-2 years
10.2
10.0
Between 2-3 years
10.2
6.4
Between 3-4 years
10.2
6.4
Between 4-5 years
10.2
10.1
More than 5 years
94.3
107.5
Total undiscounted lease payments receivable
145.2
149.9
Unearned finance income
(48.6)
(54.2)
Net investment in lease receivables
96.6
95.7
2025 2024
Change in finance lease receivables during the year \u00a3m \u00a3m
At 1 January
95.7
70.3
Payments received
(9.6)
(11.5)
Interest accrued (see note 4.3)
5.4
5.6
Transfers from right-of-use assets
1
(see note 3.5)
\u2014
31.3
Other movements
5.1
\u2014
At 31 December
96.6
95.7
1. Transfers from right-of-use assets in the year ended 31 December 2024 comprises \u00a331.3m that was transferred at 17 January 2024 on the
disposal of Fera.
The expenses related to short-term leases, leases of low-value assets and income from sub-leases are
immaterial and therefore there is no separate disclosure.
The Group sublets leased property it no longer utilises for its own operations. Two sub-leases include an
option for the lessee to terminate the lease earlier than the Group\u2019s lease with its landlord. For both of these
sub-leases, management assessed it was reasonably certain that the break clause will not be exercised
and, accordingly, determined that the sub-lease is a finance lease. This resulted in the recognition of a
finance lease receivable. This judgement was based on a number of factors as prescribed within IFRS 16
such as incentive to lessee, importance of the location to the lessee\u2019s operations, shorter non-cancellable
period of the lease, and the lessee\u2019s modifications to, and customisation of, the property. At 31 December
2025, the combined lease receivable related to these properties was \u00a395.2m and is included in the balance
above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "3.5 Right-of-use assets Accounting policies At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use assets exclude leases with low values and terms of twelve months or less. These leases are expensed to the consolidated income statement when incurred. As detailed in note 2.4, during 2025 a charge of \u00a356.1m (2024: \u00a327.9m) was recognised for the costs to deliver the cost reduction programme. This includes a charge of \u00a32.7m arising from the rationalisation of the Group's property estate, including impairments of \u00a30.1m. In 2024, a property related credit of \u00a32.6m was recognised reflecting the successful exit of a number of properties which had been provided for previously. These amounts have been excluded from adjusted profit. Other movements include amendments to existing leases.
Motor
Property vehicles Equipment Total
Net Book Value \u00a3m
\u00a3m
\u00a3m \u00a3m
At 1 January 2024
200.1
5.9
2.5
208.5
Addition of new leases
27.6
5.8
1.2
34.6
Depreciation charged - included in adjusted profit
(35.4)
(4.2)
(1.6)
(41.2)
Depreciation charged - included in business exits
(1.1)
\u2014
\u2014
(1.1)
Impairment - excluded from adjusted profit
(0.2)
\u2014
\u2014
(0.2)
Transfer to lease receivable
1
(31.3)
\u2014
\u2014
(31.3)
Disposals - included in adjusted profit
(5.5)
(0.7)
\u2014
(6.2)
Exchange movement
(0.6)
\u2014
\u2014
(0.6)
Other movements
18.2
0.1
-0.1
18.2
At 31 December 2024
171.8
6.9
2.0
180.7
Addition of new leases
6.2
4.7
0.2
11.1
Depreciation charged - included in adjusted profit
(31.0)
(3.3)
(1.0)
(35.3)
Depreciation charged - included in business exits
(0.8)
\u2014
\u2014
(0.8)
Impairment - excluded from adjusted profit
(0.1)
\u2014
\u2014
(0.1)
Disposals - included in adjusted profit
(3.8)
(0.2)
(0.2)
(4.2)
Exchange movement
0.3
\u2014
\u2014
0.3
Other movements
6.7
0.1
\u2014
6.8
At 31 December 2025
149.3
8.2
1.0
158.5
1. Transfers to lease receivable in the year ended 31 December 2024 comprises \u00a331.3m that was transferred at 17 January 2024 on the disposal of Fera. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-446": { "value": "Accounting policies At the inception of the lease, the Group recognises a right-of-use asset at cost, which comprises the present value of minimum future lease payments determined at the inception of the lease. Right-of-use assets are depreciated using the straight-line method over the shorter of estimated life or the lease term. Amendments to lease terms resulting in a change in payments or the length of the lease results in an adjustment to the right-of-use asset and corresponding lease liability. Right-of-use assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be fully recoverable. Right-of-use assets exclude leases with low values and terms of twelve months or less. These leases are expensed to the consolidated income statement when incurred. Accounting policies The Group leases various assets, comprising land and buildings, equipment and motor vehicles. The determination whether an arrangement is, or contains, a lease is based on whether the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The following sets out the Group\u2019s lease accounting policy for all leases with the exception of leases with low value and term of twelve months or less which are expensed to the consolidated income statement. The Group as a lessee The accounting policy for right-of-use assets is included in note 3.5. The Group recognises lease liabilities where a lease contract exists and right-of-use assets representing the right to use the underlying leased assets. At the commencement of a lease, the Group recognises the lease liability measured at the present value of the lease payments to be made over the lease term. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. Incremental borrowing rates are determined monthly and depend on the term, country, currency and commencement date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on swap market data; a country-specific risk adjustment; a credit risk adjustment; and an entity-specific adjustment where the entity risk profile is different to that of the Group. The lease liability is subsequently remeasured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments due to a renegotiation or market rent review, a change of an index or rate or a reassessment of the lease term. Lease payments are apportioned between a finance charge and a reduction of the lease liability based on the constant interest rate applied to the remaining balance of the liability. Interest expense is included within net finance costs in the consolidated income statement. Lease payments comprise fixed payments, including in-substance fixed payments such as service charges and variable lease payments that depend on an index or a rate, initially measured using the minimum index or rate at inception date. The payments also include any lease incentives and any penalty payments for terminating the lease, if the lease term reflects the lessee exercising that option. The lease term determined comprises the non-cancellable period of the lease contract. Periods covered by an option to extend the lease are included if the Group has reasonable certainty that the option will be exercised, and periods covered by an option to terminate are included if it is reasonably certain that this will not be exercised. The Group has elected to apply the practical expedient in IFRS 16 Leases paragraph 15 not to separate non-lease components such as service charges from lease rental charges. The Group as a lessor When the Group acts as a lessor, it determines at lease commencement whether the lease is a finance lease or an operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers to the lessee all of the risks and rewards of ownership in relation to the underlying asset. If this is the case, then the lease is a finance lease. If not, then it is an operating lease. The Group acts as an intermediate lessor of property assets and equipment. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses whether the sub-lease is a finance or operating lease in the context of the right-of-use asset arising from the head lease. In instances where the Group is the intermediate lessor and the sub-lease is classified as a finance lease, the Group recognises a net investment in sub-leases for amounts recoverable from the sub-lessees while derecognising the right-of-use asset. The lease liability is retained on the balance sheet. The net investment in sub-leases is classified as current or non-current finance assets in the consolidated balance sheet according to whether or not the amounts will be recovered within twelve months of the balance sheet date. Finance income recognised in respect of net investment in sub-leases is presented within net finance costs in the consolidated income statement and the capital element of lease rental received is presented within investing activities in the consolidated cash flow statement. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term. The Group accounts for finance leases as finance lease receivables, using an incremental borrowing rate where the interest rate implicit in sub-lease is not easily determinable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "3.6 Provisions Accounting policies Provisions are recognised when the Group has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably. If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the consolidated income statement. The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits. See note 6.2. On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes. Denotes significant accounting estimates and assumptions As detailed in note 2.1, due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be applied, specifically in assessing the completeness of onerous contract provisions. These judgements are dependent on assessing the contract\u2019s future profitability and give rise to a key source of estimation uncertainty. It is possible that outcomes within the next financial year may be different from management\u2019s assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous provisions. In respect of onerous customer contract provisions within the customer contract provision, due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated estimates and assumptions that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. A potential range of outcomes has been disclosed in respect of the provision for the migration of the Royal London contracts in the closed book Life & Pensions business exit provision. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract, other than for the exit of the contracts with Royal London in the closed book Life & Pensions business. In respect of claims and litigation provisions, due to the inherent uncertainty and complexity involved in determining the financial impact of legal proceedings, significant estimation is required. Management assess the likelihood of unfavourable outcomes and estimate the potential financial impact, which involves making judgments based on legal and subject matter experts advice, past experience, relevant facts, and the nature of the claims. The range of values attached to these claims, can be significant and the Group robustly defends its position on each claim and they are often settled for amounts significantly smaller than the initial claim and may result in no transfer of economic benefits. Therefore, we do not consider it practicable to disclose a range of possible outcomes for the amounts and timing of settlement of these claims. Provisions The movements in provisions during the year are as follows:
Closed
book Life
Cost Business Claims and Customer & Pensions
reduction exit litigation Property contract business exit Other
provision provision provision provision provision provision provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
9.1
6.4
30.2
6.4
62.2
\u2014
5.0
119.3
Reclassification
\u2014
\u2014
7.7
\u2014
(51.6)
43.9
\u2014
\u2014
Provisions in the
year
39.1
2.0
30.2
3.8
3.5
62.5
0.7
141.8
Releases in the
year
(0.1)
(0.6)
(11.6)
(2.1)
(2.8)
(0.6)
(0.4)
(18.2)
Utilisation
(40.4)
(3.6)
(23.3)
(3.1)
(8.0)
(13.6)
(2.1)
(94.1)
Unwinding of
discount and
changes in the
discount rate
\u2014
\u2014
\u2014
\u2014
0.1
2.1
\u2014
2.2
At 31 December
7.7
4.2
33.2
5.0
3.4
94.3
3.2
151.0
31 December 2025 31 December 2024
\u00a3m \u00a3m
Current
70.9
81.4
Non-current
80.1
37.9
151.0
119.3
Cost reduction provision: The provision represents the cost of reducing headcount where communication to affected employees has crystallised a valid expectation that roles are at risk and it is likely to unwind over the next twelve months. Additionally, it relates to unavoidable running costs of leasehold properties (such as insurance and security) and dilapidation provisions, where properties are exited as a result of the cost reduction programme. These provisions are likely to unwind over periods of up to four years. Refer to note 2.4 for further details on the cost reduction programme. Business exit provision: The provision relates to the cost of exiting businesses through disposal or closure and the costs of separating the businesses being disposed, except for the closed book Life & Pension business (see below). These are likely to unwind over a period of one to four years. Claims and litigation provision: The Group is exposed to claims and litigation proceedings arising in the ordinary course of business. These matters are reassessed regularly and where obligations are probable and estimable, provisions are made representing the Group\u2019s best estimate of the expenditure to be incurred. Due to the nature of these claims, the Group cannot give an estimate of the period over which this provision will unwind. Property provision: The provision primarily covers obligations to make dilapidation payments on the Group\u2019s leased properties. The Group\u2019s assessment is that the likelihood of a cash outflow at lease commencement is remote. Usually, the event which changes the assessment of the likelihood of a cash outflow to being probable, and which therefore triggers the provision, occurs as the Group nears the end of a lease and the condition of the property and the likelihood of dilapidations being payable can be assessed. Typically, an outflow would occur within one to three years of the provision being made. The provision is based on the best estimate of the cost of performing required works or the expected settlement with the landlord. The provision also includes unavoidable running costs of leasehold property where the space is vacant or currently not planned to be used for ongoing operations but excludes the impact of the cost reduction programme detailed in note 2.4 (where such costs are included in the cost reduction provision). The expectation is this will be incurred over the remaining periods of the leases which vary up to two years. Customer contract provision: The provision includes onerous contract provisions in respect of customer contracts where the costs of fulfilling a contract (both incremental and costs directly related to contract activities) exceeds the economic benefits expected to be received under the contract, claims/obligations associated with missed milestones in contractual obligations, and other potential exposures related to contracts with customers, except for those in the closed book Life & Pensions business which have been transferred to a separate category of provision (see below). Customer contract lifetime reviews are used to determine the value of an onerous contract provision. The contract lifetime review reflects the best estimate of forecast external revenues and costs over the remaining contract term. These provisions are forecast to unwind over periods of up to two years. Closed book Life & Pensions business exit provision: The provision is in respect of customer contracts in the closed book Life & Pensions business, which the Group is in the process of exiting and which met the criteria to be presented as a business exit in December 2025 when the exit of the one remaining customer, Royal London, was agreed (refer to note 2.8). The closed books and contractual dynamics have led to onerous conditions to service certain of the contracts in this business. The onerous contract provision in respect of these contracts was transferred from the customer contract provision category (see above) in December 2025 when the business met the criteria to be presented as a business exit. Management then re-assessed the likely length of these contracts, reflecting the terms of the exits agreed and experience of previous contract exits. The provision comprises the current best estimate of the costs to continue service delivery up to the expected end of these contracts and the migration costs to handover these services, reflecting the terms of the exits agreed and experience of previous contract exits. The provision also includes the contribution the Group will make towards Royal London\u2019s costs, consisting of three \u00a310m payments on the first, second and third anniversary of the migration completion. The migration is expected to take five years, so these payments are expected to take place in 2031, 2032 and 2033. The provision is therefore forecast to unwind over the periods until 2033. If there are delays in the migration, the agreed principles state that the party at fault will bear the cost of the overrun. A delay in the migration could require a material adjustment to the amount of the above provision. Management have estimated the potential impact that a delay of twelve months could have on the provision as at 31 December 2025 as an increase of between \u00a38m and \u00a316m depending on the party at fault. Other provisions: Relates to provisions in respect of other exposures arising as a result of the nature of some of the operations that the Group provides, including supplier audit and regulatory provisions, and for which an outflow of economic benefits is deemed probable. These are likely to unwind over periods of up to five years. 6.2 Contingent liabilities Contingent liabilities represent potential future cash outflows which are either not probable or cannot be measured reliably. The Group has provided, through the normal course of its business, sureties and bank guarantees of \u00a352.9m (2024: \u00a324.7m). On adoption of IFRS 17 Insurance Contracts the Group had the option to apply either IFRS 17 or IFRS 9 Financial Instruments for external debt guarantees, of which the Group elected to apply IFRS 9. The Group accounts for performance guarantees under IAS 37 Provisions, Contingent Liabilities and Contingent Assets because they do not meet the criteria to be recognised as an insurance contract. The Group\u2019s entities are parties to legal actions and claims which arise in the normal course of business. The Group needs to apply judgement in determining the merit of litigation against it and the chances of a claim successfully being made. It needs to determine the likelihood of an outflow of economic benefits occurring and whether there is a need to disclose a contingent liability or whether a provision might be required due to the probability assessment. At any time there are a number of claims or notifications that need to be assessed across the Group. The disparate nature of the Group\u2019s entities heightens the risk that not all potential claims are known at any point in time.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "3.6 Provisions Accounting policies Provisions are recognised when the Group has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably. If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the consolidated income statement. The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits. See note 6.2. On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes. Denotes significant accounting estimates and assumptions As detailed in note 2.1, due to the size and complexity of some of the Group\u2019s contracts, there are significant judgements to be applied, specifically in assessing the completeness of onerous contract provisions. These judgements are dependent on assessing the contract\u2019s future profitability and give rise to a key source of estimation uncertainty. It is possible that outcomes within the next financial year may be different from management\u2019s assumptions and could require a material adjustment to the carrying amounts of contract fulfilment assets and onerous provisions. In respect of onerous customer contract provisions within the customer contract provision, due to the level of uncertainty, combination of variables and timing across numerous contracts, it is not practical to provide a quantitative analysis of the aggregated estimates and assumptions that are applied, and management do not believe that disclosing a potential range of outcomes on a consolidated basis would provide meaningful information to a user of the financial statements. A potential range of outcomes has been disclosed in respect of the provision for the migration of the Royal London contracts in the closed book Life & Pensions business exit provision. Due to commercial sensitivities, the Group does not specifically disclose the amounts involved in any individual contract, other than for the exit of the contracts with Royal London in the closed book Life & Pensions business. In respect of claims and litigation provisions, due to the inherent uncertainty and complexity involved in determining the financial impact of legal proceedings, significant estimation is required. Management assess the likelihood of unfavourable outcomes and estimate the potential financial impact, which involves making judgments based on legal and subject matter experts advice, past experience, relevant facts, and the nature of the claims. The range of values attached to these claims, can be significant and the Group robustly defends its position on each claim and they are often settled for amounts significantly smaller than the initial claim and may result in no transfer of economic benefits. Therefore, we do not consider it practicable to disclose a range of possible outcomes for the amounts and timing of settlement of these claims.
Provisions
The movements in provisions during the year are as follows:
Closed
book Life
Cost Business Claims and Customer & Pensions
reduction exit litigation Property contract business exit Other
provision provision provision provision provision provision provisions Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
9.1
6.4
30.2
6.4
62.2
\u2014
5.0
119.3
Reclassification
\u2014
\u2014
7.7
\u2014
(51.6)
43.9
\u2014
\u2014
Provisions in the
year
39.1
2.0
30.2
3.8
3.5
62.5
0.7
141.8
Releases in the
year
(0.1)
(0.6)
(11.6)
(2.1)
(2.8)
(0.6)
(0.4)
(18.2)
Utilisation
(40.4)
(3.6)
(23.3)
(3.1)
(8.0)
(13.6)
(2.1)
(94.1)
Unwinding of
discount and
changes in the
discount rate
\u2014
\u2014
\u2014
\u2014
0.1
2.1
\u2014
2.2
At 31 December
7.7
4.2
33.2
5.0
3.4
94.3
3.2
151.0
31 December 2025 31 December 2024
\u00a3m \u00a3m
Current
70.9
81.4
Non-current
80.1
37.9
151.0
119.3
Cost reduction provision: The provision represents the cost of reducing headcount where communication
to affected employees has crystallised a valid expectation that roles are at risk and it is likely to unwind over
the next twelve months. Additionally, it relates to unavoidable running costs of leasehold properties (such as
insurance and security) and dilapidation provisions, where properties are exited as a result of the cost
reduction programme. These provisions are likely to unwind over periods of up to four years. Refer to note
2.4 for further details on the cost reduction programme.
Business exit provision: The provision relates to the cost of exiting businesses through disposal or
closure and the costs of separating the businesses being disposed, except for the closed book Life &
Pension business (see below). These are likely to unwind over a period of one to four years.
Claims and litigation provision: The Group is exposed to claims and litigation proceedings arising in the
ordinary course of business. These matters are reassessed regularly and where obligations are probable
and estimable, provisions are made representing the Group\u2019s best estimate of the expenditure to be
incurred. Due to the nature of these claims, the Group cannot give an estimate of the period over which this
provision will unwind.
Property provision: The provision primarily covers obligations to make dilapidation payments on the
Group\u2019s leased properties. The Group\u2019s assessment is that the likelihood of a cash outflow at lease
commencement is remote. Usually, the event which changes the assessment of the likelihood of a cash
outflow to being probable, and which therefore triggers the provision, occurs as the Group nears the end of
a lease and the condition of the property and the likelihood of dilapidations being payable can be assessed.
Typically, an outflow would occur within one to three years of the provision being made. The provision is
based on the best estimate of the cost of performing required works or the expected settlement with the
landlord.
The provision also includes unavoidable running costs of leasehold property where the space is vacant or
currently not planned to be used for ongoing operations but excludes the impact of the cost reduction
programme detailed in note 2.4 (where such costs are included in the cost reduction provision). The
expectation is this will be incurred over the remaining periods of the leases which vary up to two years.
Customer contract provision: The provision includes onerous contract provisions in respect of customer
contracts where the costs of fulfilling a contract (both incremental and costs directly related to contract
activities) exceeds the economic benefits expected to be received under the contract, claims/obligations
associated with missed milestones in contractual obligations, and other potential exposures related to
contracts with customers, except for those in the closed book Life & Pensions business which have been
transferred to a separate category of provision (see below). Customer contract lifetime reviews are used to
determine the value of an onerous contract provision. The contract lifetime review reflects the best estimate
of forecast external revenues and costs over the remaining contract term. These provisions are forecast to
unwind over periods of up to two years.
Closed book Life & Pensions business exit provision: The provision is in respect of customer contracts
in the closed book Life & Pensions business, which the Group is in the process of exiting and which met the
criteria to be presented as a business exit in December 2025 when the exit of the one remaining customer,
Royal London, was agreed (refer to note 2.8).
The closed books and contractual dynamics have led to onerous conditions to service certain of the
contracts in this business. The onerous contract provision in respect of these contracts was transferred from
the customer contract provision category (see above) in December 2025 when the business met the criteria
to be presented as a business exit. Management then re-assessed the likely length of these contracts,
reflecting the terms of the exits agreed and experience of previous contract exits.
The provision comprises the current best estimate of the costs to continue service delivery up to the
expected end of these contracts and the migration costs to handover these services, reflecting the terms of
the exits agreed and experience of previous contract exits.
The provision also includes the contribution the Group will make towards Royal London\u2019s costs, consisting
of three \u00a310m payments on the first, second and third anniversary of the migration completion. The
migration is expected to take five years, so these payments are expected to take place in 2031, 2032 and
2033. The provision is therefore forecast to unwind over the periods until 2033.
If there are delays in the migration, the agreed principles state that the party at fault will bear the cost of the
overrun. A delay in the migration could require a material adjustment to the amount of the above provision.
Management have estimated the potential impact that a delay of twelve months could have on the provision
as at 31 December 2025 as an increase of between \u00a38m and \u00a316m depending on the party at fault.
Other provisions: Relates to provisions in respect of other exposures arising as a result of the nature of
some of the operations that the Group provides, including supplier audit and regulatory provisions, and for
which an outflow of economic benefits is deemed probable. These are likely to unwind over periods of up to
five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "Accounting policies Provisions are recognised when the Group has a present legal or constructive obligation arising from past events, it is probable that cash will be paid to settle it, and the amount can be estimated reliably. If the effect of the time value of money is material, provisions are discounted using the yield on government bonds which have a similar timing and currency of cash flows to the provision being discounted. Where required adjustments are made to the yields to reflect the risks specific to the cash flows being discounted. The unwinding of the discount is recognised as a financing cost in the consolidated income statement. The value of the provision is determined based on assumptions and estimates in relation to the amount, timing and likelihood of actual cash flows, which are dependent on future events. Where no reliable basis of estimation can be made, no provision is recorded. However, contingent liabilities disclosures are given when there is a greater than remote probability of outflow of economic benefits. See note 6.2. On an ongoing basis, management monitor provisions and their accurate estimation when compared to final outcomes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "
4.1 Net debt, capital and capital management
4.1.1 Net debt and capital
The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2025 2024 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(264.1)
(253.6)
(10.5)
Overdraft
4.5.4
138.8
62.2
76.6
Lease liabilities
4.4.1
318.2
348.7
(30.5)
Private placement loan notes
1
4.5.2
266.4
269.3
(2.9)
Other finance
4.5.2
0.3
0.1
0.2
Cross currency interest rate swaps
4.5.2
1.3
(12.2)
13.5
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
461.6
415.2
46.4
Undrawn available financing facilities
4.5.2b
250.0
250.0
\u2014
Capital
711.6
665.2
46.4
1. Private placement loan notes include US dollar and British pound sterling private placement loan notes.
A reconciliation of net debt shown above to cash flow can be found in note 2.9.3.
The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by
cash balances within the same arrangements.
4.1.2 Capital management
Capital management forms an important component of Board meetings, including reviews of forecast
gearing, key covenant tests, and the mix of funding sources, thereby ensuring sustainability and flexibility.
Shareholder returns are reviewed in accordance with the Group\u2019s generation of sustainable free cash flow.
The Group\u2019s capital management process ensures that it meets the financial covenants of its borrowing
arrangements. There are two separate sets of covenant tests underlying the Group\u2019s financial instruments
with the key difference being the treatment of IFRS 16. Under the test for the bank facilities and US private
placement loan notes these covenants are based on maintaining minimum ratios associated with adjusted
net debt to adjusted EBITDA and annualised interest cover. There have been no breaches in the financial
covenants of any loans or borrowings during the reporting period.
To accommodate for the accounting impact of providing in 2025 for the future losses related to the transition
agreement reached with Royal London to exit the remaining legacy contracts, the Group obtained lender
approval to amend the US private placement interest coverage covenant for the measurement periods
ending 31 December 2025 and 30 June 2026, resetting the minimum permitted value to 3.0x. Upon expiry
of the amendment period, the covenant reverts to its original minimum permitted value of 4.0x.
The committed RCF provides the liquidity needed to cover the cash fluctuations during the business cycle,
allowing a buffer for contingencies.
Capita plc supports the obligations of its various regulated financial services businesses. The board of each
regulated firm is responsible for ensuring it has embedded capital management frameworks that ensure the
availability of adequate financial resources at all times, and all externally imposed financial services
regulatory capital requirements have been observed.
