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Net debt
 12 Months Ended
Dec. 31, 2025
Disclosure Of Net Debt [Abstract]  
Net debt Net debt
Analysis of changes in net debt
2025
Financial liabilities
Borrowings
excluding overdrafts
(note 21)(a)
US$m
Lease liabilities
(note 22)(b)
US$m
Derivatives related
to net debt
(note 24)(c)
US$m
Cash and cash
equivalents
including overdrafts
(note 23)(a)
US$m
Other
investments
(note 24)(d)
US$m
Net debt
US$m
At 1 January
(12,431)
(1,413)
(343)
8,484
212
(5,491)
Foreign exchange adjustment
(53)
(60)
46
95
14
42
Net cash movements excluding exchange
movements
(7,816)
522
(14)
(7)
131
(7,184)
Newly consolidated operations(e)
(1,553)
(46)
–
293
–
(1,306)
Other non-cash movements
(71)
(589)
231
–
6
(423)
At 31 December
(21,924)
(1,586)
(80)
8,865
363
(14,362)
2024
Financial liabilities
Other assets
Borrowings
excluding overdrafts
(note 21)(a)
US$m
Lease liabilities
(note 22)(b)
US$m
Derivatives related
to net debt
(note 24)(c)
US$m
Cash and cash
equivalents including
overdrafts
(note 23)(a)
US$m
Other investments
(note 24)(d)
US$m
Net debt
US$m
At 1 January
(13,000)
(1,351)
(429)
9,672
877
(4,231)
Foreign exchange adjustment
57
69
(30)
(99)
(1)
(4)
Cash movements excluding exchange movements
494
455
104
(1,089)
(675)
(711)
Other non-cash movements
18
(586)
12
–
11
(545)
At 31 December
(12,431)
(1,413)
(343)
8,484
212
(5,491)
(a)Borrowings excluding overdrafts of US$21,924 million (2024:US$12,431 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$7 million
(2024: US$11 million) which has been included in cash and cash equivalents for the net debt reconciliation.
(b)Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the year.
(c)Included within derivatives related to net debt are interest rate and cross-currency interest rate swaps that are in hedge relationships with the Group’s debt.
(d)Other investments includes US$363 million of term deposits with a maturity greater than 3 months. In 2024, the entire balance of US$212 million comprised highly liquid financial assets held in a
separately managed portfolio of fixed income instruments, classified as held for trading.
(e)This relates to our acquisition of Arcadium Lithium plc. Refer to note 5 for details.
The table below summarises, by currency, our net debt, after taking into account relevant cross-currency interest rate swaps and foreign
exchange contracts:
2025
2024
Net debt by currency
Borrowings
excluding
overdrafts
US$m
Lease liabilities
US$m
Derivatives
related to net
debt
US$m
Cash and
cash
equivalents
US$m
Other
investments
US$m
Net debt
US$m
Net debt
US$m
US dollar
(21,674)
(707)
(80)
7,921
–
(14,540)
(5,743)
Australian dollar
(64)
(495)
–
310
363
114
128
Canadian dollar
(186)
(167)
–
97
–
(256)
(235)
South African rand
–
(2)
–
147
–
145
165
Other
–
(215)
–
390
–
175
194
Total
(21,924)
(1,586)
(80)
8,865
363
(14,362)
(5,491)