
	Number of shares
Ordinary shares of 10p (formerly 25p) each	2025	2024	2023
At 1 January	60,617,012,971	63,569,225,662	67,287,852,204
Issued under employee share schemes	472,840,371	734,265,017	667,636,165
Share buyback programme (note 32)	(2,204,109,740)	(3,686,477,708)	(4,386,262,707)
At 31 December	58,885,743,602	60,617,012,971	63,569,225,662


	2025		2024		2023
Ordinary shares of 10p (formerly 25p) each	£m	% of share capital	£m	% of share capital	£m	% of share capital
At 31 December	5,889	99.50	6,062	99.52	6,358	99.46

As permitted by the Companies Act 2006, the Company removed references to authorised share capital from its articles of association at

the annual general meeting on 5 June 2009. This change took effect from 1 October 2009. There are no restrictions on the transfer of shares

in the Company other than as set out in the articles of association and:

•Certain restrictions which may from time to time be imposed by law and regulations (for example, insider trading laws)

•Where directors and certain employees of the Company require the approval of the Company to deal in the Company’s shares

•Pursuant to the rules of some of the Company’s employee share plans where certain restrictions may apply while the shares are subject

Where, under an employee share plan operated by the Company, participants are the beneficial owners of shares but not the registered

owners, the voting rights are normally exercised by the registered owner at the direction of the participant. Outstanding awards and

options would normally vest and become exercisable on a change of control, subject to the satisfaction of any performance conditions at

All of the Company’s issued ordinary share capital is listed (i.e. the free float percentage of the ordinary shares is 100%) and none of the

shares have any multiple or unequal voting rights; each share carries one vote. In addition, the Company is not aware of any agreements

between shareholders that may result in restrictions on the transfer of securities and/or voting rights.

The directors have authority to allot and issue ordinary and preference shares and to make market purchases of ordinary and preference

shares as granted at the annual general meeting on 15 May 2025. The authority to issue shares and the authority to make market

purchases of shares will expire at the next annual general meeting. Shareholders will be asked, at the annual general meeting, to give

Subject to any rights or restrictions attached to any shares, on a show of hands at a general meeting of the Company every holder of shares

present in person or by proxy and entitled to vote has one vote and on a poll every member present and entitled to vote has one vote for

every share held. The special rights attached to any class of shares (including preference shares) in the Company may, subject to the

statutory provisions, be varied or abrogated either with the consent in writing of the holders of three-quarters in nominal value of the

issued shares of the class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of the class

The holders of ordinary shares, who held 100% of the total ordinary share capital at 31 December 2025, are entitled to receive the

Company’s report and accounts, attend, speak and vote at general meetings and appoint proxies to exercise voting rights. Holders of

ordinary shares may also receive a dividend (subject to the provisions of the Company’s articles of association) and in the event of a

The rights and obligations attached to the Company’s ordinary shares are set out in the Company’s articles of association, a copy of which

can be found at www.lloydsbankinggroup.com/who-we-are/group-overview/corporate-governance.html →.

The Company has in issue various classes of preference shares which are all classified as liabilities under IFRS accounting standards and

which are included in note 29. The statement above (under the heading ‘Ordinary shares’) in relation to the variation of special rights