At 31 December 2025, the Group had a total of \u00a324.6m (2024: \u00a323.4m) invoices sold under non-recourse
trade receivables financing facilities, including \u00a317.2m (2024: \u00a314.5m) attributable to the UK facility and
\u00a37.4m (2024:
\u00a38.9m) attributable to the Germany contract-specific facility. Both facilities provide an
economically favourable rate versus the RCF. In addition, the Group utilises a credit card facility, the
outstanding balance of which was \u00a34.5m at 31 December 2025 (2024: \u00a35.2m).
4.5 Financial instruments and the fair value hierarchy Accounting policies Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. 4.5.1 Fair value hierarchy The Group\u2019s financial assets and liabilities are classified based on the following fair value hierarchy: \u2022 Level-1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level-2: other techniques for which inputs that have a significant effect on the recorded fair value are based on observable (directly or indirectly) market data. With the exception of current financial instruments (which have a short maturity), the fair value of the Group\u2019s level-2 financial instruments were calculated by discounting the expected future cash flows at prevailing interest rates. The valuation models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. In the case of floating rate borrowings the nominal value approximates to fair value because interest is set at floating rates where payments are reset to market values at intervals of less than one year. \u2022 Level-3: other techniques for which inputs that have a significant effect on the recorded fair value are not based on observable market data. Other financial instruments, where observable market data is not available, are carried at either amortised cost or cost (undiscounted cash flows) as a reasonable approximation of fair value. During the year ended 31 December 2025, there were no transfers between fair value levels.
4.5.2 Financial instruments and their fair value hierarchy classification
The following table analyses, by classification and category, the carrying value of the Group\u2019s financial instruments and identifies the level of the fair value hierarchy for the instruments carried at fair value:
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2025
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
96.6
96.6
4.8
91.8
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
3.5
\u2014
3.5
1.7
1.8
Non-designated foreign exchange forwards and swaps
Level-2
0.3
\u2014
\u2014
\u2014
0.3
0.3
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
3.1
\u2014
\u2014
\u2014
3.1
\u2014
3.1
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
3.4
0.7
3.5
97.3
104.9
6.8
98.1
Other financial assets
Cash and cash equivalents 4.5.4
n/a
\u2014
\u2014
\u2014
264.1
264.1
264.1
\u2014
Total financial assets
3.4
0.7
3.5
361.4
369.0
270.9
98.1
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
266.4
266.4
114.4
152.0
Other finance
n/a
\u2014
\u2014
\u2014
0.3
0.3
0.3
\u2014
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
4.9
\u2014
4.9
1.7
3.2
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
4.8
\u2014
4.8
1.1
3.7
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.1
\u2014
0.1
0.1
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.8
\u2014
\u2014
\u2014
0.8
0.6
0.2
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
1.3
\u2014
1.3
1.3
\u2014
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.8
\u2014
11.1
267.4
279.3
119.5
159.8
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
138.8
138.8
138.8
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
318.2
318.2
39.5
278.7
Total financial liabilities
0.8
\u2014
11.1
724.4
736.3
297.8
438.5
Financial assets measured at amortised cost consist of cash, lease receivables, originated loans and
deferred consideration receivable. The carrying value of cash is a reasonable approximation of its fair value
due to the short-term nature of the instruments. Lease receivables, originated loans and deferred
consideration receivable are measured at amortised cost using the effective interest rate method. Included
in other investments are \u00a30.7m (2024: \u00a30.7m) of strategic investments in unlisted equity securities which
are not held-for-trading and the Group elected to recognise at Fair Value through Other Comprehensive
Income (FVOCI). During the period no dividends were received from, and no disposals were made of,
strategic investments.
The financial assets at Fair Value through Profit and Loss (FVPL) relate to the Group\u2019s minority
shareholdings in companies as part of the Capita Scaling Partner business. As disclosed in note 2.8, during
the first half of 2024 the Group decided to exit the Capita Scaling Partner business as a whole, while
seeking to maximise value from the remaining investments. Following the decision to exit the business and
subsequent losses realised on disposals in the second half of 2024, the Group evolved its revaluation
approach for these assets to take into account recent experiences, and to better reflect expected disposal
proceeds.
Financial liabilities measured at amortised cost consist of private placement loan notes, overdrafts, lease
liabilities, credit facilities and deferred consideration payable. With the exception of certain series within the
fixed rate private placement loan notes, the carrying value of financial liabilities are a reasonable
approximation of their fair value. This is because either the interest payable is close to market rates or the
liability is short-term in nature. The private placement loan note series, for which this approximation does
not apply, are those that are subject to longer term fixed rate of interest \u2013 these have an underlying carrying
value of \u00a3233.5m (2024: \u00a3175.0m) and a fair value of \u00a3234.1m (2024: \u00a3168.8m), which is considered to fall
into level-2. Lease liabilities and deferred consideration payable are measured at amortised cost using the
effective interest rate method.
The Group\u2019s key financial liabilities are set out below:
a. Private placement loan notes
The private placement loan notes were issued in USD and GBP. The Group manages its exposure to
foreign exchange and interest rate movements through cross-currency interest rate swaps, interest rate
swaps, and cross currency swaps. USD and GBP private placement loan notes totalling USD74.3m and
\u00a322.3m were repaid, as per their contractual values, on their maturities in January 2025 and April 2025. In
April 2025, the Group issued \u00a394.2m equivalent of US private placement loan notes across three tranches:
\u00a350m maturing 24 April 2028, USD13m maturing 24 April 2028 and USD43m maturing 24 April 2030, with
an average interest rate of 7.4%. The notes rank pari passu with the existing indebtedness of the Group and
include financial covenants at the same level as those under the revolving credit facility (RCF) and existing
US private placement loan notes.
b. Bank facilities
At 31 December 2025, the total value of committed facilities was \u00a3250.0m, of which none was drawn (2024:
total facilities of \u00a3250.0m of which none was drawn). Details of the Group\u2019s bank facilities are provided for in
note 4.2.1.
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2024
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
95.7
95.7
4.2
91.5
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
0.4
1.4
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
2.7
\u2014
2.7
1.8
0.9
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.2
\u2014
0.2
0.2
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.7
\u2014
\u2014
\u2014
0.7
0.6
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
13.0
\u2014
13.0
13.0
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
4.1
\u2014
\u2014
\u2014
4.1
0.4
3.7
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
4.8
0.7
17.7
96.4
119.6
20.6
99.0
Other financial assets
Cash and cash equivalents
4.5.4
n/a
\u2014
\u2014
\u2014
253.6
253.6
253.6
\u2014
Total financial assets
4.8
0.7
17.7
350.0
373.2
274.2
99.0
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
269.3
269.3
87.6
181.7
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.3
\u2014
0.3
0.3
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.2
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.8
\u2014
0.8
\u2014
0.8
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.2
\u2014
1.1
270.1
271.4
88.2
183.2
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
62.2
62.2
62.2
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
348.7
348.7
42.9
305.8
Total financial liabilities
0.2
\u2014
1.1
681.0
682.3
193.3
489.0
The following table shows the movement from the opening balances to the closing balances for Level-3 fair
values.
Put options of Investments
non-controlling FVPL and
interests FVOCI
\u00a3m \u00a3m
At 1 January 2024
8.5
17.6
Change in put-options recognised in other comprehensive income
(8.5)
\u2014
Disposals
\u2014
(8.2)
Gain in fair value recognised in income statement
\u2014
(4.6)
At 31 December 2024
\u2014
4.8
Disposals
\u2014
(0.5)
Loss in fair value recognised in income statement
\u2014
(0.5)
At 31 December 2025
\u2014
3.8
4.5.3 Borrowings
Details of the Group\u2019s current RCF facility are provided for in note 4.2.1.
Borrowing costs of \u00a31.5m were capitalised in the year (2024: \u00a3nil). At 31 December 2025, the Group\u2019s
private placement loan note series had a GBP equivalent underlying carrying value of \u00a3267.8m (2024:
\u00a3257.1m) (see note 4.5.2a) analysed as follows:
Interest rate Nominal value
Maturity
Denomination
% Ccy\u2019m
25 July 2026
GBP
9.350
50.0
27 October 2026
GBP
2.770
18.6
22 January 2027
GBP
3.580
23.8
24 April 2028
GBP
7.300
50.0
Total GBP denominated
GBP
142.4
25 July 2026
USD
8.000
45.0
27 October 2026
USD
3.590
19.3
22 January 2027
USD
3.800
27.5
25 July 2028
USD
8.210
23.0
24 April 2028
USD
6.940
13.0
24 April 2030
USD
7.090
43.0
Total USD denominated
1
USD
170.8
1. USD denominated loan notes have a GBP equivalent underlying carrying value of \u00a3127.2m. The Group has entered into a combination of
cross currency and interest rate swaps to achieve a GBP fixed rate of interest. Further disclosure on the Group\u2019s use of hedges is included in
note 4.2.
4.5.4 Cash, cash equivalents and overdrafts
The Group has a notional cash pool with its bank under which the bank is able to net overdrafts against
cash balances held by other Group companies within the same notional pool. The overdraft balances shown
below are fully offset by cash balances within the same notional pool. Since the pool is notional, the Group\u2019s
gross cash and overdraft position is presented below:
2025 2024
\u00a3m \u00a3m
Cash and cash equivalents
264.1
253.6
Overdrafts
(138.8)
(62.2)
Total cash, cash equivalents and overdrafts
125.3
191.4
Within total cash, cash equivalents and overdrafts, \u00a345.9m (2024: \u00a344.2m) is restricted cash, which
includes cash required to be held under FCA regulations, cash held in foreign bank accounts, and cash
represented by non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "4.1 Net debt, capital and capital management 4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2025 2024 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(264.1)
(253.6)
(10.5)
Overdraft
4.5.4
138.8
62.2
76.6
Lease liabilities
4.4.1
318.2
348.7
(30.5)
Private placement loan notes
1
4.5.2
266.4
269.3
(2.9)
Other finance
4.5.2
0.3
0.1
0.2
Cross currency interest rate swaps
4.5.2
1.3
(12.2)
13.5
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
461.6
415.2
46.4
Undrawn available financing facilities
4.5.2b
250.0
250.0
\u2014
Capital
711.6
665.2
46.4
1. Private placement loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. 4.1.2 Capital management Capital management forms an important component of Board meetings, including reviews of forecast gearing, key covenant tests, and the mix of funding sources, thereby ensuring sustainability and flexibility. Shareholder returns are reviewed in accordance with the Group\u2019s generation of sustainable free cash flow. The Group\u2019s capital management process ensures that it meets the financial covenants of its borrowing arrangements. There are two separate sets of covenant tests underlying the Group\u2019s financial instruments with the key difference being the treatment of IFRS 16. Under the test for the bank facilities and US private placement loan notes these covenants are based on maintaining minimum ratios associated with adjusted net debt to adjusted EBITDA and annualised interest cover. There have been no breaches in the financial covenants of any loans or borrowings during the reporting period. To accommodate for the accounting impact of providing in 2025 for the future losses related to the transition agreement reached with Royal London to exit the remaining legacy contracts, the Group obtained lender approval to amend the US private placement interest coverage covenant for the measurement periods ending 31 December 2025 and 30 June 2026, resetting the minimum permitted value to 3.0x. Upon expiry of the amendment period, the covenant reverts to its original minimum permitted value of 4.0x. The committed RCF provides the liquidity needed to cover the cash fluctuations during the business cycle, allowing a buffer for contingencies. Capita plc supports the obligations of its various regulated financial services businesses. The board of each regulated firm is responsible for ensuring it has embedded capital management frameworks that ensure the availability of adequate financial resources at all times, and all externally imposed financial services regulatory capital requirements have been observed. At 31 December 2025, the Group had a total of \u00a324.6m (2024: \u00a323.4m) invoices sold under non-recourse trade receivables financing facilities, including \u00a317.2m (2024: \u00a314.5m) attributable to the UK facility and \u00a37.4m (2024: \u00a38.9m) attributable to the Germany contract-specific facility. Both facilities provide an economically favourable rate versus the RCF. In addition, the Group utilises a credit card facility, the outstanding balance of which was \u00a34.5m at 31 December 2025 (2024: \u00a35.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "4.1 Net debt, capital and capital management 4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2025 2024 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(264.1)
(253.6)
(10.5)
Overdraft
4.5.4
138.8
62.2
76.6
Lease liabilities
4.4.1
318.2
348.7
(30.5)
Private placement loan notes
1
4.5.2
266.4
269.3
(2.9)
Other finance
4.5.2
0.3
0.1
0.2
Cross currency interest rate swaps
4.5.2
1.3
(12.2)
13.5
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
461.6
415.2
46.4
Undrawn available financing facilities
4.5.2b
250.0
250.0
\u2014
Capital
711.6
665.2
46.4
1. Private placement loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. 4.1.2 Capital management Capital management forms an important component of Board meetings, including reviews of forecast gearing, key covenant tests, and the mix of funding sources, thereby ensuring sustainability and flexibility. Shareholder returns are reviewed in accordance with the Group\u2019s generation of sustainable free cash flow. The Group\u2019s capital management process ensures that it meets the financial covenants of its borrowing arrangements. There are two separate sets of covenant tests underlying the Group\u2019s financial instruments with the key difference being the treatment of IFRS 16. Under the test for the bank facilities and US private placement loan notes these covenants are based on maintaining minimum ratios associated with adjusted net debt to adjusted EBITDA and annualised interest cover. There have been no breaches in the financial covenants of any loans or borrowings during the reporting period. To accommodate for the accounting impact of providing in 2025 for the future losses related to the transition agreement reached with Royal London to exit the remaining legacy contracts, the Group obtained lender approval to amend the US private placement interest coverage covenant for the measurement periods ending 31 December 2025 and 30 June 2026, resetting the minimum permitted value to 3.0x. Upon expiry of the amendment period, the covenant reverts to its original minimum permitted value of 4.0x. The committed RCF provides the liquidity needed to cover the cash fluctuations during the business cycle, allowing a buffer for contingencies. Capita plc supports the obligations of its various regulated financial services businesses. The board of each regulated firm is responsible for ensuring it has embedded capital management frameworks that ensure the availability of adequate financial resources at all times, and all externally imposed financial services regulatory capital requirements have been observed. At 31 December 2025, the Group had a total of \u00a324.6m (2024: \u00a323.4m) invoices sold under non-recourse trade receivables financing facilities, including \u00a317.2m (2024: \u00a314.5m) attributable to the UK facility and \u00a37.4m (2024: \u00a38.9m) attributable to the Germany contract-specific facility. Both facilities provide an economically favourable rate versus the RCF. In addition, the Group utilises a credit card facility, the outstanding balance of which was \u00a34.5m at 31 December 2025 (2024: \u00a35.2m). 4.2 Financial risk Financial risk management objectives and policies The Group\u2019s Board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework, which is outlined on pages 79 to 81 of the strategic report. The Group\u2019s principal financial instruments comprise cash, bank loans, private placement loan notes, lease assets and liabilities, and derivatives. The purpose of these is to fund and provide liquidity for the Group\u2019s operations and to manage its financial risks. The Group has various other financial instruments including trade receivables and trade payables arising from its operations. Derivatives comprise cross-currency interest rate swaps, and forward foreign currency contracts executed with its relationship banks, all of which have investment grade credit ratings. The derivatives\u2019 purpose is to manage interest rate and currency risks arising from the Group\u2019s operations and its sources of finance. It is the Group\u2019s policy that no speculative trading in financial instruments is undertaken. The main risks arising from the Group\u2019s financial instruments are liquidity risk, foreign currency risk, interest rate risk, and credit risk. The Board periodically reviews and agrees policies for managing these risks, which are summarised below.
4.2.1 Liquidity risk
The Group monitors the risk of a liquidity shortage through its business plan and liquidity cycle forecasts
and analysis, taking into consideration the maturity of the Group\u2019s financial instruments, projected cash
flows from operations and an allowance for contingencies.
The Group\u2019s policy is to hold cash and undrawn committed facilities at a level sufficient to fund the Group\u2019s
operations and its medium-term plans. Multiple sources of funding are used to maintain a balance between
continuity of funding and flexibility without placing reliance on sources that are not contractually committed.
The Group\u2019s committed bank facilities provide liquidity for the cash fluctuations during the business cycle
and an allowance for contingencies. In July 2025, the Group extended its \u00a3250m revolving credit facility
(RCF) by a further twelve months to December 2027. The RCF includes a \u00a350m accordion option, whilst all
other terms remain substantially unchanged.
The RCF was undrawn at 31 December 2025 (2024: undrawn).
In February 2026, we entered into a \u00a375m additional committed financing facility, with a subset of the
existing lenders and terms consistent with the existing RCF. The additional facility expires 18 months from
signing.
The Group\u2019s core funding is provided by private placement loan notes, and to mitigate the risk of needing to
refinance in challenging conditions, these have been arranged with a spread of maturities to April 2030.
The bank facilities and private placement loan notes all include provisions that would require repayment in
the event of a change of control, and also contain cross default provisions, which are typical of these
arrangements.
The tables below summarise the maturity profile of the Group\u2019s financial liabilities based on contractual
undiscounted cash flows. All balances are stated based on the prevailing foreign exchange rates and the
contractual interest rates at the balance sheet date.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
138.8
\u2014
\u2014
\u2014
\u2014
\u2014
138.8
Private placement loan
notes
116.4
44.2
76.8
\u2014
32.0
\u2014
269.4
Interest on loan notes
18.0
8.8
5.8
2.3
1.1
\u2014
36.0
Lease liabilities
57.3
49.3
44.1
35.3
28.9
221.8
436.7
Deferred consideration
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
0.7
Cross-currency
interest rate swaps
0.9
\u2014
\u2014
\u2014
\u2014
\u2014
0.9
Cash flow hedges
currency swaps
8.3
5.0
5.0
2.6
2.6
\u2014
23.5
Other financial
instruments
0.3
\u2014
\u2014
\u2014
\u2014
\u2014
0.3
340.0
108.0
131.7
40.2
64.6
221.8
906.3
* The Group has a notional cash pool under which the bank may net cash balances with overdrafts held by other Group companies in the
arrangement. The overdraft balances shown are fully offset by credit balances in the same arrangement.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
Private placement loan
notes
89.0
119.9
45.7
18.4
\u2014
\u2014
273.0
Interest on loan notes
13.4
11.8
2.4
4.5
\u2014
\u2014
32.1
Lease liabilities
63.3
52.5
45.9
40.6
35.1
249.1
486.5
Deferred consideration
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
0.7
Cross-currency
interest rate swaps
1.1
1.1
\u2014
\u2014
\u2014
\u2014
2.2
Cash flow hedges
currency swaps
5.0
5.0
1.7
1.7
\u2014
\u2014
13.4
Cash flow hedges
Interest rate swaps
1.7
\u2014
\u2014
\u2014
\u2014
\u2014
1.7
Other financial
instruments
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
235.8
191.0
95.7
65.2
35.1
249.1
871.9
4.2.2 Foreign currency risk
The Group is not generally exposed to significant foreign currency transaction risk with two exceptions.
Firstly, services are provided by the Group\u2019s operations in India, South Africa and Poland and incurred in
Indian rupee (INR), South African rand (ZAR) and Polish zloty (PLN), respectively. The Group seeks to
mitigate the short term effect of this exposure by entering into forward foreign exchange contracts to fix the
British pounds sterling (GBP) cost of highly probable transactions.
At 31 December 2025, the Group held forward foreign exchange contracts against forecast internal monthly
INR, ZAR and PLN costs expected in the periods up to and including December 2028 for all three
currencies. These forecast costs have been determined on the basis of the underlying cash flows
associated with the delivery of services under executed customer contracts.
Secondly, the Group holds foreign exchange forwards against committed costs relating to the purchase of
cloud software services in US dollars (USD) in the periods up to and including November 2030.
To maximise hedge effectiveness, forward foreign exchange contracts are executed with terms matching
the underlying cash flows.
The following table demonstrates the sensitivity of the Group\u2019s profit before tax and equity to a 5%
strengthening/(weakening) in USD, INR, ZAR, and PLN exchange rates, assuming all other variables are
unchanged, that would arise from the resulting changes in the fair value of the Group\u2019s forward exchange
contracts.
2025
2024
Effect on
profit Effect on Effect on profit Effect on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
USD
1.7
14.1
1.3
0.6
INR
\u2014
5.4
\u2014
1.3
ZAR
\u2014
0.4
\u2014
1.3
PLN
0.3
\u2014
\u2014
0.3
4.2.3 Interest rate risk
The Group manages its interest rate exposure, which arises from the Group\u2019s private placement loan notes,
cash, deposits and RCF drawings at variable interest rates through cross-currency interest rate swaps and
interest rate swaps. The cross currency interest rate swaps are designated in a mix of fair value and cash
flow hedges against the fair value changes of the private placement loan notes and variability in future cash
flows.
The net level of floating rate interest exposure is managed to arrive at an acceptable overall interest rate
risk profile. The interest rate profile of the Group\u2019s interest-bearing financial instruments was as follows:
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
118.4
40.9
77.8
\u2014
34.0
\u2014
271.1
Floating rate
Cash in hand
(264.1)
\u2014
\u2014
\u2014
\u2014
\u2014
(264.1)
Overdraft
138.8
\u2014
\u2014
\u2014
\u2014
\u2014
138.8
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
75.9
118.4
40.9
17.5
\u2014
\u2014
252.7
Floating rate
Cash in hand
(253.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(253.6)
Overdraft
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
A sensitivity analysis to changes in interest rates shows that a 0.5% increase or decrease in interest rates,
assuming all other variables are held constant, results in a \u00a3nil (2024: \u00a3nil) increase or decrease to profit
before tax, and no impact on the Group\u2019s equity.
4.2.4 Hedges
Fair value hedges
The Group\u2019s fixed rate USD and GBP private placement loan notes are hedged through a combination of
cross-currency interest rate swaps. The cross-currency interest rate swaps hedge the exposure to changes
in the fair value of US dollar denominated loan notes. The loan notes and their corresponding swaps have
the same critical terms including nominal values and maturity dates.
The total loss in the year on the fair value hedges of \u00a313.5m (2024: \u00a31.4m loss) was equal to the gain on
the hedged items resulting in no net gain or loss in the income statement apart from hedge ineffectiveness
from credit risk and currency basis risk. This effect of hedge ineffectiveness resulted in a \u00a31.1m credit
(2024: \u00a30.5m debit) to the consolidated income statement, shown in net finance costs, note 4.3.
The impact of the hedged item and the related financial derivatives on the consolidated balance sheet at
31 December 2025 is as follows:
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Fair value hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign Financial
Cross-currency interest exchange
\u2014
15.5
\u2014
(1.3)
assets/ (13.5)
rate swaps risk/ Interest liabilities
rate risk
Change in fair value
Carrying Accumulated fair used for measuring
amount value adjustment Line item in the ineffectiveness
\u00a3m \u00a3m balance sheet \u00a3m
Private placement loan notes
266.4
(1.3)
Financial liabilities
13.5
Cash flow hedges
The Group holds the following foreign exchange contracts to manage various exposures across its business
operations:
\u2022 non-deliverable forward foreign exchange contracts (NDFs), that are designated as hedges of the highly
probable transactions in INR of the Group\u2019s Indian operations. The terms of the NDFs match the terms of
these commitments.
\u2022 foreign exchange forward contracts against committed costs relating to the purchase of cloud software
services in USD for the periods up to and including November 2030.
\u2022 foreign exchange forward contracts against committed costs to manage foreign exchange exposure on
services provided by the operations in South Africa, incurred in ZAR, and Poland incurred in PLN.
Additionally, during 2025 the Group executed currency and interest rate swaps to mitigate its foreign
exchange and interest rate exposure on the private placement loan notes.
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Cash flow hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign exchange forward Foreign Financial
contracts exchange assets/
- forecasted purchases
risk
58.1
207.4
3.5
(4.9)
liabilities
(3.5)
Interest rate swaps Financial
- private placement loan Interest assets/
notes
rate risk
\u2014
15.5
\u2014
(0.1)
liabilities
\u2014
Cross currency swaps Foreign Financial
- private placement loan exchange assets/
notes
risk
\u2014
96.1
\u2014
(4.8)
liabilities
(8.6)
58.1
319.0
3.5
(9.8)
(12.1)
The fair value of cash flow hedging instruments held at 31 December 2025 is shown in note 4.5.2.
4.2.4 Hedges continued
The cash flow hedges have been assessed to be highly effective. The cash flow hedging reserve comprises
the effective portion of the cumulative net change in the fair value of the hedging instruments. The following
table provides an analysis of components of equity resulting from cash flow hedge accounting:
2025 2024
\u00a3m \u00a3m
At 1 January
1.5
(3.8)
Change in fair value recognised in the consolidated statement of other
comprehensive income
(14.4)
9.9
Reclassified to the consolidated income statement:
recognised in administrative expenses 9.7 (2.8)
Change in tax 1.2 (1.8)
At 31 December (2.0) 1.5
4.2.5 Credit risk
The carrying values of the Group\u2019s financial assets and contract assets represent its maximum credit
exposure.
