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Share-based payments (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of share-based payment arrangements [Abstract]  
Schedule of Charges to the Income Statement The charge to the income statement is set out below:
2025
£m
2024
£m
2023
£m
Deferred bonus plan
186
206
241
Options and shares granted in the year
12
15
20
Options and shares granted in prior years
51
60
67
63
75
87
Total charge to the income statement
249
281
328
Schedule of Movements in Share-Based Payments Movements in the number of share options outstanding under the SAYE schemes are set out below:
2025
2024
Number
of options
Weighted
average
exercise price
(pence)
Number
of options
Weighted
average
exercise price
(pence)
Outstanding at 1 January
797,624,786
42.30
1,311,205,148
31.70
Granted
119,602,764
74.35
200,820,157
52.35
Exercised
(189,981,525)
39.40
(663,187,372)
24.60
Forfeited
(24,349,649)
43.66
(17,375,716)
39.01
Cancelled
(15,760,828)
47.99
(27,852,684)
40.70
Expired
(1,816,675)
39.45
(5,984,747)
35.40
Outstanding at 31 December
685,318,873
48.52
797,624,786
42.30
Exercisable at 31 December
178,806
39.40
955,281
24.25
2025
2024
Number
of options
Weighted
average
exercise price
(pence)
Number
of options
Weighted
average
exercise price
(pence)
Outstanding at 1 January
15,578,997
nil
26,131,255
nil
Granted
–
nil
768,170
nil
Exercised
(6,945,829)
nil
(10,815,436)
nil
Forfeited
(253,070)
nil
(488,091)
nil
Lapsed
–
nil
(16,901)
nil
Outstanding at 31 December
8,380,098
nil
15,578,997
nil
Exercisable at 31 December
200,359
nil
988,243
nil
2025
Number
of options
2024
Number
of options
Outstanding at 1 January
3,968,909
5,337,899
Exercised
(1,368,990)
(1,368,990)
Outstanding at 31 December
2,599,919
3,968,909
2025
Number
of shares
2024
Number
of shares
Outstanding at 1 January
22,123,194
39,804,293
Vested
(10,254,907)
(18,490,246)
Forfeited
–
(33,055)
Dividend award
–
842,202
Outstanding at 31 December
11,868,287
22,123,194
2025
Number
of shares
2024
Number
of shares
Outstanding at 1 January
195,879,295
262,409,389
Vested
(62,272,967)
(53,608,504)
Forfeited
(4,809,902)
(12,921,590)
Outstanding at 31 December
128,796,426
195,879,295
2025
Number
of shares
2024
Number
of shares
Outstanding at 1 January
75,063,395
–
Granted
46,999,778
75,063,395
Outstanding at 31 December
122,063,173
75,063,395
The weighted average fair value of awards granted in the year was £0.48 (2024: £0.30
2025
2024
Number
of shares
Number
of shares
Outstanding at 1 January
2,865,027
–
Granted
3,679,148
3,593,397
Vested
(1,747,624)
(728,370)
Outstanding at 31 December
4,796,551
2,865,027
The weighted average fair value of awards granted in the year was £0.73 (2024: £0.51).
Schedule of Assumptions Used for Calculating Benefit Plans
SAYE
Executive
Share Plans
Long Term Share
Plan
Weighted average risk-free interest rate
3.87%
3.81%
4.13%
Weighted average expected life
3.3 years
1.5 years
4.4 years
Weighted average expected volatility
25%
25%
27%
Weighted average expected dividend yield
5.0%
6.0%
6.0%
Weighted average share price
£0.84
£0.80
£0.71
Weighted average exercise price
£0.74
nil
nil