The mark-to-market movement on derivatives includes the extent to which the fair value of these
instruments has been affected by the perceived change in the creditworthiness of the counterparties (ie the
expected credit losses) to those instruments and that of the Group itself (own credit risk). The Group is
comfortable that the risk attached to those counterparties is not significant and believes that the swaps
continue to act as an effective hedge against the movements in the fair value of the Group\u2019s private
placement loan notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2025 2024 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(264.1)
(253.6)
(10.5)
Overdraft
4.5.4
138.8
62.2
76.6
Lease liabilities
4.4.1
318.2
348.7
(30.5)
Private placement loan notes
1
4.5.2
266.4
269.3
(2.9)
Other finance
4.5.2
0.3
0.1
0.2
Cross currency interest rate swaps
4.5.2
1.3
(12.2)
13.5
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
461.6
415.2
46.4
Undrawn available financing facilities
4.5.2b
250.0
250.0
\u2014
Capital
711.6
665.2
46.4
1. Private placement loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. 4.5.3 Borrowings Details of the Group\u2019s current RCF facility are provided for in note 4.2.1. Borrowing costs of \u00a31.5m were capitalised in the year (2024: \u00a3nil). At 31 December 2025, the Group\u2019s private placement loan note series had a GBP equivalent underlying carrying value of \u00a3267.8m (2024: \u00a3257.1m) (see note 4.5.2a) analysed as follows:
Interest rate Nominal value
Maturity
Denomination
% Ccy\u2019m
25 July 2026
GBP
9.350
50.0
27 October 2026
GBP
2.770
18.6
22 January 2027
GBP
3.580
23.8
24 April 2028
GBP
7.300
50.0
Total GBP denominated
GBP
142.4
25 July 2026
USD
8.000
45.0
27 October 2026
USD
3.590
19.3
22 January 2027
USD
3.800
27.5
25 July 2028
USD
8.210
23.0
24 April 2028
USD
6.940
13.0
24 April 2030
USD
7.090
43.0
Total USD denominated
1
USD
170.8
1. USD denominated loan notes have a GBP equivalent underlying carrying value of \u00a3127.2m. The Group has entered into a combination of cross currency and interest rate swaps to achieve a GBP fixed rate of interest. Further disclosure on the Group\u2019s use of hedges is included in note 4.2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "4.1.1 Net debt and capital The components of the Group\u2019s net debt and undrawn available liquidity are summarised below.
2025 2024 Year on Year
Notes \u00a3m \u00a3m movement
Cash and cash equivalents
4.5.4
(264.1)
(253.6)
(10.5)
Overdraft
4.5.4
138.8
62.2
76.6
Lease liabilities
4.4.1
318.2
348.7
(30.5)
Private placement loan notes
1
4.5.2
266.4
269.3
(2.9)
Other finance
4.5.2
0.3
0.1
0.2
Cross currency interest rate swaps
4.5.2
1.3
(12.2)
13.5
Deferred consideration
4.5.2
0.7
0.7
\u2014
Net debt
461.6
415.2
46.4
Undrawn available financing facilities
4.5.2b
250.0
250.0
\u2014
Capital
711.6
665.2
46.4
1. Private placement loan notes include US dollar and British pound sterling private placement loan notes. A reconciliation of net debt shown above to cash flow can be found in note 2.9.3. The overdrafts are part of a notional cash pooling arrangements in which the balances are fully offset by cash balances within the same arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "4.2.1 Liquidity risk The Group monitors the risk of a liquidity shortage through its business plan and liquidity cycle forecasts and analysis, taking into consideration the maturity of the Group\u2019s financial instruments, projected cash flows from operations and an allowance for contingencies. The Group\u2019s policy is to hold cash and undrawn committed facilities at a level sufficient to fund the Group\u2019s operations and its medium-term plans. Multiple sources of funding are used to maintain a balance between continuity of funding and flexibility without placing reliance on sources that are not contractually committed. The Group\u2019s committed bank facilities provide liquidity for the cash fluctuations during the business cycle and an allowance for contingencies. In July 2025, the Group extended its \u00a3250m revolving credit facility (RCF) by a further twelve months to December 2027. The RCF includes a \u00a350m accordion option, whilst all other terms remain substantially unchanged. The RCF was undrawn at 31 December 2025 (2024: undrawn). In February 2026, we entered into a \u00a375m additional committed financing facility, with a subset of the existing lenders and terms consistent with the existing RCF. The additional facility expires 18 months from signing. The Group\u2019s core funding is provided by private placement loan notes, and to mitigate the risk of needing to refinance in challenging conditions, these have been arranged with a spread of maturities to April 2030. The bank facilities and private placement loan notes all include provisions that would require repayment in the event of a change of control, and also contain cross default provisions, which are typical of these arrangements. The tables below summarise the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted cash flows. All balances are stated based on the prevailing foreign exchange rates and the contractual interest rates at the balance sheet date.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
138.8
\u2014
\u2014
\u2014
\u2014
\u2014
138.8
Private placement loan
notes
116.4
44.2
76.8
\u2014
32.0
\u2014
269.4
Interest on loan notes
18.0
8.8
5.8
2.3
1.1
\u2014
36.0
Lease liabilities
57.3
49.3
44.1
35.3
28.9
221.8
436.7
Deferred consideration
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
0.7
Cross-currency
interest rate swaps
0.9
\u2014
\u2014
\u2014
\u2014
\u2014
0.9
Cash flow hedges
currency swaps
8.3
5.0
5.0
2.6
2.6
\u2014
23.5
Other financial
instruments
0.3
\u2014
\u2014
\u2014
\u2014
\u2014
0.3
340.0
108.0
131.7
40.2
64.6
221.8
906.3
* The Group has a notional cash pool under which the bank may net cash balances with overdrafts held by other Group companies in the arrangement. The overdraft balances shown are fully offset by credit balances in the same arrangement.
Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Overdraft*
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
Private placement loan
notes
89.0
119.9
45.7
18.4
\u2014
\u2014
273.0
Interest on loan notes
13.4
11.8
2.4
4.5
\u2014
\u2014
32.1
Lease liabilities
63.3
52.5
45.9
40.6
35.1
249.1
486.5
Deferred consideration
\u2014
0.7
\u2014
\u2014
\u2014
\u2014
0.7
Cross-currency
interest rate swaps
1.1
1.1
\u2014
\u2014
\u2014
\u2014
2.2
Cash flow hedges
currency swaps
5.0
5.0
1.7
1.7
\u2014
\u2014
13.4
Cash flow hedges
Interest rate swaps
1.7
\u2014
\u2014
\u2014
\u2014
\u2014
1.7
Other financial
instruments
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
235.8
191.0
95.7
65.2
35.1
249.1
871.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "4.2.2 Foreign currency risk The Group is not generally exposed to significant foreign currency transaction risk with two exceptions. Firstly, services are provided by the Group\u2019s operations in India, South Africa and Poland and incurred in Indian rupee (INR), South African rand (ZAR) and Polish zloty (PLN), respectively. The Group seeks to mitigate the short term effect of this exposure by entering into forward foreign exchange contracts to fix the British pounds sterling (GBP) cost of highly probable transactions. At 31 December 2025, the Group held forward foreign exchange contracts against forecast internal monthly INR, ZAR and PLN costs expected in the periods up to and including December 2028 for all three currencies. These forecast costs have been determined on the basis of the underlying cash flows associated with the delivery of services under executed customer contracts. Secondly, the Group holds foreign exchange forwards against committed costs relating to the purchase of cloud software services in US dollars (USD) in the periods up to and including November 2030. To maximise hedge effectiveness, forward foreign exchange contracts are executed with terms matching the underlying cash flows. The following table demonstrates the sensitivity of the Group\u2019s profit before tax and equity to a 5% strengthening/(weakening) in USD, INR, ZAR, and PLN exchange rates, assuming all other variables are unchanged, that would arise from the resulting changes in the fair value of the Group\u2019s forward exchange contracts.
2025
2024
Effect on
profit Effect on Effect on profit Effect on
before tax equity before tax equity
\u00a3m \u00a3m \u00a3m \u00a3m
USD
1.7
14.1
1.3
0.6
INR
\u2014
5.4
\u2014
1.3
ZAR
\u2014
0.4
\u2014
1.3
PLN
0.3
\u2014
\u2014
0.3
4.2.3 Interest rate risk The Group manages its interest rate exposure, which arises from the Group\u2019s private placement loan notes, cash, deposits and RCF drawings at variable interest rates through cross-currency interest rate swaps and interest rate swaps. The cross currency interest rate swaps are designated in a mix of fair value and cash flow hedges against the fair value changes of the private placement loan notes and variability in future cash flows. The net level of floating rate interest exposure is managed to arrive at an acceptable overall interest rate risk profile. The interest rate profile of the Group\u2019s interest-bearing financial instruments was as follows:
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2025 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
118.4
40.9
77.8
\u2014
34.0
\u2014
271.1
Floating rate
Cash in hand
(264.1)
\u2014
\u2014
\u2014
\u2014
\u2014
(264.1)
Overdraft
138.8
\u2014
\u2014
\u2014
\u2014
\u2014
138.8
Nominal amounts Within Between Between Between Between More than
1 year 1\u20132 years 2\u20133 years 3\u20134 years 4\u20135 years 5 years Total
At 31 December 2024 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Private placement
loan notes
75.9
118.4
40.9
17.5
\u2014
\u2014
252.7
Floating rate
Cash in hand
(253.6)
\u2014
\u2014
\u2014
\u2014
\u2014
(253.6)
Overdraft
62.2
\u2014
\u2014
\u2014
\u2014
\u2014
62.2
A sensitivity analysis to changes in interest rates shows that a 0.5% increase or decrease in interest rates, assuming all other variables are held constant, results in a \u00a3nil (2024: \u00a3nil) increase or decrease to profit before tax, and no impact on the Group\u2019s equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "4.2.4 Hedges Fair value hedges The Group\u2019s fixed rate USD and GBP private placement loan notes are hedged through a combination of cross-currency interest rate swaps. The cross-currency interest rate swaps hedge the exposure to changes in the fair value of US dollar denominated loan notes. The loan notes and their corresponding swaps have the same critical terms including nominal values and maturity dates. The total loss in the year on the fair value hedges of \u00a313.5m (2024: \u00a31.4m loss) was equal to the gain on the hedged items resulting in no net gain or loss in the income statement apart from hedge ineffectiveness from credit risk and currency basis risk. This effect of hedge ineffectiveness resulted in a \u00a31.1m credit (2024: \u00a30.5m debit) to the consolidated income statement, shown in net finance costs, note 4.3. The impact of the hedged item and the related financial derivatives on the consolidated balance sheet at 31 December 2025 is as follows:
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Fair value hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign Financial
Cross-currency interest exchange
\u2014
15.5
\u2014
(1.3)
assets/ (13.5)
rate swaps risk/ Interest liabilities
rate risk
Change in fair value
Carrying Accumulated fair used for measuring
amount value adjustment Line item in the ineffectiveness
\u00a3m \u00a3m balance sheet \u00a3m
Private placement loan notes
266.4
(1.3)
Financial liabilities
13.5
Cash flow hedges The Group holds the following foreign exchange contracts to manage various exposures across its business operations: \u2022 non-deliverable forward foreign exchange contracts (NDFs), that are designated as hedges of the highly probable transactions in INR of the Group\u2019s Indian operations. The terms of the NDFs match the terms of these commitments. \u2022 foreign exchange forward contracts against committed costs relating to the purchase of cloud software services in USD for the periods up to and including November 2030. \u2022 foreign exchange forward contracts against committed costs to manage foreign exchange exposure on services provided by the operations in South Africa, incurred in ZAR, and Poland incurred in PLN. Additionally, during 2025 the Group executed currency and interest rate swaps to mitigate its foreign exchange and interest rate exposure on the private placement loan notes.
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Cash flow hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign exchange forward Foreign Financial
contracts exchange assets/
- forecasted purchases
risk
58.1
207.4
3.5
(4.9)
liabilities
(3.5)
Interest rate swaps Financial
- private placement loan Interest assets/
notes
rate risk
\u2014
15.5
\u2014
(0.1)
liabilities
\u2014
Cross currency swaps Foreign Financial
- private placement loan exchange assets/
notes
risk
\u2014
96.1
\u2014
(4.8)
liabilities
(8.6)
58.1
319.0
3.5
(9.8)
(12.1)
The fair value of cash flow hedging instruments held at 31 December 2025 is shown in note 4.5.2. The cash flow hedges have been assessed to be highly effective. The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value of the hedging instruments. The following table provides an analysis of components of equity resulting from cash flow hedge accounting:
2025 2024
\u00a3m \u00a3m
At 1 January
1.5
(3.8)
Change in fair value recognised in the consolidated statement of other
comprehensive income
(14.4)
9.9
Reclassified to the consolidated income statement:
recognised in administrative expenses 9.7 (2.8)
Change in tax 1.2 (1.8)
At 31 December (2.0) 1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "4.2.4 Hedges Fair value hedges The Group\u2019s fixed rate USD and GBP private placement loan notes are hedged through a combination of cross-currency interest rate swaps. The cross-currency interest rate swaps hedge the exposure to changes in the fair value of US dollar denominated loan notes. The loan notes and their corresponding swaps have the same critical terms including nominal values and maturity dates. The total loss in the year on the fair value hedges of \u00a313.5m (2024: \u00a31.4m loss) was equal to the gain on the hedged items resulting in no net gain or loss in the income statement apart from hedge ineffectiveness from credit risk and currency basis risk. This effect of hedge ineffectiveness resulted in a \u00a31.1m credit (2024: \u00a30.5m debit) to the consolidated income statement, shown in net finance costs, note 4.3. The impact of the hedged item and the related financial derivatives on the consolidated balance sheet at 31 December 2025 is as follows:
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Fair value hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign Financial
Cross-currency interest exchange
\u2014
15.5
\u2014
(1.3)
assets/ (13.5)
rate swaps risk/ Interest liabilities
rate risk
Change in fair value
Carrying Accumulated fair used for measuring
amount value adjustment Line item in the ineffectiveness
\u00a3m \u00a3m balance sheet \u00a3m
Private placement loan notes
266.4
(1.3)
Financial liabilities
13.5
Cash flow hedges The Group holds the following foreign exchange contracts to manage various exposures across its business operations: \u2022 non-deliverable forward foreign exchange contracts (NDFs), that are designated as hedges of the highly probable transactions in INR of the Group\u2019s Indian operations. The terms of the NDFs match the terms of these commitments. \u2022 foreign exchange forward contracts against committed costs relating to the purchase of cloud software services in USD for the periods up to and including November 2030. \u2022 foreign exchange forward contracts against committed costs to manage foreign exchange exposure on services provided by the operations in South Africa, incurred in ZAR, and Poland incurred in PLN. Additionally, during 2025 the Group executed currency and interest rate swaps to mitigate its foreign exchange and interest rate exposure on the private placement loan notes.
Notional Carrying Change in fair
amount of the amount of the value used for
hedging instrument hedging instrument Line item in measuring
Assets Liabilities Assets Liabilities the balance ineffectiveness
Cash flow hedges Hedged risk \u00a3m \u00a3m \u00a3m \u00a3m sheet \u00a3m
Foreign exchange forward Foreign Financial
contracts exchange assets/
- forecasted purchases
risk
58.1
207.4
3.5
(4.9)
liabilities
(3.5)
Interest rate swaps Financial
- private placement loan Interest assets/
notes
rate risk
\u2014
15.5
\u2014
(0.1)
liabilities
\u2014
Cross currency swaps Foreign Financial
- private placement loan exchange assets/
notes
risk
\u2014
96.1
\u2014
(4.8)
liabilities
(8.6)
58.1
319.0
3.5
(9.8)
(12.1)
The fair value of cash flow hedging instruments held at 31 December 2025 is shown in note 4.5.2. The cash flow hedges have been assessed to be highly effective. The cash flow hedging reserve comprises the effective portion of the cumulative net change in the fair value of the hedging instruments. The following table provides an analysis of components of equity resulting from cash flow hedge accounting:
2025 2024
\u00a3m \u00a3m
At 1 January
1.5
(3.8)
Change in fair value recognised in the consolidated statement of other
comprehensive income
(14.4)
9.9
Reclassified to the consolidated income statement:
recognised in administrative expenses 9.7 (2.8)
Change in tax 1.2 (1.8)
At 31 December (2.0) 1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "4.2.5 Credit risk The carrying values of the Group\u2019s financial assets and contract assets represent its maximum credit exposure. The mark-to-market movement on derivatives includes the extent to which the fair value of these instruments has been affected by the perceived change in the creditworthiness of the counterparties (ie the expected credit losses) to those instruments and that of the Group itself (own credit risk). The Group is comfortable that the risk attached to those counterparties is not significant and believes that the swaps continue to act as an effective hedge against the movements in the fair value of the Group\u2019s private placement loan notes.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "
4.3 Finance income and finance costs
The table below shows the composition of finance income and finance costs, including those excluded from
adjusted profit:
2025 2024
Notes
\u00a3m
\u00a3m
Finance income
Interest income included in adjusted profit
Interest on cash (1.8) (1.5)
Interest on finance lease assets
(5.4)
(5.6)
Net interest income on defined benefit pension schemes
5.2
(2.3)
(2.1)
Total interest income included in adjusted profit
(9.5)
 (9.2)
Interest income included in business exits
Interest on cash
(0.9)
 (0.8)
Total interest income included in business exits
(0.9)
 (0.8)
Other finance income excluded from adjusted profit
Non-designated foreign exchange forward contracts \u2013 change \u2014
in mark-to-market value
(1.0)
Fair value hedge ineffectiveness
2
 (1.1) \u2014
Total finance income excluded from adjusted profit
(3.0)
 (0.8)
Total finance income
(12.5)
(10.0)
Finance costs
Interest expense included in adjusted profit
Private placement loan notes
1
20.0
20.0
Bank loans and overdrafts
5.3
8.0
Cost of non-recourse trade receivables financing
3.1.1
2.6
3.4
Interest on finance lease liabilities
20.6
21.9
Total interest expense included in adjusted profit
48.5
 53.3
Interest expense included in business exits
Trading interest expense
Bank loans and overdrafts
\u2014
 0.5
Interest on finance lease liabilities
0.2
 0.8
Discount unwind on provisions
2.2
 1.6
Total trading business exit Interest expense
2.4
2.9
Non-trading interest expense
Other financing costs
0.8
 \u2014
Total non-trading business exit Interest expense
0.8
\u2014
Total finance costs included in business exits
3.2
2.9
Other finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
\u2014
(0.4)
Fair value hedge ineffectiveness
2
4.2.4
\u2014
0.5
Total finance costs excluded from adjusted profit
3.2
 3.0
Total finance costs
51.7
56.3
Total net finance costs
39.2
46.3
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes.
2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated
with the swaps.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "4.3 Finance income and finance costs The table below shows the composition of finance income and finance costs, including those excluded from adjusted profit:
2025 2024
Notes
\u00a3m
\u00a3m
Finance income
Interest income included in adjusted profit
Interest on cash (1.8) (1.5)
Interest on finance lease assets
(5.4)
(5.6)
Net interest income on defined benefit pension schemes
5.2
(2.3)
(2.1)
Total interest income included in adjusted profit
(9.5)
 (9.2)
Interest income included in business exits
Interest on cash
(0.9)
 (0.8)
Total interest income included in business exits
(0.9)
 (0.8)
Other finance income excluded from adjusted profit
Non-designated foreign exchange forward contracts \u2013 change \u2014
in mark-to-market value
(1.0)
Fair value hedge ineffectiveness
2
 (1.1) \u2014
Total finance income excluded from adjusted profit
(3.0)
 (0.8)
Total finance income
(12.5)
(10.0)
Finance costs
Interest expense included in adjusted profit
Private placement loan notes
1
20.0
20.0
Bank loans and overdrafts
5.3
8.0
Cost of non-recourse trade receivables financing
3.1.1
2.6
3.4
Interest on finance lease liabilities
20.6
21.9
Total interest expense included in adjusted profit
48.5
 53.3
Interest expense included in business exits
Trading interest expense
Bank loans and overdrafts
\u2014
 0.5
Interest on finance lease liabilities
0.2
 0.8
Discount unwind on provisions
2.2
 1.6
Total trading business exit Interest expense
2.4
2.9
Non-trading interest expense
Other financing costs
0.8
 \u2014
Total non-trading business exit Interest expense
0.8
\u2014
Total finance costs included in business exits
3.2
2.9
Other finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
\u2014
(0.4)
Fair value hedge ineffectiveness
2
4.2.4
\u2014
0.5
Total finance costs excluded from adjusted profit
3.2
 3.0
Total finance costs
51.7
56.3
Total net finance costs
39.2
46.3
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "4.3 Finance income and finance costs The table below shows the composition of finance income and finance costs, including those excluded from adjusted profit:
2025 2024
Notes
\u00a3m
\u00a3m
Finance income
Interest income included in adjusted profit
Interest on cash (1.8) (1.5)
Interest on finance lease assets
(5.4)
(5.6)
Net interest income on defined benefit pension schemes
5.2
(2.3)
(2.1)
Total interest income included in adjusted profit
(9.5)
 (9.2)
Interest income included in business exits
Interest on cash
(0.9)
 (0.8)
Total interest income included in business exits
(0.9)
 (0.8)
Other finance income excluded from adjusted profit
Non-designated foreign exchange forward contracts \u2013 change \u2014
in mark-to-market value
(1.0)
Fair value hedge ineffectiveness
2
 (1.1) \u2014
Total finance income excluded from adjusted profit
(3.0)
 (0.8)
Total finance income
(12.5)
(10.0)
Finance costs
Interest expense included in adjusted profit
Private placement loan notes
1
20.0
20.0
Bank loans and overdrafts
5.3
8.0
Cost of non-recourse trade receivables financing
3.1.1
2.6
3.4
Interest on finance lease liabilities
20.6
21.9
Total interest expense included in adjusted profit
48.5
 53.3
Interest expense included in business exits
Trading interest expense
Bank loans and overdrafts
\u2014
 0.5
Interest on finance lease liabilities
0.2
 0.8
Discount unwind on provisions
2.2
 1.6
Total trading business exit Interest expense
2.4
2.9
Non-trading interest expense
Other financing costs
0.8
 \u2014
Total non-trading business exit Interest expense
0.8
\u2014
Total finance costs included in business exits
3.2
2.9
Other finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
\u2014
(0.4)
Fair value hedge ineffectiveness
2
4.2.4
\u2014
0.5
Total finance costs excluded from adjusted profit
3.2
 3.0
Total finance costs
51.7
56.3
Total net finance costs
39.2
46.3
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "4.3 Finance income and finance costs The table below shows the composition of finance income and finance costs, including those excluded from adjusted profit:
2025 2024
Notes
\u00a3m
\u00a3m
Finance income
Interest income included in adjusted profit
Interest on cash (1.8) (1.5)
Interest on finance lease assets
(5.4)
(5.6)
Net interest income on defined benefit pension schemes
5.2
(2.3)
(2.1)
Total interest income included in adjusted profit
(9.5)
 (9.2)
Interest income included in business exits
Interest on cash
(0.9)
 (0.8)
Total interest income included in business exits
(0.9)
 (0.8)
Other finance income excluded from adjusted profit
Non-designated foreign exchange forward contracts \u2013 change \u2014
in mark-to-market value
(1.0)
Fair value hedge ineffectiveness
2
 (1.1) \u2014
Total finance income excluded from adjusted profit
(3.0)
 (0.8)
Total finance income
(12.5)
(10.0)
Finance costs
Interest expense included in adjusted profit
Private placement loan notes
1
20.0
20.0
Bank loans and overdrafts
5.3
8.0
Cost of non-recourse trade receivables financing
3.1.1
2.6
3.4
Interest on finance lease liabilities
20.6
21.9
Total interest expense included in adjusted profit
48.5
 53.3
Interest expense included in business exits
Trading interest expense
Bank loans and overdrafts
\u2014
 0.5
Interest on finance lease liabilities
0.2
 0.8
Discount unwind on provisions
2.2
 1.6
Total trading business exit Interest expense
2.4
2.9
Non-trading interest expense
Other financing costs
0.8
 \u2014
Total non-trading business exit Interest expense
0.8
\u2014
Total finance costs included in business exits
3.2
2.9
Other finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
\u2014
(0.4)
Fair value hedge ineffectiveness
2
4.2.4
\u2014
0.5
Total finance costs excluded from adjusted profit
3.2
 3.0
Total finance costs
51.7
56.3
Total net finance costs
39.2
46.3
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "4.3 Finance income and finance costs The table below shows the composition of finance income and finance costs, including those excluded from adjusted profit:
2025 2024
Notes
\u00a3m
\u00a3m
Finance income
Interest income included in adjusted profit
Interest on cash (1.8) (1.5)
Interest on finance lease assets
(5.4)
(5.6)
Net interest income on defined benefit pension schemes
5.2
(2.3)
(2.1)
Total interest income included in adjusted profit
(9.5)
 (9.2)
Interest income included in business exits
Interest on cash
(0.9)
 (0.8)
Total interest income included in business exits
(0.9)
 (0.8)
Other finance income excluded from adjusted profit
Non-designated foreign exchange forward contracts \u2013 change \u2014
in mark-to-market value
(1.0)
Fair value hedge ineffectiveness
2
 (1.1) \u2014
Total finance income excluded from adjusted profit
(3.0)
 (0.8)
Total finance income
(12.5)
(10.0)
Finance costs
Interest expense included in adjusted profit
Private placement loan notes
1
20.0
20.0
Bank loans and overdrafts
5.3
8.0
Cost of non-recourse trade receivables financing
3.1.1
2.6
3.4
Interest on finance lease liabilities
20.6
21.9
Total interest expense included in adjusted profit
48.5
 53.3
Interest expense included in business exits
Trading interest expense
Bank loans and overdrafts
\u2014
 0.5
Interest on finance lease liabilities
0.2
 0.8
Discount unwind on provisions
2.2
 1.6
Total trading business exit Interest expense
2.4
2.9
Non-trading interest expense
Other financing costs
0.8
 \u2014
Total non-trading business exit Interest expense
0.8
\u2014
Total finance costs included in business exits
3.2
2.9
Other finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
\u2014
(0.4)
Fair value hedge ineffectiveness
2
4.2.4
\u2014
0.5
Total finance costs excluded from adjusted profit
3.2
 3.0
Total finance costs
51.7
56.3
Total net finance costs
39.2
46.3
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "4.3 Finance income and finance costs The table below shows the composition of finance income and finance costs, including those excluded from adjusted profit:
2025 2024
Notes
\u00a3m
\u00a3m
Finance income
Interest income included in adjusted profit
Interest on cash (1.8) (1.5)
Interest on finance lease assets
(5.4)
(5.6)
Net interest income on defined benefit pension schemes
5.2
(2.3)
(2.1)
Total interest income included in adjusted profit
(9.5)
 (9.2)
Interest income included in business exits
Interest on cash
(0.9)
 (0.8)
Total interest income included in business exits
(0.9)
 (0.8)
Other finance income excluded from adjusted profit
Non-designated foreign exchange forward contracts \u2013 change \u2014
in mark-to-market value
(1.0)
Fair value hedge ineffectiveness
2
 (1.1) \u2014
Total finance income excluded from adjusted profit
(3.0)
 (0.8)
Total finance income
(12.5)
(10.0)
Finance costs
Interest expense included in adjusted profit
Private placement loan notes
1
20.0
20.0
Bank loans and overdrafts
5.3
8.0
Cost of non-recourse trade receivables financing
3.1.1
2.6
3.4
Interest on finance lease liabilities
20.6
21.9
Total interest expense included in adjusted profit
48.5
 53.3
Interest expense included in business exits
Trading interest expense
Bank loans and overdrafts
\u2014
 0.5
Interest on finance lease liabilities
0.2
 0.8
Discount unwind on provisions
2.2
 1.6
Total trading business exit Interest expense
2.4
2.9
Non-trading interest expense
Other financing costs
0.8
 \u2014
Total non-trading business exit Interest expense
0.8
\u2014
Total finance costs included in business exits
3.2
2.9
Other finance costs excluded from adjusted profits
Non-designated foreign exchange forward contracts \u2013 change
in mark-to-market value
\u2014
(0.4)
Fair value hedge ineffectiveness
2
4.2.4
\u2014
0.5
Total finance costs excluded from adjusted profit
3.2
 3.0
Total finance costs
51.7
56.3
Total net finance costs
39.2
46.3
1. Private placement loan notes comprise US dollar and British pound sterling private placement loan notes. 2. Fair value hedge ineffectiveness arises from changes in currency basis, and the movement in a provision for counterparty risk associated with the swaps.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Accounting policies Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Accounting policies Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Financial instruments \u2013 classification of financial instruments The Group classifies its financial instruments in the following measurement categories: \u2022 those to be measured subsequently at fair value, either through other comprehensive income (FVOCI) or through profit or loss (FVPL); and \u2022 those to be measured at amortised cost. The classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Financial instruments At initial recognition, the Group measures a financial instrument at its fair value plus, in the case of a financial instrument not at FVPL, transaction costs that are directly attributable to the acquisition of the financial instrument. Transaction costs of financial instruments carried at FVPL are expensed in the consolidated income statement. Financial instruments with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest. Purchases and sales of financial instruments are recognised on their trade date (ie the date the Group commits to purchase or sell the instrument). Financial instruments are derecognised when the rights to receive/pay cash flows from the financial instrument have expired or have been transferred such that the Group has transferred substantially all risks and rewards of ownership. Debt instruments Debt instruments are initially recognised at fair value less directly attributable transaction costs and are subsequently remeasured depending on the Group\u2019s business model for managing the instrument and the cash flow characteristics of the debt instrument. There are three measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: instruments that are held for collection/payment of contractual cash flows are measured at amortised cost where those cash flows represent solely payments of principal and interest. Interest income/expense from these financial instruments is included in net finance costs using the effective interest rate method. \u2022 FVOCI: instruments that are held for collection/payment of contractual cash flows and for selling the financial instrument are measured at FVOCI where the instrument\u2019s cash flows represent solely payments of principal and interest. Movements in the carrying amount are taken through consolidated Other Comprehensive Income (OCI), except for the recognition of impairment gains or losses, interest income and foreign exchange gains/losses, which are recognised in the consolidated income statement. When the financial instrument is derecognised, the cumulative gain/loss previously recognised in OCI is reclassified to the consolidated income statement and recognised in other gains/(losses). \u2022 FVPL: instruments that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain/loss on a debt instrument that is measured at FVPL is recognised in the consolidated income statement and presented within net finance costs. The Group reclassifies debt instruments when, and only when, its business model for managing those instruments changes. Equity instruments Investments in equity instruments are initially recognised at fair value and are subsequently remeasured at fair value with the movement recognised through the consolidated income statement, except where an election has been made for the movement to be recognised through OCI. An election can be made on initial recognition of equity instruments that are neither held-for-trading or instruments acquired as part of a business combination. Once an election has been made all movements in fair value, with the exception of dividends, are presented through OCI and there is no subsequent reclassification of fair value gains/losses to the consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in the consolidated income statement as other income when the Group\u2019s right to receive payment is established. Impairment The Group assesses, on a forward looking basis, the expected credit losses associated with its financial instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "Derivatives Derivative financial instruments are initially recognised at fair value and are subsequently remeasured at fair value at the end of each reporting period with the movement recognised through the consolidated income statement, except where derivatives qualify for cash flow hedge accounting. The effective proportion of cash flow hedges is recognised in OCI and presented in the hedging reserve within equity. The cumulative gain/ loss is subsequently reclassified to the consolidated income statement in the same period that the relevant hedged transaction is realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective assets. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "
4.5.1 Fair value hierarchy
The Group\u2019s financial assets and liabilities are classified based on the following fair value hierarchy:
\u2022 Level-1: quoted (unadjusted) prices in active markets for identical assets or liabilities.
\u2022 Level-2: other techniques for which inputs that have a significant effect on the recorded fair value are
based on observable (directly or indirectly) market data. With the exception of current financial
instruments (which have a short maturity), the fair value of the Group\u2019s level-2 financial instruments were
calculated by discounting the expected future cash flows at prevailing interest rates. The valuation
models incorporate various inputs including foreign exchange spot and forward rates and interest rate
curves. In the case of floating rate borrowings the nominal value approximates to fair value because
interest is set at floating rates where payments are reset to market values at intervals of less than one
year.
\u2022 Level-3: other techniques for which inputs that have a significant effect on the recorded fair value are not
based on observable market data.
Other financial instruments, where observable market data is not available, are carried at either amortised
cost or cost (undiscounted cash flows) as a reasonable approximation of fair value.
During the year ended 31 December 2025, there were no transfers between fair value levels.
4.5.2 Financial instruments and their fair value hierarchy classification The following table analyses, by classification and category, the carrying value of the Group\u2019s financial instruments and identifies the level of the fair value hierarchy for the instruments carried at fair value:
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2025
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
96.6
96.6
4.8
91.8
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
3.5
\u2014
3.5
1.7
1.8
Non-designated foreign exchange forwards and swaps
Level-2
0.3
\u2014
\u2014
\u2014
0.3
0.3
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
3.1
\u2014
\u2014
\u2014
3.1
\u2014
3.1
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
3.4
0.7
3.5
97.3
104.9
6.8
98.1
Other financial assets
Cash and cash equivalents 4.5.4
n/a
\u2014
\u2014
\u2014
264.1
264.1
264.1
\u2014
Total financial assets
3.4
0.7
3.5
361.4
369.0
270.9
98.1
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
266.4
266.4
114.4
152.0
Other finance
n/a
\u2014
\u2014
\u2014
0.3
0.3
0.3
\u2014
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
4.9
\u2014
4.9
1.7
3.2
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
4.8
\u2014
4.8
1.1
3.7
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.1
\u2014
0.1
0.1
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.8
\u2014
\u2014
\u2014
0.8
0.6
0.2
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
1.3
\u2014
1.3
1.3
\u2014
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.8
\u2014
11.1
267.4
279.3
119.5
159.8
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
138.8
138.8
138.8
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
318.2
318.2
39.5
278.7
Total financial liabilities
0.8
\u2014
11.1
724.4
736.3
297.8
438.5
Financial assets measured at amortised cost consist of cash, lease receivables, originated loans and deferred consideration receivable. The carrying value of cash is a reasonable approximation of its fair value due to the short-term nature of the instruments. Lease receivables, originated loans and deferred consideration receivable are measured at amortised cost using the effective interest rate method. Included in other investments are \u00a30.7m (2024: \u00a30.7m) of strategic investments in unlisted equity securities which are not held-for-trading and the Group elected to recognise at Fair Value through Other Comprehensive Income (FVOCI). During the period no dividends were received from, and no disposals were made of, strategic investments. The financial assets at Fair Value through Profit and Loss (FVPL) relate to the Group\u2019s minority shareholdings in companies as part of the Capita Scaling Partner business. As disclosed in note 2.8, during the first half of 2024 the Group decided to exit the Capita Scaling Partner business as a whole, while seeking to maximise value from the remaining investments. Following the decision to exit the business and subsequent losses realised on disposals in the second half of 2024, the Group evolved its revaluation approach for these assets to take into account recent experiences, and to better reflect expected disposal proceeds. Financial liabilities measured at amortised cost consist of private placement loan notes, overdrafts, lease liabilities, credit facilities and deferred consideration payable. With the exception of certain series within the fixed rate private placement loan notes, the carrying value of financial liabilities are a reasonable approximation of their fair value. This is because either the interest payable is close to market rates or the liability is short-term in nature. The private placement loan note series, for which this approximation does not apply, are those that are subject to longer term fixed rate of interest \u2013 these have an underlying carrying value of \u00a3233.5m (2024: \u00a3175.0m) and a fair value of \u00a3234.1m (2024: \u00a3168.8m), which is considered to fall into level-2. Lease liabilities and deferred consideration payable are measured at amortised cost using the effective interest rate method. The Group\u2019s key financial liabilities are set out below: a. Private placement loan notes The private placement loan notes were issued in USD and GBP. The Group manages its exposure to foreign exchange and interest rate movements through cross-currency interest rate swaps, interest rate swaps, and cross currency swaps. USD and GBP private placement loan notes totalling USD74.3m and \u00a322.3m were repaid, as per their contractual values, on their maturities in January 2025 and April 2025. In April 2025, the Group issued \u00a394.2m equivalent of US private placement loan notes across three tranches: \u00a350m maturing 24 April 2028, USD13m maturing 24 April 2028 and USD43m maturing 24 April 2030, with an average interest rate of 7.4%. The notes rank pari passu with the existing indebtedness of the Group and include financial covenants at the same level as those under the revolving credit facility (RCF) and existing US private placement loan notes. b. Bank facilities At 31 December 2025, the total value of committed facilities was \u00a3250.0m, of which none was drawn (2024: total facilities of \u00a3250.0m of which none was drawn). Details of the Group\u2019s bank facilities are provided for in note 4.2.1.
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2024
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
95.7
95.7
4.2
91.5
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
0.4
1.4
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
2.7
\u2014
2.7
1.8
0.9
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.2
\u2014
0.2
0.2
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.7
\u2014
\u2014
\u2014
0.7
0.6
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
13.0
\u2014
13.0
13.0
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
4.1
\u2014
\u2014
\u2014
4.1
0.4
3.7
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
4.8
0.7
17.7
96.4
119.6
20.6
99.0
Other financial assets
Cash and cash equivalents
4.5.4
n/a
\u2014
\u2014
\u2014
253.6
253.6
253.6
\u2014
Total financial assets
4.8
0.7
17.7
350.0
373.2
274.2
99.0
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
269.3
269.3
87.6
181.7
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.3
\u2014
0.3
0.3
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.2
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.8
\u2014
0.8
\u2014
0.8
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.2
\u2014
1.1
270.1
271.4
88.2
183.2
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
62.2
62.2
62.2
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
348.7
348.7
42.9
305.8
Total financial liabilities
0.2
\u2014
1.1
681.0
682.3
193.3
489.0
The following table shows the movement from the opening balances to the closing balances for Level-3 fair values.
Put options of Investments
non-controlling FVPL and
interests FVOCI
\u00a3m \u00a3m
At 1 January 2024
8.5
17.6
Change in put-options recognised in other comprehensive income
(8.5)
\u2014
Disposals
\u2014
(8.2)
Gain in fair value recognised in income statement
\u2014
(4.6)
At 31 December 2024
\u2014
4.8
Disposals
\u2014
(0.5)
Loss in fair value recognised in income statement
\u2014
(0.5)
At 31 December 2025
\u2014
3.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "4.5.1 Fair value hierarchy The Group\u2019s financial assets and liabilities are classified based on the following fair value hierarchy: \u2022 Level-1: quoted (unadjusted) prices in active markets for identical assets or liabilities. \u2022 Level-2: other techniques for which inputs that have a significant effect on the recorded fair value are based on observable (directly or indirectly) market data. With the exception of current financial instruments (which have a short maturity), the fair value of the Group\u2019s level-2 financial instruments were calculated by discounting the expected future cash flows at prevailing interest rates. The valuation models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves. In the case of floating rate borrowings the nominal value approximates to fair value because interest is set at floating rates where payments are reset to market values at intervals of less than one year. \u2022 Level-3: other techniques for which inputs that have a significant effect on the recorded fair value are not based on observable market data. Other financial instruments, where observable market data is not available, are carried at either amortised cost or cost (undiscounted cash flows) as a reasonable approximation of fair value. During the year ended 31 December 2025, there were no transfers between fair value levels. 4.5.2 Financial instruments and their fair value hierarchy classification The following table analyses, by classification and category, the carrying value of the Group\u2019s financial instruments and identifies the level of the fair value hierarchy for the instruments carried at fair value:
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2025
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
96.6
96.6
4.8
91.8
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
3.5
\u2014
3.5
1.7
1.8
Non-designated foreign exchange forwards and swaps
Level-2
0.3
\u2014
\u2014
\u2014
0.3
0.3
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
3.1
\u2014
\u2014
\u2014
3.1
\u2014
3.1
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
3.4
0.7
3.5
97.3
104.9
6.8
98.1
Other financial assets
Cash and cash equivalents 4.5.4
n/a
\u2014
\u2014
\u2014
264.1
264.1
264.1
\u2014
Total financial assets
3.4
0.7
3.5
361.4
369.0
270.9
98.1
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
266.4
266.4
114.4
152.0
Other finance
n/a
\u2014
\u2014
\u2014
0.3
0.3
0.3
\u2014
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
4.9
\u2014
4.9
1.7
3.2
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
4.8
\u2014
4.8
1.1
3.7
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.1
\u2014
0.1
0.1
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.8
\u2014
\u2014
\u2014
0.8
0.6
0.2
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
1.3
\u2014
1.3
1.3
\u2014
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.8
\u2014
11.1
267.4
279.3
119.5
159.8
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
138.8
138.8
138.8
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
318.2
318.2
39.5
278.7
Total financial liabilities
0.8
\u2014
11.1
724.4
736.3
297.8
438.5
Financial assets measured at amortised cost consist of cash, lease receivables, originated loans and deferred consideration receivable. The carrying value of cash is a reasonable approximation of its fair value due to the short-term nature of the instruments. Lease receivables, originated loans and deferred consideration receivable are measured at amortised cost using the effective interest rate method. Included in other investments are \u00a30.7m (2024: \u00a30.7m) of strategic investments in unlisted equity securities which are not held-for-trading and the Group elected to recognise at Fair Value through Other Comprehensive Income (FVOCI). During the period no dividends were received from, and no disposals were made of, strategic investments. The financial assets at Fair Value through Profit and Loss (FVPL) relate to the Group\u2019s minority shareholdings in companies as part of the Capita Scaling Partner business. As disclosed in note 2.8, during the first half of 2024 the Group decided to exit the Capita Scaling Partner business as a whole, while seeking to maximise value from the remaining investments. Following the decision to exit the business and subsequent losses realised on disposals in the second half of 2024, the Group evolved its revaluation approach for these assets to take into account recent experiences, and to better reflect expected disposal proceeds. Financial liabilities measured at amortised cost consist of private placement loan notes, overdrafts, lease liabilities, credit facilities and deferred consideration payable. With the exception of certain series within the fixed rate private placement loan notes, the carrying value of financial liabilities are a reasonable approximation of their fair value. This is because either the interest payable is close to market rates or the liability is short-term in nature. The private placement loan note series, for which this approximation does not apply, are those that are subject to longer term fixed rate of interest \u2013 these have an underlying carrying value of \u00a3233.5m (2024: \u00a3175.0m) and a fair value of \u00a3234.1m (2024: \u00a3168.8m), which is considered to fall into level-2. Lease liabilities and deferred consideration payable are measured at amortised cost using the effective interest rate method. The Group\u2019s key financial liabilities are set out below: a. Private placement loan notes The private placement loan notes were issued in USD and GBP. The Group manages its exposure to foreign exchange and interest rate movements through cross-currency interest rate swaps, interest rate swaps, and cross currency swaps. USD and GBP private placement loan notes totalling USD74.3m and \u00a322.3m were repaid, as per their contractual values, on their maturities in January 2025 and April 2025. In April 2025, the Group issued \u00a394.2m equivalent of US private placement loan notes across three tranches: \u00a350m maturing 24 April 2028, USD13m maturing 24 April 2028 and USD43m maturing 24 April 2030, with an average interest rate of 7.4%. The notes rank pari passu with the existing indebtedness of the Group and include financial covenants at the same level as those under the revolving credit facility (RCF) and existing US private placement loan notes. b. Bank facilities At 31 December 2025, the total value of committed facilities was \u00a3250.0m, of which none was drawn (2024: total facilities of \u00a3250.0m of which none was drawn). Details of the Group\u2019s bank facilities are provided for in note 4.2.1.
Derivatives
used for Amortised Non-
Fair value FVPL FVOCI hedging cost Total Current current
At 31 December 2024
Note
hierarchy \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Lease receivables
4.4.2
n/a
\u2014
\u2014
\u2014
95.7
95.7
4.2
91.5
Cash flow hedges \u2013 foreign exchange contracts
4.2.4
Level-2
\u2014
\u2014
1.8
\u2014
1.8
0.4
1.4
Cash flow hedges \u2013 currency swaps
4.2.4
Level-2
\u2014
\u2014
2.7
\u2014
2.7
1.8
0.9
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.2
\u2014
0.2
0.2
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.7
\u2014
\u2014
\u2014
0.7
0.6
0.1
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
13.0
\u2014
13.0
13.0
\u2014
Originated loans receivable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
Financial assets at fair value through P&L
Level-3
4.1
\u2014
\u2014
\u2014
4.1
0.4
3.7
Financial assets at fair value through OCI
Level-3
\u2014
0.7
\u2014
\u2014
0.7
\u2014
0.7
4.8
0.7
17.7
96.4
119.6
20.6
99.0
Other financial assets
Cash and cash equivalents
4.5.4
n/a
\u2014
\u2014
\u2014
253.6
253.6
253.6
\u2014
Total financial assets
4.8
0.7
17.7
350.0
373.2
274.2
99.0
Financial liabilities
Private placement loan notes
a
n/a
\u2014
\u2014
\u2014
269.3
269.3
87.6
181.7
Other finance
n/a
\u2014
\u2014
\u2014
0.1
0.1
0.1
\u2014
Cash flow hedges \u2013 interest rate swaps
4.2.4
Level-2
\u2014
\u2014
0.3
\u2014
0.3
0.3
\u2014
Non-designated foreign exchange forwards and swaps
Level-2
0.2
\u2014
\u2014
\u2014
0.2
0.2
\u2014
Cross-currency interest rate swaps
a
Level-2
\u2014
\u2014
0.8
\u2014
0.8
\u2014
0.8
Deferred consideration payable
n/a
\u2014
\u2014
\u2014
0.7
0.7
\u2014
0.7
0.2
\u2014
1.1
270.1
271.4
88.2
183.2
Other financial liabilities
Overdrafts
4.5.4
n/a
\u2014
\u2014
\u2014
62.2
62.2
62.2
\u2014
Lease liabilities
4.4.1
n/a
\u2014
\u2014
\u2014
348.7
348.7
42.9
305.8
Total financial liabilities
0.2
\u2014
1.1
681.0
682.3
193.3
489.0
The following table shows the movement from the opening balances to the closing balances for Level-3 fair values.
Put options of Investments
non-controlling FVPL and
interests FVOCI
\u00a3m \u00a3m
At 1 January 2024
8.5
17.6
Change in put-options recognised in other comprehensive income
(8.5)
\u2014
Disposals
\u2014
(8.2)
Gain in fair value recognised in income statement
\u2014
(4.6)
At 31 December 2024
\u2014
4.8
Disposals
\u2014
(0.5)
Loss in fair value recognised in income statement
\u2014
(0.5)
At 31 December 2025
\u2014
3.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "
4.6 Issued share capital
2025 2024 2025 2024
Allotted, called up and fully paid thousands thousands \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,701,274
1,701,274
35.2
35.2
Share consolidation
(1,587,856)
\u2014
\u2014
\u2014
Ordinary shares of 31p each post share
113,418
1,701,274
35.2
35.2
consolidation
Issue of share capital to the Employee
942
\u2014
0.3
\u2014
benefit trust
Issue of share capital to Royal London
5,671
\u2014
1.7
\u2014
(note\ue0542.8)
At 31 December
120,031
1,701,274
37.2
35.2
2025 2024
Share premium \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,145.5
1,145.5
Share premium cancellation
(1,145.5)
\u2014
Issue of share capital to Royal London (note\ue0542.8)
20.7
\u2014
At 31 December
20.7
1,145.5
2025 2024 2025 2024
Employee benefit trust shares thousands thousands \u00a3m \u00a3m
Ordinary shares of 2 1/15p
At 1 January
7,328
16,804
(0.3)
(0.7)
Share consolidation
(6,840)
\u2014
\u2014
\u2014
Ordinary shares of 31p each post share
488
16,804
(0.3)
(0.7)
consolidation
Issue of share capital by Capita plc
942
\u2014
(0.3)
\u2014
Shares purchased by the Employee
322
2,510
(0.8)
(0.6)
benefit trust
Share purchased on behalf of the
Employee benefit trust by an external bank
343
\u2014
(1.4)
\u2014
Issued on exercise of share options
(1,485)
(11,986)
1.2
1.0
At 31 December
610
7,328
(1.6)
(0.3)
The Group uses shares held in the Employee benefit trust (EBT) to satisfy future requirements for shares
under the Group\u2019s share option and long-term incentive plans. During the year to 31 December 2025,
1,484,435 (31 December 2024: 799,076 post consolidation) shares with a value of \u00a31.2m (31 December
2024: \u00a31.0m) were transferred out of the EBT to satisfy exercises under the Group's share option and long
term incentive plans. The total consideration received in respect of these shares was \u00a3nil (31 December
2024: \u00a3nil). During March, April and July 2025 the EBT purchased 321,506 (post consolidation) ordinary
shares in the open market for \u00a3857,686 to satisfy exercises under the Group\u2019s share plans. During April and
July 2025, 941,524 ordinary 31 pence shares (31 December 2024: nil) were allotted to the EBT for an
aggregate nominal value of \u00a3291,872 to satisfy exercises under the Group\u2019s share plans.
Following shareholder approval at the Company\u2019s 2025 Annual General Meeting held on 28 April 2025 (the
'2025 AGM'), the Company completed a share consolidation at a ratio of 15 for 1, whereby every 15
ordinary shares of 2 1/15 pence were consolidated into one ordinary share of 31 pence. As at 31 December
2025 the Company had 120,031 thousand shares of 31 pence each in issue. Basic and diluted earnings per
share, both on a reported and adjusted basis (refer to note 2.7) have been retrospectively adjusted to reflect
the share consolidation in both the current and comparative periods.
Also, following shareholder approval at the 2025 AGM and subsequent sanctioning by the High Court of
England and Wales on 10 June 2025, the Company completed the cancellation of its share premium
account, with the balance of \u00a31,145.5m credited to retained earnings.
To eliminate the risk of share price changes in respect of the anticipated need to purchase shares in the
open market to satisfy the exercise of share options granted under the Group\u2019s long term incentive plan, the
Employee benefit trust entered a forward purchase agreement with an external bank for the acquisition of its
shares. The liability under this agreement is included within other payables (note 3.1.2) and the
corresponding debit is charged to equity.
The Group has an unexpired authority to repurchase up to 9.45% of its issued share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "4.6 Issued share capital
2025 2024 2025 2024
Allotted, called up and fully paid thousands thousands \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,701,274
1,701,274
35.2
35.2
Share consolidation
(1,587,856)
\u2014
\u2014
\u2014
Ordinary shares of 31p each post share
113,418
1,701,274
35.2
35.2
consolidation
Issue of share capital to the Employee
942
\u2014
0.3
\u2014
benefit trust
Issue of share capital to Royal London
5,671
\u2014
1.7
\u2014
(note\ue0542.8)
At 31 December
120,031
1,701,274
37.2
35.2
2025 2024
Share premium \u00a3m \u00a3m
Ordinary shares of 2 1/15p each
At 1 January
1,145.5
1,145.5
Share premium cancellation
(1,145.5)
\u2014
Issue of share capital to Royal London (note\ue0542.8)
20.7
\u2014
At 31 December
20.7
1,145.5
2025 2024 2025 2024
Employee benefit trust shares thousands thousands \u00a3m \u00a3m
Ordinary shares of 2 1/15p
At 1 January
7,328
16,804
(0.3)
(0.7)
Share consolidation
(6,840)
\u2014
\u2014
\u2014
Ordinary shares of 31p each post share
488
16,804
(0.3)
(0.7)
consolidation
Issue of share capital by Capita plc
942
\u2014
(0.3)
\u2014
Shares purchased by the Employee
322
2,510
(0.8)
(0.6)
benefit trust
Share purchased on behalf of the
Employee benefit trust by an external bank
343
\u2014
(1.4)
\u2014
Issued on exercise of share options
(1,485)
(11,986)
1.2
1.0
At 31 December
610
7,328
(1.6)
(0.3)
The Group uses shares held in the Employee benefit trust (EBT) to satisfy future requirements for shares under the Group\u2019s share option and long-term incentive plans. During the year to 31 December 2025, 1,484,435 (31 December 2024: 799,076 post consolidation) shares with a value of \u00a31.2m (31 December 2024: \u00a31.0m) were transferred out of the EBT to satisfy exercises under the Group's share option and long term incentive plans. The total consideration received in respect of these shares was \u00a3nil (31 December 2024: \u00a3nil). During March, April and July 2025 the EBT purchased 321,506 (post consolidation) ordinary shares in the open market for \u00a3857,686 to satisfy exercises under the Group\u2019s share plans. During April and July 2025, 941,524 ordinary 31 pence shares (31 December 2024: nil) were allotted to the EBT for an aggregate nominal value of \u00a3291,872 to satisfy exercises under the Group\u2019s share plans. Following shareholder approval at the Company\u2019s 2025 Annual General Meeting held on 28 April 2025 (the '2025 AGM'), the Company completed a share consolidation at a ratio of 15 for 1, whereby every 15 ordinary shares of 2 1/15 pence were consolidated into one ordinary share of 31 pence. As at 31 December 2025 the Company had 120,031 thousand shares of 31 pence each in issue. Basic and diluted earnings per share, both on a reported and adjusted basis (refer to note 2.7) have been retrospectively adjusted to reflect the share consolidation in both the current and comparative periods. Also, following shareholder approval at the 2025 AGM and subsequent sanctioning by the High Court of England and Wales on 10 June 2025, the Company completed the cancellation of its share premium account, with the balance of \u00a31,145.5m credited to retained earnings. To eliminate the risk of share price changes in respect of the anticipated need to purchase shares in the open market to satisfy the exercise of share options granted under the Group\u2019s long term incentive plan, the Employee benefit trust entered a forward purchase agreement with an external bank for the acquisition of its shares. The liability under this agreement is included within other payables (note 3.1.2) and the corresponding debit is charged to equity. The Group has an unexpired authority to repurchase up to 9.45% of its issued share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "
4.7 Group composition and non-controlling interests
The Group\u2019s subsidiaries are listed in note 6.4 on pages 227 to 229.
The Group holds a majority of the voting rights in all of its subsidiaries and the directors have determined
that, other than the entity commented on below, in each case the Group exercises de facto control.
On 23 September 2014, the Secretary of State for the Department for Energy and Climate Change granted
Smart DCC Limited (DCC), a wholly-owned subsidiary of the Group, a licence to establish and manage the
smart metering communications infrastructure, governed by the Smart Energy Code. Each year the Group
reassesses whether it has control over DCC as required under IFRS 10 Consolidated Financial Statements.
The Group\u2019s ability to control the relevant activities of DCC is restricted by DCC\u2019s operating licence. The
power that the Group has over DCC\u2019s relevant activities by virtue of owning it is limited (given the
restrictions in the licence). That power is held by the board of DCC where the Group has minority
representation in compliance with the licence. Consequently, the Group has not consolidated DCC in its
Group financial statements. The disclosure of related party transactions with DCC is included in note 6.1.
6.4 Related companies
The stated address relates to the place of incorporation of the entity, which is the same as its tax residence in all cases other than Capita Group Insurance PCC Limited which is incorporated in Guernsey, but which is tax
resident in the UK.
Unless otherwise indicated, all shareholdings are owned indirectly by the company and represent 100% of the issued share capital of the subsidiary. Dormant companies are marked (D).
Company name
Share class
Capita (210568) Limited (in liquidation)
10
\u20ac0.0012
Ordinary
Capita (Polska) Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
9
PLZ50.00 Ordinary
Capita (South Africa) (Pty) Limited
17
ZAR1.00 Ordinary
Capita (USA) Holdings Inc.
7
US$1.00 Ordinary
Capita Business Services Ltd
11
\u00a31.00 Ordinary
Capita Business Support Services Ireland Limited
23
\u20ac1.00 Ordinary
Capita Corporate Director Limited (D)
11
\u00a31.00 Ordinary
Capita Customer Management Limited
11
\u00a31.00 Ordinary
Capita Customer Services (Germany) GmbH
21
\u20ac1.00 Ordinary
Capita Customer Services AG
16
CHF1.00 Ordinary
Capita Customer Solutions (UK) Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Customer Solutions Limited
23
\u20ac1.00 Ordinary
Capita Cyprus Holdings Limited (in liquidation)
5
\u00a31.00 Ordinary
Capita Dubai Limited
11
\u00a31.00 Ordinary
Capita Employee Benefits Holdings Limited
11
*
\u00a31.00 Ordinary
Capita Energie Services GmbH
12
\u25ba
\u20ac1.00 Ordinary
Capita Financial Services Holdings Limited (in liquidation)
1
*
\u00a31.00 Ordinary
Capita GMPS Trustees Limited (D)
11
\u00a31.00 Ordinary
Capita Group Insurance PCC Limited
19
*
\u00a31.00 CG1
\u00a31.00 CIC2
\u00a31.00 Ordinary
Capita Group Secretary Limited (D)
11
\u00a31.00 Ordinary
Capita HCH Limited
11
\u00a31.00 Ordinary
Capita Health Holdings Limited
11
\u00a31.00 Ordinary
Capita Holdings Limited
11
*
\u00a31.00 Ordinary
Capita India Private Limited
24
INR10.00 Ordinary
Capita Insurance Services Holdings Limited
11
\u00a31.00 Ordinary
Capita Insurance Services Limited
11
\u00a31.00 Ordinary
Capita International Limited
11
*
\u00a31.00 Ordinary
Capita International Retirement Benefit Scheme Trustees Limited (D)
11
*
\u00a31.00 Ordinary
Capita Ireland Limited
23
*
\u20ac1.00 Ordinary
Capita IT Services Holdings Limited
11
\u00a31.00 Ordinary
Capita IT Services Limited (in liquidation)
8
\u00a31.00 Ordinary
Company name
Share class
Capita Justice & Secure Services Holdings Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Life & Pensions Regulated Services Limited
11
*
\u00a31.00 Ordinary
Capita Life & Pensions Services Limited
11
*
\u00a31.00 Ordinary
Capita Life and Pensions International Limited
11
\u00a31.00 Ordinary
Capita Life and Pensions Services (Isle of Man) Limited (in liquidation)
18
\u00a31.00 Ordinary
Capita Managed IT Solutions Limited
14
\u00a31.00 Ordinary
Capita Mortgage Administration Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Norman + Dawbarn Limited (in liquidation)
3 \u25a1
NGN1.00 Ordinary
Capita Offshore Services Private Limited (in liquidation)
20
INR10.00 Ordinary
Capita Pension Solutions Limited
11
*
\u00a31.00 Ordinary
Capita Property and Infrastructure (Structures) Limited (D)
11
\u00a31.00 Ordinary
Capita Property and Infrastructure Consultants LLC (in liquidation)
2 \u2666
AED1,000.00 Ordinary
Capita Property and Infrastructure Holdings Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Property and Infrastructure International Holdings Limited (D)
11
\u00a31.00 Ordinary
Capita Property and Infrastructure International Limited (D)
11
\u00a31.00 Ordinary
Capita Property and Infrastructure Limited
11
\u00a31.00 Ordinary
Capita Retail Financial Services Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Secure Information Solutions Limited
11
\u00a31.00 Ordinary
Capita Shared Services Limited
11
*
\u00a31.00 Ordinary
Capita Symonds Saudi Arabia Limited (D)
15 \u25b2
N/A
Capita Technology GmbH
21
\u20ac1.00 Ordinary
Capita West GmbH
21
\u20ac25,000.00 Ordinary
Computerland UK Limited
11
\u00a31.00 Ordinary
Contact Associates Limited
11
\u00a31.00 Ordinary
CPLAS Trustees Limited (D)
11
\u00a31.00 Ordinary
Debt Solutions (Holdings) Limited (in liquidation)
1
\u00a31.00 Ordinary
Dragonfly Technology Solutions Ltd
11 \u25cb
\u00a30.000001
Ordinary
\u00a30.000001
A Ordinary
Duke 2021
Topco Limited
4
>
\u00a31.00 B Ordinary
E.B. Consultants Limited (D)
11
\u00a31.00 Ordinary
Electra-Net (UK) Limited
11
\u00a31.00 Ordinary
Entrust Support Services Limited
22
\u25bc
\u00a31.00 Ordinary X
Fire Service College Limited
11
\u00a31.00 Ordinary
Company name
Share class
Full Circle Contact Centre Services (Proprietary) Limited
17
ZAR0.01 Ordinary
Grosvenor Career Services Limited (D)
11
\u00a31.00 Ordinary
RE (Regional Enterprise) Limited
11
\u00a31.00 Ordinary
Retain International (Holdings) Limited
11
\u00a31.00 Ordinary
Retain International Limited
11
\u00a31.00 Ordinary
SBJ Benefit Consultants Limited (D)
11
\u00a31.00 Ordinary
SBJ Professional Trustees Limited (in liquidation)
1
\u00a31.00 Ordinary
Smart DCC Limited
11
\u00a31.00 Ordinary
Tascor Services Limited
11
\u00a31.00 Ordinary
TELAG AG
13
CHF1,000.00 Ordinary
ThirtyThree APAC Limited (D)
6
HKD1.00 Ordinary
Urban Vision Partnership Limited
11
\u25ba
\u00a31.00 Ordinary B
Ventura (India) Private Limited
25
INR10.00 Ordinary
Ventura (UK) India Limited
11
\u00a31.00 Ordinary
Western Mortgage Services Limited
11
\u00a31.00 Ordinary
WN Updata Communications Ltd
26 \u25b2
\u00a31.00 Ordinary B
Woolf Limited
11
\u00a31.00 Ordinary
ootnotes Companies directly held by Capita plc. Shareholdings owned indirectly by the company and represent 0.24% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 1.40% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 49% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 50% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 50.1% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 51% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 97.3% of the issued share capital of subsidiary.
Registered office address
1. 1 More London Place, London, SE1 2AF
2. 1004 Bin Hamoodah Building, Khalifa St., PO Box 113 740, Abu Dhabi, United Arab Emirates
3. 10th Floor, UBA House, No 57, Marina Street, Lagos Island, Lagos, Nigeria
4. 22 Grenville Street, St. Helier, JE4 8PX, Jersey
5. 46, Kyriakou Matsi, Office 101, 1082 Nicosia, Cyprus
6. 803 Manning House, 38 Queen's Road Central, Hong Kong
7. 850 New Burton Road, Suite 201, Dover, DE, 19904, United States
8. Atria One, 144 Morrison Street, Edinburgh, EH3 8EX
9. Centrum Biurowe Lubicz ul. Lubicz 23, 31-503 Krakow, Polska
10. EY, Harcourt Centre, Harcourt Street, Dublin, Ireland
11. First Floor, 2 Kingdom Street, Paddington, London, England, W2 6BD
12. Gatherhofstra\u00dfe 8, 47804, Krefeld, Germany
13. Hardturmstrasse101, Z\u00fcrich, 8005, Switzerland
14. Hillview House, 61 Church Road, Newtownabbey, Co Antrim, BT36 7LQ, Northern Ireland
15. King Abdul Aziz Street, PO Box 7052, Dammam, Saudi Arabia
16. Konstanzerstrasse 17, T\u00e4gerwilen, 8274, Switzerland
17. Mutual Park, Jan Smuts Drive, Pinelands, Cape Town, Western Cape, 7405, South Africa
18. P O Box 227, Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ
19. P O Box 33, Dorey Court, Admiral Park, St. Peter Port, GY1 4AT, Guernsey
20. Plant 6, Gate No. 2, Godrej and Boyce Complex, LBS Marg, Pirojshahnagar, Vikhroli (West), Mumbai, 400079, India
21. Rudower Chaussee 4, Berlin, 12489, Germany
22. The Riverway Centre, Riverway, Stafford, United Kingdom, ST16 3TH
23. Unit B, West Cork Business & Technology Park, Clonakilty, Co. Cork, P85 YH98, Ireland
24. Unit No. 401, 4th Floor, Godrej Two, Pirojshanagar, Eastern Express Highway, Vikhroli East, Mumbai - 400079, Maharashtra, India
25. Upper Ground Level, Level 1, Level 2, & Level 3, Tower B1, Margapatta City SEZ, Margapatta City, Hadapsar, Pune, 411013, India
26. Wavenet Group, Second Floor One Central Boulevard Central Boulevard, Blythe Valley Park, Shirley, Solihull, England, B90 8BG
Certain subsidiaries of the Group have opted to take advantage of a statutory exemption from having an audit in respect of their individual statutory accounts. Strict criteria must be met for this exemption to be taken and
the exemption has been agreed to by the directors of those subsidiary entities.
To facilitate the adoption of this exemption, Capita plc, the parent company of the subsidiaries concerned, undertakes to provide a guarantee under Section 479C of the Companies Act 2006 in respect of those
subsidiaries. Listed below are subsidiaries controlled and consolidated by the Group, where the directors have taken the exemption in accordance with Section 479A from having an audit of its financial statements for the
year ended 31 December 2025.
Company name
Company registration
Capita Dubai Limited
10908066
Capita Employee Benefits Holdings Limited
06722404
Capita HCH Limited
02384029
Capita Health Holdings Limited
06413394
Capita Insurance Services Holdings Limited
06041965
Capita Insurance Services Limited
01396443
Capita International Limited
02683437
Capita IT Services Holdings Limited
06002593
Capita Life and Pensions International Limited
05952054
Capita Life and Pensions Services Limited
04359665
Capita Managed IT Solutions Limited
NI032979
Capita Property and Infrastructure (Structures) Limited
02082106
Capita Property and Infrastructure International Limited
02752154
Capita Property and Infrastructure International Holdings Limited
03860653
Capita Property and Infrastructure Limited
02018542
Capita Secure Information Solutions Limited
01593831
Computerland UK Limited
02275625
Contact Associates Limited
05601393
E.B. Consultants Limited
01106104
Electra-Net (UK) Limited
03419833
Fire Service College Limited
08102633
Grosvenor Career Services Limited
03119327
RE (Regional Enterprise) Limited
08615172
Retain International (Holdings) Limited
07871708
Retain International Limited
03061744
SBJ Benefit Consultants Limited
01834757
Tascor Services Limited
02057887
Urban Vision Partnership Limited
05292634
Ventura (UK) India Limited
05131185
Woolf Limited
01564535
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "4.7 Group composition and non-controlling interests The Group\u2019s subsidiaries are listed in note 6.4 on pages 227 to 229. The Group holds a majority of the voting rights in all of its subsidiaries and the directors have determined that, other than the entity commented on below, in each case the Group exercises de facto control. On 23 September 2014, the Secretary of State for the Department for Energy and Climate Change granted Smart DCC Limited (DCC), a wholly-owned subsidiary of the Group, a licence to establish and manage the smart metering communications infrastructure, governed by the Smart Energy Code. Each year the Group reassesses whether it has control over DCC as required under IFRS 10 Consolidated Financial Statements. The Group\u2019s ability to control the relevant activities of DCC is restricted by DCC\u2019s operating licence. The power that the Group has over DCC\u2019s relevant activities by virtue of owning it is limited (given the restrictions in the licence). That power is held by the board of DCC where the Group has minority representation in compliance with the licence. Consequently, the Group has not consolidated DCC in its Group financial statements. The disclosure of related party transactions with DCC is included in note 6.1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "5.1 Share-based payment plans The Group operates a number of executive and employee equity-settled share schemes. Accounting policies The fair value of the equity instrument granted under these schemes is measured at its grant date and is recognised as an expense over its vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an option pricing model, only taking into account vesting conditions linked to the price of the shares of the Company (market conditions). No expense is recognised for awards that do not ultimately vest as a result of not meeting performance or service conditions. Where all service and performance vesting conditions have been met, the awards are treated as vesting, irrespective of whether or not the market condition is satisfied, since market conditions were reflected in the fair value of the equity instruments. At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions, the number of equity instruments that will ultimately vest or, in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the consolidated income statement, with a corresponding adjustment to equity. Where the terms of an award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period adjusted for the incremental fair value of any modification ie the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative. Where an award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the consolidated income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value being treated as an expense in the consolidated income statement. The expense recognised for share-based payments (before tax) in respect of employee services received during the year to 31 December 2025 was \u00a35.0m (2024: \u00a36.0m), all of which arises from equity-settled share based payment transactions. Details of the schemes are as follows: Deferred annual bonus plan This scheme is applicable to executive directors. Under this scheme, awards are made annually consisting of only deferred shares, which are linked to the payout under the annual bonus scheme (details of which are contained in the directors\u2019 remuneration report on page 119 to 137). The value of deferred shares is determined by the pay-out under the annual bonus scheme: half of the annual bonus is paid in cash and the remainder is deferred into shares under the deferred annual bonus plan or the Capita executive plan. Directors have the option to defer up to 100% of their annual bonus into deferred shares or net bonus into a restricted share award. The deferred/restricted shares are held for a period of three years from the date of award, during which they are not forfeitable, except in the case of dismissal for gross misconduct. The weighted average share price of options at the date of exercise in 2025 was \u00a31.88 (2024: \u00a31.80). The weighted average share price during the year was \u00a32.41 (2024: \u00a32.55). The total cash value of the deferred shares awarded during the year was \u00a30.3m (2024: \u00a3nil). Capita Executive Plan The Capita Executive Plan was approved by shareholders at the 2021 AGM. Under this plan, restricted share awards (RSAs) are granted to executives. With the exception of the executive directors, RSAs granted in 2023 and 2024 are split into three equal tranches that vest on the first, second and third anniversary of the grant date. RSAs granted in 2025 vest on the third anniversary of the grant date. The 2023 and 2024 awards are not subject to specific performance conditions, however there is a general underpin regarding Remuneration Committee satisfaction with underlying financial and operational performance of Capita over the performance period. The 2025 award is subject to the above general underpin, and an additional, preceding underpin: Capita\u2019s share price (adjusted for the value of dividends as appropriate) must be 280p or above as at 31 December 2027. The Remuneration Committee may apply discretion to vesting levels if this underpin is not met. Details of the Capita Executive Plan RSAs made to executive directors and the associated underpins are set out in the directors\u2019 remuneration report, on page 132
2025 2024
thousands thousands
Outstanding at 1 January
70,293
41,185
Share consolidation
(65,607)
\u2014
Outstanding at 1 January - post share consolidation
4,686
41,185
Awarded during the year
1,973
49,967
Exercised
(1,485)
(11,986)
Lapses
(653)
(8,873)
Outstanding at 31 December
4,521
70,293
The weighted average remaining contractual life of the above shares outstanding at 31 December 2025 was 1.5 years (2024: 1.2 years). All schemes The fair value of the options granted/awarded during the year taking into consideration the impact of the share consolidation was \u00a33.11 per share (2024: \u00a32.25 per share). None of the existing option schemes have exercise prices. The fair value for current share scheme issues is effectively the market price of a Capita share at the date of grant. Accordingly, no assumptions have been disclosed. The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Accounting policies The fair value of the equity instrument granted under these schemes is measured at its grant date and is recognised as an expense over its vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an option pricing model, only taking into account vesting conditions linked to the price of the shares of the Company (market conditions). No expense is recognised for awards that do not ultimately vest as a result of not meeting performance or service conditions. Where all service and performance vesting conditions have been met, the awards are treated as vesting, irrespective of whether or not the market condition is satisfied, since market conditions were reflected in the fair value of the equity instruments. At each balance sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions, the number of equity instruments that will ultimately vest or, in the case of an instrument subject to a market condition, be treated as vesting as described above. The movement in cumulative expense since the previous balance sheet date is recognised in the consolidated income statement, with a corresponding adjustment to equity. Where the terms of an award are modified or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period adjusted for the incremental fair value of any modification ie the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if this difference is negative. Where an award is cancelled, it is treated as if it had vested on the date of cancellation, and any cost not yet recognised in the consolidated income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value being treated as an expense in the consolidated income statement. The expense recognised for share-based payments (before tax) in respect of employee services received during the year to 31 December 2025 was \u00a35.0m (2024: \u00a36.0m), all of which arises from equity-settled share based payment transactions. Details of the schemes are as follows: Deferred annual bonus plan This scheme is applicable to executive directors. Under this scheme, awards are made annually consisting of only deferred shares, which are linked to the payout under the annual bonus scheme (details of which are contained in the directors\u2019 remuneration report on page 119 to 137). The value of deferred shares is determined by the pay-out under the annual bonus scheme: half of the annual bonus is paid in cash and the remainder is deferred into shares under the deferred annual bonus plan or the Capita executive plan. Directors have the option to defer up to 100% of their annual bonus into deferred shares or net bonus into a restricted share award. The deferred/restricted shares are held for a period of three years from the date of award, during which they are not forfeitable, except in the case of dismissal for gross misconduct. The weighted average share price of options at the date of exercise in 2025 was \u00a31.88 (2024: \u00a31.80). The weighted average share price during the year was \u00a32.41 (2024: \u00a32.55). The total cash value of the deferred shares awarded during the year was \u00a30.3m (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "5.2 Pensions Accounting policies Defined contribution pension schemes The Group maintains a number of defined contribution pension schemes and for these schemes the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense in the consolidated income statement when the related service is provided and as they fall due. Defined benefit pension schemes In addition, the Group operates two defined benefit pension schemes and participates in a number of other defined benefit pension schemes, all of which require contributions to be made to separate trustee- administered funds. The costs of providing benefits under these schemes are determined separately for each scheme using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised immediately in the consolidated income statement. When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial assumptions and the resultant gain/loss recognised in the consolidated income statement during the period in which the settlement or curtailment occurs. Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income and will not be reclassified to the consolidated income statement. The Group generally determines the net interest expense/income on the net defined benefit asset/liability for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any changes in the net defined benefit asset/liability during the year as a result of contributions and benefit payments. However, due consideration is given to events which require the net interest expense/income on the net defined benefit asset/liability to be remeasured over the course of the year. Current and past service costs are charged to operating profit/(loss) while the net interest expense/income is included within finance income and finance costs. The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension schemes comprises the total for each scheme, or group of schemes, of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed in the note below. Where applicable the value of a net pension benefit asset is restricted to the present value of any amount the Group expects to recover by way of refunds or reductions in future contributions. Significant accounting estimates and assumptions Measurement of defined benefit obligations \u2013 the accounting cost of these benefits and the present value of pension liabilities involve judgements about uncertain events including such factors as the life expectancy of members, the salary progression of current employees, price inflation and the discount rate used to calculate the net present value of the future pension payments. The Group uses estimates for all of these factors in determining the pension costs and liabilities incorporated in the consolidated financial statements. The assumptions reflect historical experience and judgement regarding future expectations. The Group continued to set Retail Price Inflation (RPI) in accordance with the market break-even expectations less an inflation risk premium (IRP),which has remained at 0.30%. For Consumer Price Inflation (CPI), the Group reduced the assumed difference between RPI and CPI to an average of 0.50% per annum (2024: 0.55% per annum). The longer-term implications of the Covid-19 pandemic on future life expectancy remain uncertain. In June 2025, the Continuous Mortality Investigation (CMI) published a new model (CMI 2024) that includes population experience up to 2024. The CMI 2024 model introduced significant changes to mortality projections, aiming for a more data-driven approach that reflects recent mortality trends and the impact of the Covid-19 pandemic. Overall, the proposed changes are expected to lead to slightly longer assumed life expectancies. The Group remains aware of the 2023 high court case (and subsequent appeal in 2024) that considered the validity of deeds where no Section 37 certificate (confirming that the minimum level of benefits had not been breached) was attached to the deed. The UK Government announced in 2025 that they will introduce legislation to enable schemes to retrospectively obtain the necessary actuarial confirmations required where these are not currently available. It is expected that this will resolve the issue in the majority of cases. Pension expense included in the consolidated income statement
2025 2024
\u00a3m \u00a3m
Defined contribution scheme
42.9
45.6
Defined benefit schemes
Current service cost
2.4
2.7
Administration costs
4.9
5.7
Termination benefits
0.2
0.1
Interest cost
(2.3)
(2.1)
Total defined benefit schemes
5.2
6.4
Total charged to profit before tax in the consolidated income
statement
48.1
52.0
At 31 December 2025, retirement obligations were disclosed in relation to eight (2024: eight) defined benefit pension schemes. The Group\u2019s main defined benefit scheme (HPS) The Group\u2019s main defined benefit scheme closed to future accrual for most members in 2017 (with around 100 members continuing to accrue benefits \u2013 out of a total membership of around 16,500 members). Details of the HPS and other schemes net surplus/(deficit) position are given at the bottom of the table below which shows the movements from the opening to the closing balance of the net defined benefit asset/(liability). Responsibility for the operation and governance of the HPS lies with a corporate Trustee which is independent of the Group. The Trustee of the HPS is required by law to act in the interest of the HPS\u2019s beneficiaries in accordance with the rules of the HPS and relevant legislation (which includes the Pension Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004). The nature of the relationship between the Group and the Trustee of the HPS is also governed by the rules of the HPS and relevant legislation. The Trustee of the HPS is chaired by an independent Trustee. The assets of the HPS are held in a separate fund (administered by the Trustee of the HPS) to meet long- term pension liabilities to beneficiaries. The Trustee of the HPS invests the assets in accordance with its Statement of Investment Principles, which is regularly reviewed. The Trustee of the HPS maintains oversight of the investment strategy, however, the trustee has delegated investment decisions to a fiduciary manager. A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the Trustee of the HPS, with the last full actuarial valuation carried out at 31 March 2023. The purpose of that valuation is to design a funding plan to ensure that the HPS has sufficient assets available to meet future benefit payments, based on assumptions agreed between the Trustee of the HPS and the Group. The 31 March 2023 actuarial valuation showed a funding surplus of \u00a351.4m (31 March 2020: \u00a3182.2m deficit). This equates to a funding level of 105% (31 March 2020: 89%). Given the funding position of the HPS, the Group and the Trustee of the HPS agreed that no further deficit recovery contributions from the Group are required other than those already committed 1 as part of the 31 March 2020 actuarial valuation. The Group paid all the outstanding deficit contributions in 2024. There are no further agreed deficit contributions to be paid at this time. The next full actuarial valuation is due to be carried out with an effective date of 31 March 2026 and as part of that valuation the contribution requirements will be reviewed, and if necessary, amended. For the purpose of these consolidated financial statements, an independent qualified actuary projected the results of the 31 March 2023 actuarial valuation to 31 December 2025 taking account of the relevant accounting requirements. Approximate funding updates are produced at each scheme anniversary when a full actuarial valuation is not being undertaken. The most recent funding update as at 31 March 2025 showed a funding surplus of \u00a377.1m (equating to a funding level of 108%). The valuation of liabilities for funding purposes (the actuarial valuation) differs from the valuation for accounting purposes (which is shown in these consolidated financial statements) due to different assumptions used and different market conditions at the different valuation dates (the effective date for the actuarial valuation of the HPS is 31 March). The assumptions used for funding purposes are scheme specific and allow for an appropriate amount of prudence, with the discount rate being based on the actual assets of the pension scheme. While for accounting purposes the assumptions are determined on a best estimate basis in accordance with IAS 19 Employee Benefits, with the discount rate being based on the yields available on high quality corporate bonds of appropriate currencies and terms. Management estimate that at 31 December 2025 the net assets of the HPS were around \u00a350m higher on a funding basis (ie the funding assumption principles adopted for the full actuarial valuation at 31 March 2023) than on an accounting basis. The Group contributed \u00a34.9m to the HPS during 2025. This includes the ongoing cost of benefit accrual and contributions towards running the pension scheme. As mentioned above, no deficit contribution (including those accelerated on a pound for pound basis due to disposal proceeds being used to fund mandatory prepayments of debt) or other contributions as a result of disposal activities were due to be paid during 2025. 1. These include additional, non-statutory, contributions to meet a secondary funding target with the objective of having sufficient assets to invest in a portfolio of low-risk assets with a low dependency covenant that will generate income to pay members\u2019 benefits as they fall due. Other defined benefit schemes The total employer contributions to the \u2018Other\u2019 schemes during 2025 were \u00a33.2m. Other UK schemes \u2022 Three segregated sections in an industry-wide scheme under which defined benefits are not continuing to accrue. The latest full actuarial valuations (at 31 December 2021) showed that one of these sections was in surplus and therefore no deficit contributions were required. One section showed a small deficit resulting in the Group being required to pay \u00a313,000 during 2025. The third section showed a deficit of \u00a33.45m resulting in the Group being required to pay \u00a30.8m pa until 2026. The next actuarial valuations are currently in progress as at 31 December 2024 and as part of those valuations the contribution requirements will be reviewed, and if necessary, amended. There is no cross subsidy with other employer sections. \u2022 Participation in a non-associated multi-employer scheme under which defined benefits are not continuing to accrue. The latest full actuarial valuation (at 30 September 2023) resulted in the Group being required to pay deficit contributions of initially \u00a30.54m pa with effect from 1 April 2025 (which increase by 2% pa) until 2028. The next full actuarial valuation is due to be carried out with an effective date of 30 September 2026 and as part of that valuation the contribution requirements will be reviewed, and if necessary, amended. If the Group were to cease to be a participating employer in this scheme there would be an exit debt payable. At 30 September 2024, this was estimated at \u00a33.8m. Overseas defined benefit schemes The Group is responsible for an Irish defined benefit scheme which is classed as a cross-border scheme where the beneficiaries of the scheme have their liabilities, and the trustees hold assets, denominated in euro. The scheme is governed under UK regulations and subject to further requirements applying to cross- border schemes. There are two segregated sections in the scheme. The latest full actuarial valuation (at 31 March 2024) showed a funding surplus for both the main section and the other section, and consequently, no deficit contributions are required for either section. The next actuarial valuation is currently in progress as at 31 March 2025. There are no members left accruing benefits. The Group is also responsible for two Swiss schemes that provide defined contribution benefits but with certain guarantees (and are therefore reported as defined benefit schemes under IAS 19). They are administered and governed through collective foundations which are separate legal entities. Benefits are continuing to accrue in these schemes. Additional defined benefit schemes There are a further 29 (2024: 32) defined benefit pension arrangements in which various Capita businesses participated during 2025. Of these arrangements 25 (2024: 28) relate to participation in funded and unfunded public sector schemes (referred to as Admitted Body Arrangements), however, contractual protections are in place allowing actuarial and investment risk to be passed to the end customer via recoveries for contributions paid. The nature of these arrangements vary from contract to contract but typically allow for the majority of contributions payable to the schemes in excess of an initial rate agreed at the inception to be recovered from the end customer, as well as exit payments (for funded schemes) payable to the schemes at the cessation of the contract, such that the Group\u2019s net exposure to actuarial and investment risk is immaterial. During the year, approximately \u00a37.5m (2024: \u00a38m) of employer contributions were paid into these 29 (2024: 32) schemes. Risks associated with the Group\u2019s pension schemes The defined benefit pension schemes expose the Group to various risks, with the key risks set out below: Investment risk: the schemes invest in a wide range of assets with a view to provide long-term investment returns at particular levels. There is a risk that investment returns are lower than expected which, in isolation, could result in a worsening of the funding position of the schemes. Interest rate risk: the IAS 19 discount rate is derived based on the yields available on good quality corporate bonds of suitable duration. If these yields decrease then, in isolation, this would increase the value placed on the IAS 19 obligation and result in a worsening of the funding position of the schemes. Inflation risk: the liabilities of the schemes are linked to future levels of inflation. If future inflation is higher than expected then this would result in the cost of providing the benefits increasing and thereby worsening the funding position of the schemes. Longevity risk: if members live longer than expected, then pensions will be paid for a longer time which will increase the value placed on the liabilities and therefore worsen the funding position of the schemes. Environmental, Social and Governance (ESG) risk: ESG risk relates to these issues having a detrimental impact on financial returns. The fiduciary manager has policies in place to reduce this risk, although there is a higher risk in older externally held assets. To manage these risks, the Group and the trustees carry out regular assessments of them. For HPS, the main defined benefit scheme, the following actions have been taken: \u2022 The Trustee of the HPS has entered into two bulk annuity contracts with an insurer in respect of a small number of high individual liability pensioner members with total value included in the assets at 31 December 2025 of \u00a340.1m (2024: \u00a341.8m). \u2022 The Trustee of the HPS has entered into a Liability Driven Investment programme. The level of risk that is managed by this programme is set by various market-related and funding trigger points. Together, these actions have led to the Trustee of the HPS hedging (interest rate and inflation) a high proportion of the HPS\u2019s liabilities. At 31 December 2025 HPS\u2019s liabilities measured on the Trustee of the HPS\u2019s long-term funding basis were broadly fully hedged. The hedging aims to match the value of the assets to the movement in liabilities (on a funding basis) arising from changes in market expectations of future inflation rates and future gilt yields. This is to help protect and reduce volatility in funding valuations which are used to determine the cash contribution requirements to the scheme. Since these accounting disclosures use the yields available on corporate bonds to determine the accounting liabilities, the hedging may not have the same impact for accounting purposes as it does for a funding valuation. Credit spreads (the difference between the yields available on long-dated corporate bonds and long-dated government bonds) remained broadly the same during the year meaning that the hedge had a broadly similar impact on the funding position of the scheme and the accounting disclosures at the year-end. To illustrate how sensitive the value of the defined benefit obligations is to different market conditions, the table below shows what the resulting defined benefit obligation would be if the assumptions were changed as shown (assuming all other assumptions remain constant):
Group total
Change in assumptions compared with 31 December 2025 actuarial assumptions \u00a3m
Base defined benefit obligation
1,049.6
0.5% pa decrease in discount rate
1,118.3
0.5% pa increase in salary increases
1,050.7
0.5% pa increase in inflation (and related assumption, eg salary and pension increases)
1,082.9
1 year increase in life expectancy
1,080.5
Assets and liabilities Under IAS 19, pension scheme assets must be valued at their fair value at the balance sheet date. The scheme assets are made up of quoted and unquoted investments, and asset valuations have been sourced from the respective scheme\u2019s investment managers and custodians, based on their pricing sources and methodologies. Unquoted investments require more judgement because their values are not directly observable. The assumptions used in valuing unquoted investments are affected by current market conditions which could result in changes in fair value after the measurement date. For the main asset categories: \u2022 Equities listed on recognised stock exchanges are valued at closing bid prices. \u2022 Bonds are measured using a combination of broker quotes and pricing models making assumptions for credit and market risks and market yield curves. \u2022 Properties are valued on the basis of an open market value or are valued using models based on discounted cash flow techniques. \u2022 Assets in investment funds are valued at fair value which is typically the net asset value provided by the investment manager. \u2022 Certain unlisted investments are valued using a model based valuation such as discounted cash flow. \u2022 The value of bulk annuity contracts has been assessed by discounting the projected cash flows payable under the contracts (projected by an actuary, consistent with the terms of the contract) and is equal to the corresponding liability calculated by reference to the IAS 19 assumptions. The assets and liabilities of all of the defined benefit pension schemes (excluding additional voluntary contributions) at 31 December are:
Group total
2025
2024
Quoted
Unquoted
*
Total Quoted
Unquoted
*
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Scheme assets at fair value:
Equities:
\u2013 UK
0.1
1.0
1.1
0.1
0.7
0.8
\u2013 Overseas
2.0
45.0
47.0
2.0
44.3
46.3
\u2013 Private
0.1
\u2014
0.1
0.1
\u2014
0.1
2.2
46.0
48.2
2.2
45.0
47.2
Debt securities:
\u2013 UK Government
504.4
4.6
509.0
432.6
7.2
439.8
\u2013 UK Corporate
0.1
41.5
41.6
0.1
36.2
36.3
\u2013 Overseas Government
8.1
9.9
18.0
8.3
13.6
21.9
\u2013 Overseas Corporate
0.3
192.6
192.9
0.3
213.0
213.3
\u2013 Emerging Markets
0.2
2.0
2.2
0.5
2.6
3.1
\u2013 Private Debt
\u2014
49.7
49.7
\u2014
79.3
79.3
513.1
300.3
813.4
441.8
351.9
793.7
Property
1.5
35.4
36.9
2.1
33.4
35.5
Infrastructure
1.2
\u2014
1.2
1.1
\u2014
1.1
Credit Funds
2.6
\u2014
2.6
2.2
\u2014
2.2
Hedge Funds
\u2014
\u2014
\u2014
\u2014
0.4
0.4
Absolute Return Funds
\u2014
0.3
0.3
\u2014
\u2014
\u2014
Insurance Contracts
\u2014
67.0
67.0
\u2014
66.5
66.5
Cash
90.3
18.0
108.3
110.8
24.3
135.1
Other
(0.9)
1.7
0.8
\u2014
4.4
4.4
94.7
122.4
217.1
116.2
129.0
245.2
Total
610.0
468.7
1,078.7
560.2
525.9
 1,086.1
Present value of scheme liabilities
(before effect of asset ceiling limit)
(1,049.6)
(1,047.9)
Net surplus
(before effect of asset ceiling limit)
29.1
38.2
Effect of asset ceiling limit
\u2014
(0.3)
Present value of scheme liabilities
(after effect of asset ceiling limit)
(1,049.6)
(1,048.2)
Net surplus
(after effect of asset ceiling limit)
29.1
37.9
Some investments are in funds which are in themselves not traded in active markets. The Trustee of the HPS invests in Liability Driven Investments (LDIs) as part of a risk hedging strategy. The aim of the strategy is to match the value of the assets to the movement in liabilities (on a funding basis) arising from changes in market expectations of future inflation rates and future gilt yields. To achieve this, LDIs invest in a variety of instruments including gilts, synthetic gilts (combination of repurchase agreement, reverse repurchase agreements and total return swaps) and cash. In the table above, the LDI at 31 December 2025 (approximately \u00a3539.6m) has been mapped as 90.6% Quoted UK Government Bonds, 1.3% Quoted Overseas Government Bonds, 8.3% Quoted Cash and (0.2)% Quoted Other. The assets do not include any directly owned financial instruments issued by the Group. Within the Private Debt allocation above, approximately \u00a338.0m relates to adjusted lagged valuations at 31 December 2025. In arriving at this figure, allowance has been made for broad market movements and distributions between 30 September 2025 (the most recent valuation of these assets) and 31 December 2025. In accordance with the Trustee of the HPS\u2019s focus on financially material considerations, it is acknowledged that Environment, Social and Governance (ESG) factors can impact security prices. The Trustee of the HPS has discussed their views on ESG factors, and considered the Group\u2019s perspective, and developed responsible investment beliefs. These can be found in the HPS\u2019s Statement of Investment Principles (on its website at https://www.horizonpensionscheme.com/library). IFRIC 14 The Group has considered the impact of IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction on the various schemes (in relation to either recognising a surplus or allowing for the impact of any funding commitments made) and has concluded, based on its interpretation of the rules for each of the schemes, that IFRIC 14 does not impact the balance sheet position for any of the pension schemes at 31 December 2025. For clarity the HPS, the Group\u2019s main defined benefit scheme, IFRIC 14 would not limit the surplus or increase the deficits shown at the reporting date because the Group has an unconditional right to a refund assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme. Reconciliation of retirement benefits Explanation of constituents of the consolidated income statement. The cost of providing the retirement benefits during the year is broken down as follows, with due consideration being made for events which require the income statement charges to be re-measured over the course of the year: \u2022 Service cost is the cost to the Group of future benefits earned by contributing members over the current financial period. \u2022 Past service cost represents the change in the present value of scheme liabilities in the current period in relation to prior years\u2019 service. \u2022 Administration costs are those entailed by the pension schemes over the current period. \u2022 Interest expense/(income) is made up of the interest on pension liabilities and assets over the current period generally based on the discount rate adopted at the start of the period. An allowance for interest on the asset ceiling is recognised where applicable. \u2022 Termination benefits are employee benefits payable as a result of either: (a) the Group\u2019s decision to terminate an employee\u2019s employment before the normal retirement date; or, (b) an employee\u2019s decision to accept an offer of benefits in exchange for the termination of employment. All schemes are partly or wholly funded, and the following table shows the components of the movements from the opening to the closing balances for the net defined benefit asset:
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1,048.2)
(1,178.3)
1,086.1
1,205.1
37.9
26.8
Included in the consolidated
income statement:
Current service cost
(2.4)
(2.7)
\u2014
\u2014
(2.4)
(2.7)
Administration costs
(4.9)
(5.7)
\u2014
\u2014
(4.9)
(5.7)
Termination benefits
(0.2)
(0.1)
\u2014
\u2014
(0.2)
(0.1)
Interest (expense)/income*
(55.1)
(51.8)
57.4
53.9
2.3
2.1
Sub-total in consolidated
income statement
(62.6)
(60.3)
57.4
53.9
(5.2)
(6.4)
Included in other comprehensive
income:
Actuarial gain/(loss) arising from:
\u2013 demographic assumptions
(5.0)
2.1
\u2014
\u2014
(5.0)
2.1
\u2013 financial assumptions
19.5
141.2
\u2014
\u2014
19.5
141.2
\u2013 experience adjustments
(5.4)
(2.5)
\u2014
\u2014
(5.4)
(2.5)
\u2013 changes in asset ceiling/
minimum liability
0.3
(0.3)
\u2014
\u2014
0.3
(0.3)
Return on plan assets excluding
interest
\u2014
\u2014
(20.9)
(152.3)
(20.9)
(152.3)
Sub-total in other
comprehensive income
9.4
140.5
(20.9)
(152.3)
(11.5)
(11.8)
Employer contributions
\u2014
\u2014
8.1
29.2
8.1
29.2
Contributions by employees
(1.9)
(2.0)
1.9
2.0
\u2014
\u2014
Benefits paid
55.6
50.4
(55.6)
(50.4)
\u2014
\u2014
Exchange movement - recognised
in other comprehensive income
(1.9)
1.5
1.7
(1.4)
(0.2)
0.1
At 31 December
(1,049.6)
(1,048.2)
1,078.7
1,086.1
29.1
37.9
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Schemes in a net surplus
HPS
(994.5)
(995.1)
1,024.6
1,034.4
30.1
39.3
Other schemes
(14.1)
(13.9)
17.7
17.5
3.6
3.6
(1,008.6)
(1,009.0)
1,042.3
1,051.9
33.7
42.9
Schemes in a net deficit
Other schemes
(41.0)
(39.2)
36.4
34.2
(4.6)
(5.0)
At 31 December
(1,049.6)
(1,048.2)
1,078.7
1,086.1
29.1
37.9
* Includes impact of asset ceiling on net interest of \u00a30.3m in 2025 (2024: \u00a3(0.3)m). Of the total pension cost of \u00a35.2m (2024: \u00a36.4m), \u00a32.6m (2024: \u00a32.8m) was included in cost of sales, \u00a34.9m (2024: \u00a35.7m) was included in administrative expenses, and \u00a32.3m of net interest income (2024: \u00a32.1m of net interest income) was included in finance income. Breakdown of liabilities for the HPS Information about the defined benefit obligation for the HPS:
Proportion of Proportion of
overall liability overall liability
%
Duration (years)
%
Duration (years)
2025
2025
2024
2024
Active members
5
14.8
5
15.5
Deferred members
54
15.8
53
16.5
Pensioners
41
9.6
42
9.9
Total percentage / average duration
100
13.2
100
13.7
Duration is a weighted average of when benefits are expected to be paid from a pension scheme. It is sensitive to the interest rate used to calculate it. The increase in yields in recent years has acted to reduce the duration of the HPS (because less weight is placed on the pension cash flows stretching far out into the future). Financial and demographic assumptions
2025 2024
Main assumptions
1
:
% %
Rate of price inflation \u2013 RPI
2.90
3.10
Rate of price inflation \u2013 CPI
2.40
2.55
Rate of salary increase
2.90
3.10
Rate of increase of pensions in payment
2
:
\u2013 RPI inflation capped at 5% per annum
2.80
2.95
\u2013 RPI inflation capped at 2.5% per annum
1.95
2.00
\u2013 CPI inflation capped at 5% per annum
2.40
2.55
Discount rate
5.55
5.50
Expected take up maximum available tax free cash
85.00
85.00
1. Different assumptions apply to non-UK schemes, for example: the discount rate for the Irish Schemes is 4.5% pa, and for the Swiss schemes it is 1.2% pa in 2025. 2. There are other levels of pension increase which apply to particular periods of membership. The average future life expectancy (in years) from age 65 for mortality tables used to determine scheme liabilities for the various schemes at 31 December 2025 and 31 December 2024 are as follows:
Member currently aged 65 (current life expectancy)
Male
Female
2025
2024
2025
2024
HPS
1
22.2
21.9
24.0
24.0
Other Schemes
20.5 to 23.1
20.5 to 23.0
23.0 to 24.8
23.0 to 24.7
Member currently aged 45 (life expectancy at 65)
Male
Female
2025
2024
2025
2024
HPS
1
22.8
22.6
25.3
25.3
Other Schemes
21.7 to 25.3
21.8 to 25.2
24.5 to 26.8
24.4 to 26.7
1. The assumptions used for the HPS are tailored for each member. The assumptions adopted make allowance for an increase in the longevity in the future (CMI 2024 model) with a long-term rate of improvement of 1.25% pa, an 'A' parameter of 0.25% for both males and females and a non-core adjustment to strip out \u2018overlay\u2019 (to avoid double counting adjustment for excess deaths from Covid-19 which are already factored into the base tables). The rate for members currently aged 65 is derived from the pensioner membership and the rate for members reaching age 65 in 20 years' time is derived from non-pensioner membership.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "5.2 Pensions Accounting policies Defined contribution pension schemes The Group maintains a number of defined contribution pension schemes and for these schemes the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense in the consolidated income statement when the related service is provided and as they fall due. Defined benefit pension schemes In addition, the Group operates two defined benefit pension schemes and participates in a number of other defined benefit pension schemes, all of which require contributions to be made to separate trustee- administered funds. The costs of providing benefits under these schemes are determined separately for each scheme using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised immediately in the consolidated income statement. When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial assumptions and the resultant gain/loss recognised in the consolidated income statement during the period in which the settlement or curtailment occurs. Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income and will not be reclassified to the consolidated income statement. The Group generally determines the net interest expense/income on the net defined benefit asset/liability for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any changes in the net defined benefit asset/liability during the year as a result of contributions and benefit payments. However, due consideration is given to events which require the net interest expense/income on the net defined benefit asset/liability to be remeasured over the course of the year. Current and past service costs are charged to operating profit/(loss) while the net interest expense/income is included within finance income and finance costs. The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension schemes comprises the total for each scheme, or group of schemes, of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed in the note below. Where applicable the value of a net pension benefit asset is restricted to the present value of any amount the Group expects to recover by way of refunds or reductions in future contributions.
Significant accounting estimates and assumptions
Measurement of defined benefit obligations \u2013 the accounting cost of these benefits and the present value of
pension liabilities involve judgements about uncertain events including such factors as the life expectancy of
members, the salary progression of current employees, price inflation and the discount rate used to
calculate the net present value of the future pension payments. The Group uses estimates for all of these
factors in determining the pension costs and liabilities incorporated in the consolidated financial statements.
The assumptions reflect historical experience and judgement regarding future expectations.
The Group continued to set Retail Price Inflation (RPI) in accordance with the market break-even
expectations less an inflation risk premium (IRP),which has remained at 0.30%. For Consumer Price
Inflation (CPI), the Group reduced the assumed difference between RPI and CPI to an average of
0.50% per annum (2024: 0.55% per annum).
The longer-term implications of the Covid-19 pandemic on future life expectancy remain uncertain. In June
2025, the Continuous Mortality Investigation (CMI) published a new model (CMI 2024) that includes
population experience up to 2024. The CMI 2024 model introduced significant changes to mortality
projections, aiming for a more data-driven approach that reflects recent mortality trends and the impact of
the Covid-19 pandemic. Overall, the proposed changes are expected to lead to slightly longer assumed life
expectancies.
The Group remains aware of the 2023 high court case (and subsequent appeal in 2024) that considered the
validity of deeds where no Section 37 certificate (confirming that the minimum level of benefits had not been
breached) was attached to the deed. The UK Government announced in 2025 that they will introduce
legislation to enable schemes to retrospectively obtain the necessary actuarial confirmations required where
these are not currently available. It is expected that this will resolve the issue in the majority of cases.
Pension expense included in the consolidated income statement
2025 2024
\u00a3m \u00a3m
Defined contribution scheme
42.9
45.6
Defined benefit schemes
Current service cost
2.4
2.7
Administration costs
4.9
5.7
Termination benefits
0.2
0.1
Interest cost
(2.3)
(2.1)
Total defined benefit schemes
5.2
6.4
Total charged to profit before tax in the consolidated income
statement
48.1
52.0
At 31 December 2025, retirement obligations were disclosed in relation to eight (2024: eight) defined benefit
pension schemes.
The Group\u2019s main defined benefit scheme (HPS)
The Group\u2019s main defined benefit scheme closed to future accrual for most members in 2017 (with around
100 members continuing to accrue benefits \u2013 out of a total membership of around 16,500 members). Details
of the HPS and other schemes net surplus/(deficit) position are given at the bottom of the table below which
shows the movements from the opening to the closing balance of the net defined benefit asset/(liability).
Responsibility for the operation and governance of the HPS lies with a corporate Trustee which is
independent of the Group. The Trustee of the HPS is required by law to act in the interest of the HPS\u2019s
beneficiaries in accordance with the rules of the HPS and relevant legislation (which includes the Pension
Schemes Act 1993, the Pensions Act 1995 and the Pensions Act 2004). The nature of the relationship
between the Group and the Trustee of the HPS is also governed by the rules of the HPS and relevant
legislation. The Trustee of the HPS is chaired by an independent Trustee.
The assets of the HPS are held in a separate fund (administered by the Trustee of the HPS) to meet long-
term pension liabilities to beneficiaries. The Trustee of the HPS invests the assets in accordance with its
Statement of Investment Principles, which is regularly reviewed. The Trustee of the HPS maintains
oversight of the investment strategy, however, the trustee has delegated investment decisions to a fiduciary
manager.
A full actuarial valuation of the scheme is carried out every three years by an independent actuary for the
Trustee of the HPS, with the last full actuarial valuation carried out at 31 March 2023. The purpose of that
valuation is to design a funding plan to ensure that the HPS has sufficient assets available to meet future
benefit payments, based on assumptions agreed between the Trustee of the HPS and the Group. The
31 March 2023 actuarial valuation showed a funding surplus of \u00a351.4m (31 March 2020: \u00a3182.2m deficit).
This equates to a funding level of 105% (31 March 2020: 89%).
Given the funding position of the HPS, the Group and the Trustee of the HPS agreed that no further deficit
recovery contributions from the Group are required other than those already committed
1
as part of the
31 March 2020 actuarial valuation. The Group paid all the outstanding deficit contributions in 2024. There
are no further agreed deficit contributions to be paid at this time.
The next full actuarial valuation is due to be carried out with an effective date of 31 March 2026 and as part
of that valuation the contribution requirements will be reviewed, and if necessary, amended. For the
purpose of these consolidated financial statements, an independent qualified actuary projected the results
of the 31 March 2023 actuarial valuation to 31 December 2025 taking account of the relevant accounting
requirements.
Approximate funding updates are produced at each scheme anniversary when a full actuarial valuation is
not being undertaken. The most recent funding update as at 31 March 2025 showed a funding surplus of
\u00a377.1m (equating to a funding level of 108%).
The valuation of liabilities for funding purposes (the actuarial valuation) differs from the valuation for
accounting purposes (which is shown in these consolidated financial statements) due to different
assumptions used and different market conditions at the different valuation dates (the effective date for the
actuarial valuation of the HPS is 31 March). The assumptions used for funding purposes are scheme
specific and allow for an appropriate amount of prudence, with the discount rate being based on the actual
assets of the pension scheme. While for accounting purposes the assumptions are determined on a best
estimate basis in accordance with IAS 19 Employee Benefits, with the discount rate being based on the
yields available on high quality corporate bonds of appropriate currencies and terms. Management estimate
that at 31 December 2025 the net assets of the HPS were around \u00a350m higher on a funding basis (ie the
funding assumption principles adopted for the full actuarial valuation at 31 March 2023) than on an
accounting basis.
The Group contributed \u00a34.9m to the HPS during 2025. This includes the ongoing cost of benefit accrual and
contributions towards running the pension scheme. As mentioned above, no deficit contribution (including
those accelerated on a pound for pound basis due to disposal proceeds being used to fund mandatory
prepayments of debt) or other contributions as a result of disposal activities were due to be paid during
2025.
1. These include additional, non-statutory, contributions to meet a secondary funding target with the objective of having sufficient assets to
invest in a portfolio of low-risk assets with a low dependency covenant that will generate income to pay members\u2019 benefits as they fall due.
Other defined benefit schemes
The total employer contributions to the \u2018Other\u2019 schemes during 2025 were \u00a33.2m.
Other UK schemes
\u2022 Three segregated sections in an industry-wide scheme under which defined benefits are not continuing to
accrue. The latest full actuarial valuations (at 31 December 2021) showed that one of these sections was
in surplus and therefore no deficit contributions were required. One section showed a small deficit
resulting in the Group being required to pay \u00a313,000 during 2025. The third section showed a deficit of
\u00a33.45m resulting in the Group being required to pay \u00a30.8m pa until 2026. The next actuarial valuations
are currently in progress as at 31 December 2024 and as part of those valuations the contribution
requirements will be reviewed, and if necessary, amended. There is no cross subsidy with other employer
sections.
\u2022 Participation in a non-associated multi-employer scheme under which defined benefits are not continuing
to accrue. The latest full actuarial valuation (at 30 September 2023) resulted in the Group being required
to pay deficit contributions of initially \u00a30.54m pa with effect from 1 April 2025 (which increase by 2% pa)
until 2028. The next full actuarial valuation is due to be carried out with an effective date of 30 September
2026 and as part of that valuation the contribution requirements will be reviewed, and if necessary,
amended. If the Group were to cease to be a participating employer in this scheme there would be an exit
debt payable. At 30 September 2024, this was estimated at \u00a33.8m.
Overseas defined benefit schemes
The Group is responsible for an Irish defined benefit scheme which is classed as a cross-border scheme
where the beneficiaries of the scheme have their liabilities, and the trustees hold assets, denominated in
euro. The scheme is governed under UK regulations and subject to further requirements applying to cross-
border schemes. There are two segregated sections in the scheme. The latest full actuarial valuation (at
31 March 2024) showed a funding surplus for both the main section and the other section, and
consequently, no deficit contributions are required for either section. The next actuarial valuation is currently
in progress as at 31 March 2025. There are no members left accruing benefits.
The Group is also responsible for two Swiss schemes that provide defined contribution benefits but with
certain guarantees (and are therefore reported as defined benefit schemes under IAS 19). They are
administered and governed through collective foundations which are separate legal entities. Benefits are
continuing to accrue in these schemes.
Additional defined benefit schemes
There are a further 29 (2024: 32) defined benefit pension arrangements in which various Capita businesses
participated during 2025. Of these arrangements 25 (2024: 28) relate to participation in funded and
unfunded public sector schemes (referred to as Admitted Body Arrangements), however, contractual
protections are in place allowing actuarial and investment risk to be passed to the end customer via
recoveries for contributions paid. The nature of these arrangements vary from contract to contract but
typically allow for the majority of contributions payable to the schemes in excess of an initial rate agreed at
the inception to be recovered from the end customer, as well as exit payments (for funded schemes)
payable to the schemes at the cessation of the contract, such that the Group\u2019s net exposure to actuarial and
investment risk is immaterial.
During the year, approximately \u00a37.5m (2024: \u00a38m) of employer contributions were paid into these 29
(2024: 32) schemes.
Risks associated with the Group\u2019s pension schemes
The defined benefit pension schemes expose the Group to various risks, with the key risks set out below:
Investment risk: the schemes invest in a wide range of assets with a view to provide long-term investment
returns at particular levels. There is a risk that investment returns are lower than expected which, in
isolation, could result in a worsening of the funding position of the schemes.
Interest rate risk: the IAS 19 discount rate is derived based on the yields available on good quality
corporate bonds of suitable duration. If these yields decrease then, in isolation, this would increase the
value placed on the IAS 19 obligation and result in a worsening of the funding position of the schemes.
Inflation risk: the liabilities of the schemes are linked to future levels of inflation. If future inflation is higher
than expected then this would result in the cost of providing the benefits increasing and thereby worsening
the funding position of the schemes.
Longevity risk: if members live longer than expected, then pensions will be paid for a longer time which will
increase the value placed on the liabilities and therefore worsen the funding position of the schemes.
Environmental, Social and Governance (ESG) risk: ESG risk relates to these issues having a detrimental
impact on financial returns. The fiduciary manager has policies in place to reduce this risk, although there is
a higher risk in older externally held assets.
To manage these risks, the Group and the trustees carry out regular assessments of them. For HPS, the
main defined benefit scheme, the following actions have been taken:
\u2022 The Trustee of the HPS has entered into two bulk annuity contracts with an insurer in respect of a small
number of high individual liability pensioner members with total value included in the assets at
31 December 2025 of \u00a340.1m (2024: \u00a341.8m).
\u2022 The Trustee of the HPS has entered into a Liability Driven Investment programme. The level of risk that is
managed by this programme is set by various market-related and funding trigger points.
Together, these actions have led to the Trustee of the HPS hedging (interest rate and inflation) a high
proportion of the HPS\u2019s liabilities. At 31 December 2025 HPS\u2019s liabilities measured on the Trustee of the
HPS\u2019s long-term funding basis were broadly fully hedged.
The hedging aims to match the value of the assets to the movement in liabilities (on a funding basis) arising
from changes in market expectations of future inflation rates and future gilt yields. This is to help protect and
reduce volatility in funding valuations which are used to determine the cash contribution requirements to the
scheme. Since these accounting disclosures use the yields available on corporate bonds to determine the
accounting liabilities, the hedging may not have the same impact for accounting purposes as it does for a
funding valuation. Credit spreads (the difference between the yields available on long-dated corporate
bonds and long-dated government bonds) remained broadly the same during the year meaning that the
hedge had a broadly similar impact on the funding position of the scheme and the accounting disclosures at
the year-end.
To illustrate how sensitive the value of the defined benefit obligations is to different market conditions, the
table below shows what the resulting defined benefit obligation would be if the assumptions were changed
as shown (assuming all other assumptions remain constant):
Group total
Change in assumptions compared with 31 December 2025 actuarial assumptions \u00a3m
Base defined benefit obligation
1,049.6
0.5% pa decrease in discount rate
1,118.3
0.5% pa increase in salary increases
1,050.7
0.5% pa increase in inflation (and related assumption, eg salary and pension increases)
1,082.9
1 year increase in life expectancy
1,080.5
Assets and liabilities
Under IAS 19, pension scheme assets must be valued at their fair value at the balance sheet date. The
scheme assets are made up of quoted and unquoted investments, and asset valuations have been sourced
from the respective scheme\u2019s investment managers and custodians, based on their pricing sources and
methodologies. Unquoted investments require more judgement because their values are not directly
observable. The assumptions used in valuing unquoted investments are affected by current market
conditions which could result in changes in fair value after the measurement date.
For the main asset categories:
\u2022 Equities listed on recognised stock exchanges are valued at closing bid prices.
\u2022 Bonds are measured using a combination of broker quotes and pricing models making assumptions for
credit and market risks and market yield curves.
\u2022 Properties are valued on the basis of an open market value or are valued using models based on
discounted cash flow techniques.
\u2022 Assets in investment funds are valued at fair value which is typically the net asset value provided by the
investment manager.
\u2022 Certain unlisted investments are valued using a model based valuation such as discounted cash flow.
\u2022 The value of bulk annuity contracts has been assessed by discounting the projected cash flows payable
under the contracts (projected by an actuary, consistent with the terms of the contract) and is equal to the
corresponding liability calculated by reference to the IAS 19 assumptions.
The assets and liabilities of all of the defined benefit pension schemes (excluding additional voluntary
contributions) at 31 December are:
Group total
2025
2024
Quoted
Unquoted
*
Total Quoted
Unquoted
*
Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Scheme assets at fair value:
Equities:
\u2013 UK
0.1
1.0
1.1
0.1
0.7
0.8
\u2013 Overseas
2.0
45.0
47.0
2.0
44.3
46.3
\u2013 Private
0.1
\u2014
0.1
0.1
\u2014
0.1
2.2
46.0
48.2
2.2
45.0
47.2
Debt securities:
\u2013 UK Government
504.4
4.6
509.0
432.6
7.2
439.8
\u2013 UK Corporate
0.1
41.5
41.6
0.1
36.2
36.3
\u2013 Overseas Government
8.1
9.9
18.0
8.3
13.6
21.9
\u2013 Overseas Corporate
0.3
192.6
192.9
0.3
213.0
213.3
\u2013 Emerging Markets
0.2
2.0
2.2
0.5
2.6
3.1
\u2013 Private Debt
\u2014
49.7
49.7
\u2014
79.3
79.3
513.1
300.3
813.4
441.8
351.9
793.7
Property
1.5
35.4
36.9
2.1
33.4
35.5
Infrastructure
1.2
\u2014
1.2
1.1
\u2014
1.1
Credit Funds
2.6
\u2014
2.6
2.2
\u2014
2.2
Hedge Funds
\u2014
\u2014
\u2014
\u2014
0.4
0.4
Absolute Return Funds
\u2014
0.3
0.3
\u2014
\u2014
\u2014
Insurance Contracts
\u2014
67.0
67.0
\u2014
66.5
66.5
Cash
90.3
18.0
108.3
110.8
24.3
135.1
Other
(0.9)
1.7
0.8
\u2014
4.4
4.4
94.7
122.4
217.1
116.2
129.0
245.2
Total
610.0
468.7
1,078.7
560.2
525.9
 1,086.1
Present value of scheme liabilities
(before effect of asset ceiling limit)
(1,049.6)
(1,047.9)
Net surplus
(before effect of asset ceiling limit)
29.1
38.2
Effect of asset ceiling limit
\u2014
(0.3)
Present value of scheme liabilities
(after effect of asset ceiling limit)
(1,049.6)
(1,048.2)
Net surplus
(after effect of asset ceiling limit)
29.1
37.9
* Some investments are in funds which are in themselves not traded in active markets.
The Trustee of the HPS invests in Liability Driven Investments (LDIs) as part of a risk hedging strategy. The
aim of the strategy is to match the value of the assets to the movement in liabilities (on a funding basis)
arising from changes in market expectations of future inflation rates and future gilt yields. To achieve this,
LDIs invest in a variety of instruments including gilts, synthetic gilts (combination of repurchase agreement,
reverse repurchase agreements and total return swaps) and cash. In the table above, the LDI at
31 December 2025 (approximately \u00a3539.6m) has been mapped as 90.6% Quoted UK Government Bonds,
1.3% Quoted Overseas Government Bonds, 8.3% Quoted Cash and (0.2)% Quoted Other.
The assets do not include any directly owned financial instruments issued by the Group.
Within the Private Debt allocation above, approximately \u00a338.0m relates to adjusted lagged valuations at
31 December 2025. In arriving at this figure, allowance has been made for broad market movements and
distributions between 30 September 2025 (the most recent valuation of these assets) and 31 December
2025.
In accordance with the Trustee of the HPS\u2019s focus on financially material considerations, it is acknowledged
that Environment, Social and Governance (ESG) factors can impact security prices. The Trustee of the HPS
has discussed their views on ESG factors, and considered the Group\u2019s perspective, and developed
responsible investment beliefs. These can be found in the HPS\u2019s Statement of Investment Principles (on its
website at https://www.horizonpensionscheme.com/library).
IFRIC 14
The Group has considered the impact of IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction on the various schemes (in relation to either recognising a
surplus or allowing for the impact of any funding commitments made) and has concluded, based on its
interpretation of the rules for each of the schemes, that IFRIC 14 does not impact the balance sheet position
for any of the pension schemes at 31 December 2025. For clarity the HPS, the Group\u2019s main defined benefit
scheme, IFRIC 14 would not limit the surplus or increase the deficits shown at the reporting date because
the Group has an unconditional right to a refund assuming the gradual settlement of the scheme liabilities
over time until all members have left the scheme.
Reconciliation of retirement benefits
Explanation of constituents of the consolidated income statement.
The cost of providing the retirement benefits during the year is broken down as follows, with due
consideration being made for events which require the income statement charges to be re-measured over
the course of the year:
\u2022 Service cost is the cost to the Group of future benefits earned by contributing members over the current
financial period.
\u2022 Past service cost represents the change in the present value of scheme liabilities in the current period in
relation to prior years\u2019 service.
\u2022 Administration costs are those entailed by the pension schemes over the current period.
\u2022 Interest expense/(income) is made up of the interest on pension liabilities and assets over the current
period generally based on the discount rate adopted at the start of the period. An allowance for interest
on the asset ceiling is recognised where applicable.
\u2022 Termination benefits are employee benefits payable as a result of either: (a) the Group\u2019s decision to
terminate an employee\u2019s employment before the normal retirement date; or, (b) an employee\u2019s decision
to accept an offer of benefits in exchange for the termination of employment.
All schemes are partly or wholly funded, and the following table shows the components of the movements
from the opening to the closing balances for the net defined benefit asset:
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
(1,048.2)
(1,178.3)
1,086.1
1,205.1
37.9
26.8
Included in the consolidated
income statement:
Current service cost
(2.4)
(2.7)
\u2014
\u2014
(2.4)
(2.7)
Administration costs
(4.9)
(5.7)
\u2014
\u2014
(4.9)
(5.7)
Termination benefits
(0.2)
(0.1)
\u2014
\u2014
(0.2)
(0.1)
Interest (expense)/income*
(55.1)
(51.8)
57.4
53.9
2.3
2.1
Sub-total in consolidated
income statement
(62.6)
(60.3)
57.4
53.9
(5.2)
(6.4)
Included in other comprehensive
income:
Actuarial gain/(loss) arising from:
\u2013 demographic assumptions
(5.0)
2.1
\u2014
\u2014
(5.0)
2.1
\u2013 financial assumptions
19.5
141.2
\u2014
\u2014
19.5
141.2
\u2013 experience adjustments
(5.4)
(2.5)
\u2014
\u2014
(5.4)
(2.5)
\u2013 changes in asset ceiling/
minimum liability
0.3
(0.3)
\u2014
\u2014
0.3
(0.3)
Return on plan assets excluding
interest
\u2014
\u2014
(20.9)
(152.3)
(20.9)
(152.3)
Sub-total in other
comprehensive income
9.4
140.5
(20.9)
(152.3)
(11.5)
(11.8)
Employer contributions
\u2014
\u2014
8.1
29.2
8.1
29.2
Contributions by employees
(1.9)
(2.0)
1.9
2.0
\u2014
\u2014
Benefits paid
55.6
50.4
(55.6)
(50.4)
\u2014
\u2014
Exchange movement - recognised
in other comprehensive income
(1.9)
1.5
1.7
(1.4)
(0.2)
0.1
At 31 December
(1,049.6)
(1,048.2)
1,078.7
1,086.1
29.1
37.9
Group total
Defined benefit obligation
Fair value of plan assets
Net defined benefit asset
2025 2024 2025 2024 2025 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Schemes in a net surplus
HPS
(994.5)
(995.1)
1,024.6
1,034.4
30.1
39.3
Other schemes
(14.1)
(13.9)
17.7
17.5
3.6
3.6
(1,008.6)
(1,009.0)
1,042.3
1,051.9
33.7
42.9
Schemes in a net deficit
Other schemes
(41.0)
(39.2)
36.4
34.2
(4.6)
(5.0)
At 31 December
(1,049.6)
(1,048.2)
1,078.7
1,086.1
29.1
37.9
* Includes impact of asset ceiling on net interest of \u00a30.3m in 2025 (2024: \u00a3(0.3)m).
Of the total pension cost of \u00a35.2m (2024: \u00a36.4m), \u00a32.6m (2024: \u00a32.8m) was included in cost of sales, \u00a34.9m
(2024: \u00a35.7m) was included in administrative expenses, and \u00a32.3m of net interest income (2024: \u00a32.1m of
net interest income) was included in finance income.
Breakdown of liabilities for the HPS
Information about the defined benefit obligation for the HPS:
Proportion of Proportion of
overall liability overall liability
%
Duration (years)
%
Duration (years)
2025
2025
2024
2024
Active members
5
14.8
5
15.5
Deferred members
54
15.8
53
16.5
Pensioners
41
9.6
42
9.9
Total percentage / average duration
100
13.2
100
13.7
Duration is a weighted average of when benefits are expected to be paid from a pension scheme. It is
sensitive to the interest rate used to calculate it. The increase in yields in recent years has acted to reduce
the duration of the HPS (because less weight is placed on the pension cash flows stretching far out into the
future).
Financial and demographic assumptions
2025 2024
Main assumptions
1
:
% %
Rate of price inflation \u2013 RPI
2.90
3.10
Rate of price inflation \u2013 CPI
2.40
2.55
Rate of salary increase
2.90
3.10
Rate of increase of pensions in payment
2
:
\u2013 RPI inflation capped at 5% per annum
2.80
2.95
\u2013 RPI inflation capped at 2.5% per annum
1.95
2.00
\u2013 CPI inflation capped at 5% per annum
2.40
2.55
Discount rate
5.55
5.50
Expected take up maximum available tax free cash
85.00
85.00
1. Different assumptions apply to non-UK schemes, for example: the discount rate for the Irish Schemes is 4.5% pa, and for the Swiss
schemes it is 1.2% pa in 2025.
2. There are other levels of pension increase which apply to particular periods of membership.
The average future life expectancy (in years) from age 65 for mortality tables used to determine scheme
liabilities for the various schemes at 31 December 2025 and 31 December 2024 are as follows:
Member currently aged 65 (current life expectancy)
Male
Female
2025
2024
2025
2024
HPS
1
22.2
21.9
24.0
24.0
Other Schemes
20.5 to 23.1
20.5 to 23.0
23.0 to 24.8
23.0 to 24.7
Member currently aged 45 (life expectancy at 65)
Male
Female
2025
2024
2025
2024
HPS
1
22.8
22.6
25.3
25.3
Other Schemes
21.7 to 25.3
21.8 to 25.2
24.5 to 26.8
24.4 to 26.7
1. The assumptions used for the HPS are tailored for each member. The assumptions adopted make allowance for an increase in the longevity
in the future (CMI 2024 model) with a long-term rate of improvement of 1.25% pa, an 'A' parameter of 0.25% for both males and females and
a non-core adjustment to strip out \u2018overlay\u2019 (to avoid double counting adjustment for excess deaths from Covid-19 which are already factored
into the base tables). The rate for members currently aged 65 is derived from the pensioner membership and the rate for members reaching
age 65 in 20 years' time is derived from non-pensioner membership.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "Accounting policies Defined contribution pension schemes The Group maintains a number of defined contribution pension schemes and for these schemes the Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense in the consolidated income statement when the related service is provided and as they fall due. Defined benefit pension schemes In addition, the Group operates two defined benefit pension schemes and participates in a number of other defined benefit pension schemes, all of which require contributions to be made to separate trustee- administered funds. The costs of providing benefits under these schemes are determined separately for each scheme using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of the defined benefit obligation) and is based on actuarial advice. Past service costs are recognised immediately in the consolidated income statement. When a settlement (eliminating all obligations for benefits already accrued) or a curtailment (reducing future obligations as a result of a material reduction in the scheme membership or a reduction in future entitlement) occurs, the obligation and related plan assets are remeasured using current actuarial assumptions and the resultant gain/loss recognised in the consolidated income statement during the period in which the settlement or curtailment occurs. Remeasurements of the net defined benefit asset/liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in other comprehensive income and will not be reclassified to the consolidated income statement. The Group generally determines the net interest expense/income on the net defined benefit asset/liability for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the then net defined benefit asset/liability, taking into account any changes in the net defined benefit asset/liability during the year as a result of contributions and benefit payments. However, due consideration is given to events which require the net interest expense/income on the net defined benefit asset/liability to be remeasured over the course of the year. Current and past service costs are charged to operating profit/(loss) while the net interest expense/income is included within finance income and finance costs. The net asset/(liability) in the consolidated balance sheet with respect to the defined benefit pension schemes comprises the total for each scheme, or group of schemes, of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of assets out of which the obligations are to be settled directly. The policy to determine fair value of assets is detailed in the note below. Where applicable the value of a net pension benefit asset is restricted to the present value of any amount the Group expects to recover by way of refunds or reductions in future contributions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "Given the funding position of the HPS, the Group and the Trustee of the HPS agreed that no further deficit recovery contributions from the Group are required other than those already committed 1 as part of the 31 March 2020 actuarial valuation. The Group paid all the outstanding deficit contributions in 2024. There are no further agreed deficit contributions to be paid at this time. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "To illustrate how sensitive the value of the defined benefit obligations is to different market conditions, the table below shows what the resulting defined benefit obligation would be if the assumptions were changed as shown (assuming all other assumptions remain constant):
Group total
Change in assumptions compared with 31 December 2025 actuarial assumptions \u00a3m
Base defined benefit obligation
1,049.6
0.5% pa decrease in discount rate
1,118.3
0.5% pa increase in salary increases
1,050.7
0.5% pa increase in inflation (and related assumption, eg salary and pension increases)
1,082.9
1 year increase in life expectancy
1,080.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "Assets and liabilities Under IAS 19, pension scheme assets must be valued at their fair value at the balance sheet date. The scheme assets are made up of quoted and unquoted investments, and asset valuations have been sourced from the respective scheme\u2019s investment managers and custodians, based on their pricing sources and methodologies. Unquoted investments require more judgement because their values are not directly observable. The assumptions used in valuing unquoted investments are affected by current market conditions which could result in changes in fair value after the measurement date. For the main asset categories: \u2022 Equities listed on recognised stock exchanges are valued at closing bid prices. \u2022 Bonds are measured using a combination of broker quotes and pricing models making assumptions for credit and market risks and market yield curves. \u2022 Properties are valued on the basis of an open market value or are valued using models based on discounted cash flow techniques. \u2022 Assets in investment funds are valued at fair value which is typically the net asset value provided by the investment manager. \u2022 Certain unlisted investments are valued using a model based valuation such as discounted cash flow. \u2022 The value of bulk annuity contracts has been assessed by discounting the projected cash flows payable under the contracts (projected by an actuary, consistent with the terms of the contract) and is equal to the corresponding liability calculated by reference to the IAS 19 assumptions. The assets and liabilities of all of the defined benefit pension schemes (excluding additional voluntary contributions) at 31 December are: Group total 2025 2024 Quoted Unquoted*Total Quoted Unquoted* Total \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m Scheme assets at fair value: Equities: \u2013 UK 0.1 1.0 1.1 0.1 0.7 0.8 \u2013 Overseas 2.0 45.0 47.0 2.0 44.3 46.3 \u2013 Private 0.1 \u2014 0.1 0.1 \u2014 0.1 2.2 46.0 48.2 2.2 45.0 47.2 Debt securities: \u2013 UK Government 504.4 4.6 509.0 432.6 7.2 439.8 \u2013 UK Corporate 0.1 41.5 41.6 0.1 36.2 36.3 \u2013 Overseas Government 8.1 9.9 18.0 8.3 13.6 21.9 \u2013 Overseas Corporate 0.3 192.6 192.9 0.3 213.0 213.3 \u2013 Emerging Markets 0.2 2.0 2.2 0.5 2.6 3.1 \u2013 Private Debt \u2014 49.7 49.7 \u2014 79.3 79.3 513.1 300.3 813.4 441.8 351.9 793.7 Property 1.5 35.4 36.9 2.1 33.4 35.5 Infrastructure 1.2 \u2014 1.2 1.1 \u2014 1.1 Credit Funds 2.6 \u2014 2.6 2.2 \u2014 2.2 Hedge Funds \u2014 \u2014 \u2014 \u2014 0.4 0.4 Absolute Return Funds \u2014 0.3 0.3 \u2014 \u2014 \u2014 nsurance Contracts \u2014 67.0 67.0 \u2014 66.5 66.5 Cash 90.3 18.0 108.3 110.8 24.3 135.1 Other (0.9) 1.7 0.8 \u2014 4.4 4.4 94.7 122.4 217.1 116.2 129.0 245.2 Total 610.0 468.7 1,078.7 560.2 525.9 1,086.1 Present value of scheme liabilities (before effect of asset ceiling limit) (1,049.6) (1,047.9) Net surplus (before effect of asset ceiling limit) 29.1 38.2 Effect of asset ceiling limit \u2014 (0.3) Present value of scheme liabilities (after effect of asset ceiling limit) (1,049.6) (1,048.2) Net surplus (after effect of asset ceiling limit) 29.1 37.9 Some investments are in funds which are in themselves not traded in active markets. The Trustee of the HPS invests in Liability Driven Investments (LDIs) as part of a risk hedging strategy. The aim of the strategy is to match the value of the assets to the movement in liabilities (on a funding basis) arising from changes in market expectations of future inflation rates and future gilt yields. To achieve this, LDIs invest in a variety of instruments including gilts, synthetic gilts (combination of repurchase agreement, reverse repurchase agreements and total return swaps) and cash. In the table above, the LDI at 31 December 2025 (approximately \u00a3539.6m) has been mapped as 90.6% Quoted UK Government Bonds, 1.3% Quoted Overseas Government Bonds, 8.3% Quoted Cash and (0.2)% Quoted Other. The assets do not include any directly owned financial instruments issued by the Group. Within the Private Debt allocation above, approximately \u00a338.0m relates to adjusted lagged valuations at 31 December 2025. In arriving at this figure, allowance has been made for broad market movements and distributions between 30 September 2025 (the most recent valuation of these assets) and 31 December 2025. In accordance with the Trustee of the HPS\u2019s focus on financially material considerations, it is acknowledged that Environment, Social and Governance (ESG) factors can impact security prices. The Trustee of the HPS has discussed their views on ESG factors, and considered the Group\u2019s perspective, and developed responsible investment beliefs. These can be found in the HPS\u2019s Statement of Investment Principles (on its website at https://www.horizonpensionscheme.com/library). IFRIC 14 The Group has considered the impact of IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction on the various schemes (in relation to either recognising a surplus or allowing for the impact of any funding commitments made) and has concluded, based on its interpretation of the rules for each of the schemes, that IFRIC 14 does not impact the balance sheet position for any of the pension schemes at 31 December 2025. For clarity the HPS, the Group\u2019s main defined benefit scheme, IFRIC 14 would not limit the surplus or increase the deficits shown at the reporting date because the Group has an unconditional right to a refund assuming the gradual settlement of the scheme liabilities over time until all members have left the scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "
5.3 Employee benefit expense
2025 2024
Notes \u00a3m \u00a3m
Wages and salaries
1,108.8
1,216.9
Social security costs
128.1
122.6
Pension costs
50.4
54.1
Share-based payments
5.1
5.0
6.0
1,292.3
1,399.6
The aggregate amount of directors\u2019 remuneration (salary, bonus and benefits) is shown on page 130 of the
directors\u2019 remuneration report.
2025 2024
The average number of employees during the year was made up as follows: Number Number
Sales
193
218
Administration
1,777
1,962
Operations
29,538
36,328
31,508
38,508
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "
6.1 Related-party transactions
Compensation of key management personnel
2025 2024
\u00a3m \u00a3m
Short-term employment benefits
7.5
8.2
Pension
0.1
\u2014
Share-based payments
1.7
3.9
9.3
12.1
The key management personnel comprise the Executive Directors, Non-Executive Directors and members
of the Executive Team.
Gains on share options exercised in the year by Capita plc executive directors were \u00a3nil (2024: \u00a320,193)
and by key management personnel \u00a3424,329 (2024: \u00a3109,647), totalling \u00a3424,329 (2024: \u00a3129,840).
During the year, the Group rendered administrative services to Smart DCC Limited (DCC), a wholly-owned
subsidiary which is not consolidated (refer to note 4.7). The Group received \u00a3117.6m (2024: \u00a3117.1m) of
revenue for these services and at the balance sheet date had receivables of \u00a37.2m (2024: \u00a39.0m) from
DCC. The services are procured by DCC on an arm\u2019s length basis under the DCC licence. The services are
subject to review by Ofgem to ensure that all costs are economically and efficiently incurred by DCC.
HPS (Capita\u2019s main defined benefit pension scheme) is a related party of the Group. Transactions with the
Scheme are disclosed in note 5.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "6.1 Related-party transactions Compensation of key management personnel
2025 2024
\u00a3m \u00a3m
Short-term employment benefits
7.5
8.2
Pension
0.1
\u2014
Share-based payments
1.7
3.9
9.3
12.1
The key management personnel comprise the Executive Directors, Non-Executive Directors and members of the Executive Team. Gains on share options exercised in the year by Capita plc executive directors were \u00a3nil (2024: \u00a320,193) and by key management personnel \u00a3424,329 (2024: \u00a3109,647), totalling \u00a3424,329 (2024: \u00a3129,840). During the year, the Group rendered administrative services to Smart DCC Limited (DCC), a wholly-owned subsidiary which is not consolidated (refer to note 4.7). The Group received \u00a3117.6m (2024: \u00a3117.1m) of revenue for these services and at the balance sheet date had receivables of \u00a37.2m (2024: \u00a39.0m) from DCC. The services are procured by DCC on an arm\u2019s length basis under the DCC licence. The services are subject to review by Ofgem to ensure that all costs are economically and efficiently incurred by DCC. HPS (Capita\u2019s main defined benefit pension scheme) is a related party of the Group. Transactions with the Scheme are disclosed in note 5.2.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "Compensation of key management personnel
2025 2024
\u00a3m \u00a3m
Short-term employment benefits
7.5
8.2
Pension
0.1
\u2014
Share-based payments
1.7
3.9
9.3
12.1
The key management personnel comprise the Executive Directors, Non-Executive Directors and members of the Executive Team. Gains on share options exercised in the year by Capita plc executive directors were \u00a3nil (2024: \u00a320,193) and by key management personnel \u00a3424,329 (2024: \u00a3109,647), totalling \u00a3424,329 (2024: \u00a3129,840). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "
6.2 Contingent liabilities
Contingent liabilities represent potential future cash outflows which are either not probable or cannot be
measured reliably.
The Group has provided, through the normal course of its business, sureties and bank guarantees of
\u00a352.9m (2024: \u00a324.7m). On adoption of IFRS 17 Insurance Contracts the Group had the option to apply
either IFRS 17 or IFRS 9 Financial Instruments for external debt guarantees, of which the Group elected to
apply IFRS 9. The Group accounts for performance guarantees under IAS 37 Provisions, Contingent
Liabilities and Contingent Assets because they do not meet the criteria to be recognised as an insurance
contract.
The Group\u2019s entities are parties to legal actions and claims which arise in the normal course of business.
The Group needs to apply judgement in determining the merit of litigation against it and the chances of a
claim successfully being made. It needs to determine the likelihood of an outflow of economic benefits
occurring and whether there is a need to disclose a contingent liability or whether a provision might be
required due to the probability assessment.
At any time there are a number of claims or notifications that need to be assessed across the Group. The
disparate nature of the Group\u2019s entities heightens the risk that not all potential claims are known at any point
in time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "6.2 Contingent liabilities Contingent liabilities represent potential future cash outflows which are either not probable or cannot be measured reliably. The Group has provided, through the normal course of its business, sureties and bank guarantees of \u00a352.9m (2024: \u00a324.7m). On adoption of IFRS 17 Insurance Contracts the Group had the option to apply either IFRS 17 or IFRS 9 Financial Instruments for external debt guarantees, of which the Group elected to apply IFRS 9. The Group accounts for performance guarantees under IAS 37 Provisions, Contingent Liabilities and Contingent Assets because they do not meet the criteria to be recognised as an insurance contract. The Group\u2019s entities are parties to legal actions and claims which arise in the normal course of business. The Group needs to apply judgement in determining the merit of litigation against it and the chances of a claim successfully being made. It needs to determine the likelihood of an outflow of economic benefits occurring and whether there is a need to disclose a contingent liability or whether a provision might be required due to the probability assessment. At any time there are a number of claims or notifications that need to be assessed across the Group. The disparate nature of the Group\u2019s entities heightens the risk that not all potential claims are known at any point in time.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
6.3 Post balance sheet events
The following events occurred after 31 December 2025, and before the approval of these consolidated
financial statements, but have not resulted in adjustment to the 2025 financial results:
Additional committed financing facility
In February 2026, the Group entered into a \u00a375m additional committed financing facility, with a subset of the
existing lenders and terms consistent with the existing revolving credit facility. The additional facility expires
eighteen months from signing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "6.4 Related companies The stated address relates to the place of incorporation of the entity, which is the same as its tax residence in all cases other than Capita Group Insurance PCC Limited which is incorporated in Guernsey, but which is tax resident in the UK. Unless otherwise indicated, all shareholdings are owned indirectly by the company and represent 100% of the issued share capital of the subsidiary. Dormant companies are marked (D).
Company name
Share class
Capita (210568) Limited (in liquidation)
10
\u20ac0.0012
Ordinary
Capita (Polska) Sp\u00f3\u0142ka z ograniczon\u0105 odpowiedzialno\u015bci\u0105
9
PLZ50.00 Ordinary
Capita (South Africa) (Pty) Limited
17
ZAR1.00 Ordinary
Capita (USA) Holdings Inc.
7
US$1.00 Ordinary
Capita Business Services Ltd
11
\u00a31.00 Ordinary
Capita Business Support Services Ireland Limited
23
\u20ac1.00 Ordinary
Capita Corporate Director Limited (D)
11
\u00a31.00 Ordinary
Capita Customer Management Limited
11
\u00a31.00 Ordinary
Capita Customer Services (Germany) GmbH
21
\u20ac1.00 Ordinary
Capita Customer Services AG
16
CHF1.00 Ordinary
Capita Customer Solutions (UK) Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Customer Solutions Limited
23
\u20ac1.00 Ordinary
Capita Cyprus Holdings Limited (in liquidation)
5
\u00a31.00 Ordinary
Capita Dubai Limited
11
\u00a31.00 Ordinary
Capita Employee Benefits Holdings Limited
11
*
\u00a31.00 Ordinary
Capita Energie Services GmbH
12
\u25ba
\u20ac1.00 Ordinary
Capita Financial Services Holdings Limited (in liquidation)
1
*
\u00a31.00 Ordinary
Capita GMPS Trustees Limited (D)
11
\u00a31.00 Ordinary
Capita Group Insurance PCC Limited
19
*
\u00a31.00 CG1
\u00a31.00 CIC2
\u00a31.00 Ordinary
Capita Group Secretary Limited (D)
11
\u00a31.00 Ordinary
Capita HCH Limited
11
\u00a31.00 Ordinary
Capita Health Holdings Limited
11
\u00a31.00 Ordinary
Capita Holdings Limited
11
*
\u00a31.00 Ordinary
Capita India Private Limited
24
INR10.00 Ordinary
Capita Insurance Services Holdings Limited
11
\u00a31.00 Ordinary
Capita Insurance Services Limited
11
\u00a31.00 Ordinary
Capita International Limited
11
*
\u00a31.00 Ordinary
Capita International Retirement Benefit Scheme Trustees Limited (D)
11
*
\u00a31.00 Ordinary
Capita Ireland Limited
23
*
\u20ac1.00 Ordinary
Capita IT Services Holdings Limited
11
\u00a31.00 Ordinary
Capita IT Services Limited (in liquidation)
8
\u00a31.00 Ordinary
Company name
Share class
Capita Justice & Secure Services Holdings Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Life & Pensions Regulated Services Limited
11
*
\u00a31.00 Ordinary
Capita Life & Pensions Services Limited
11
*
\u00a31.00 Ordinary
Capita Life and Pensions International Limited
11
\u00a31.00 Ordinary
Capita Life and Pensions Services (Isle of Man) Limited (in liquidation)
18
\u00a31.00 Ordinary
Capita Managed IT Solutions Limited
14
\u00a31.00 Ordinary
Capita Mortgage Administration Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Norman + Dawbarn Limited (in liquidation)
3 \u25a1
NGN1.00 Ordinary
Capita Offshore Services Private Limited (in liquidation)
20
INR10.00 Ordinary
Capita Pension Solutions Limited
11
*
\u00a31.00 Ordinary
Capita Property and Infrastructure (Structures) Limited (D)
11
\u00a31.00 Ordinary
Capita Property and Infrastructure Consultants LLC (in liquidation)
2 \u2666
AED1,000.00 Ordinary
Capita Property and Infrastructure Holdings Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Property and Infrastructure International Holdings Limited (D)
11
\u00a31.00 Ordinary
Capita Property and Infrastructure International Limited (D)
11
\u00a31.00 Ordinary
Capita Property and Infrastructure Limited
11
\u00a31.00 Ordinary
Capita Retail Financial Services Limited (in liquidation)
1
\u00a31.00 Ordinary
Capita Secure Information Solutions Limited
11
\u00a31.00 Ordinary
Capita Shared Services Limited
11
*
\u00a31.00 Ordinary
Capita Symonds Saudi Arabia Limited (D)
15 \u25b2
N/A
Capita Technology GmbH
21
\u20ac1.00 Ordinary
Capita West GmbH
21
\u20ac25,000.00 Ordinary
Computerland UK Limited
11
\u00a31.00 Ordinary
Contact Associates Limited
11
\u00a31.00 Ordinary
CPLAS Trustees Limited (D)
11
\u00a31.00 Ordinary
Debt Solutions (Holdings) Limited (in liquidation)
1
\u00a31.00 Ordinary
Dragonfly Technology Solutions Ltd
11 \u25cb
\u00a30.000001
Ordinary
\u00a30.000001
A Ordinary
Duke 2021
Topco Limited
4
>
\u00a31.00 B Ordinary
E.B. Consultants Limited (D)
11
\u00a31.00 Ordinary
Electra-Net (UK) Limited
11
\u00a31.00 Ordinary
Entrust Support Services Limited
22
\u25bc
\u00a31.00 Ordinary X
Fire Service College Limited
11
\u00a31.00 Ordinary
Company name
Share class
Full Circle Contact Centre Services (Proprietary) Limited
17
ZAR0.01 Ordinary
Grosvenor Career Services Limited (D)
11
\u00a31.00 Ordinary
RE (Regional Enterprise) Limited
11
\u00a31.00 Ordinary
Retain International (Holdings) Limited
11
\u00a31.00 Ordinary
Retain International Limited
11
\u00a31.00 Ordinary
SBJ Benefit Consultants Limited (D)
11
\u00a31.00 Ordinary
SBJ Professional Trustees Limited (in liquidation)
1
\u00a31.00 Ordinary
Smart DCC Limited
11
\u00a31.00 Ordinary
Tascor Services Limited
11
\u00a31.00 Ordinary
TELAG AG
13
CHF1,000.00 Ordinary
ThirtyThree APAC Limited (D)
6
HKD1.00 Ordinary
Urban Vision Partnership Limited
11
\u25ba
\u00a31.00 Ordinary B
Ventura (India) Private Limited
25
INR10.00 Ordinary
Ventura (UK) India Limited
11
\u00a31.00 Ordinary
Western Mortgage Services Limited
11
\u00a31.00 Ordinary
WN Updata Communications Ltd
26 \u25b2
\u00a31.00 Ordinary B
Woolf Limited
11
\u00a31.00 Ordinary
ootnotes Companies directly held by Capita plc. Shareholdings owned indirectly by the company and represent 0.24% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 1.40% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 49% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 50% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 50.1% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 51% of the issued share capital of subsidiary. Shareholdings owned indirectly by the company and represent 97.3% of the issued share capital of subsidiary. Registered office address 1. 1 More London Place, London, SE1 2AF 2. 1004 Bin Hamoodah Building, Khalifa St., PO Box 113 740, Abu Dhabi, United Arab Emirates 3. 10th Floor, UBA House, No 57, Marina Street, Lagos Island, Lagos, Nigeria 4. 22 Grenville Street, St. Helier, JE4 8PX, Jersey 5. 46, Kyriakou Matsi, Office 101, 1082 Nicosia, Cyprus 6. 803 Manning House, 38 Queen's Road Central, Hong Kong 7. 850 New Burton Road, Suite 201, Dover, DE, 19904, United States 8. Atria One, 144 Morrison Street, Edinburgh, EH3 8EX 9. Centrum Biurowe Lubicz ul. Lubicz 23, 31-503 Krakow, Polska 10. EY, Harcourt Centre, Harcourt Street, Dublin, Ireland 11. First Floor, 2 Kingdom Street, Paddington, London, England, W2 6BD 12. Gatherhofstra\u00dfe 8, 47804, Krefeld, Germany 13. Hardturmstrasse101, Z\u00fcrich, 8005, Switzerland 14. Hillview House, 61 Church Road, Newtownabbey, Co Antrim, BT36 7LQ, Northern Ireland 15. King Abdul Aziz Street, PO Box 7052, Dammam, Saudi Arabia 16. Konstanzerstrasse 17, T\u00e4gerwilen, 8274, Switzerland 17. Mutual Park, Jan Smuts Drive, Pinelands, Cape Town, Western Cape, 7405, South Africa 18. P O Box 227, Peveril Buildings, Peveril Square, Douglas, Isle of Man, IM99 1RZ 19. P O Box 33, Dorey Court, Admiral Park, St. Peter Port, GY1 4AT, Guernsey 20. Plant 6, Gate No. 2, Godrej and Boyce Complex, LBS Marg, Pirojshahnagar, Vikhroli (West), Mumbai, 400079, India 21. Rudower Chaussee 4, Berlin, 12489, Germany 22. The Riverway Centre, Riverway, Stafford, United Kingdom, ST16 3TH 23. Unit B, West Cork Business & Technology Park, Clonakilty, Co. Cork, P85 YH98, Ireland 24. Unit No. 401, 4th Floor, Godrej Two, Pirojshanagar, Eastern Express Highway, Vikhroli East, Mumbai - 400079, Maharashtra, India 25. Upper Ground Level, Level 1, Level 2, & Level 3, Tower B1, Margapatta City SEZ, Margapatta City, Hadapsar, Pune, 411013, India 26. Wavenet Group, Second Floor One Central Boulevard Central Boulevard, Blythe Valley Park, Shirley, Solihull, England, B90 8BG Certain subsidiaries of the Group have opted to take advantage of a statutory exemption from having an audit in respect of their individual statutory accounts. Strict criteria must be met for this exemption to be taken and the exemption has been agreed to by the directors of those subsidiary entities. To facilitate the adoption of this exemption, Capita plc, the parent company of the subsidiaries concerned, undertakes to provide a guarantee under Section 479C of the Companies Act 2006 in respect of those subsidiaries. Listed below are subsidiaries controlled and consolidated by the Group, where the directors have taken the exemption in accordance with Section 479A from having an audit of its financial statements for the year ended 31 December 2025.
Company name
Company registration
Capita Dubai Limited
10908066
Capita Employee Benefits Holdings Limited
06722404
Capita HCH Limited
02384029
Capita Health Holdings Limited
06413394
Capita Insurance Services Holdings Limited
06041965
Capita Insurance Services Limited
01396443
Capita International Limited
02683437
Capita IT Services Holdings Limited
06002593
Capita Life and Pensions International Limited
05952054
Capita Life and Pensions Services Limited
04359665
Capita Managed IT Solutions Limited
NI032979
Capita Property and Infrastructure (Structures) Limited
02082106
Capita Property and Infrastructure International Limited
02752154
Capita Property and Infrastructure International Holdings Limited
03860653
Capita Property and Infrastructure Limited
02018542
Capita Secure Information Solutions Limited
01593831
Computerland UK Limited
02275625
Contact Associates Limited
05601393
E.B. Consultants Limited
01106104
Electra-Net (UK) Limited
03419833
Fire Service College Limited
08102633
Grosvenor Career Services Limited
03119327
RE (Regional Enterprise) Limited
08615172
Retain International (Holdings) Limited
07871708
Retain International Limited
03061744
SBJ Benefit Consultants Limited
01834757
Tascor Services Limited
02057887
Urban Vision Partnership Limited
05292634
Ventura (UK) India Limited
05131185
Woolf Limited
01564535
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-432": { "value": "Capita plc First Floor, 2 Kingdom Street, Paddington, London W2 6BD", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:CMIGEWPLHL4M7ZV0IZ88", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }