Annual Report 2025
Key highlights
- +5.0%
like-for-like net revenue growth
- 24.9%
adjusted operating margin
- 37.9%
net revenue from more sustainable products
Business performance
- 0.3%
IFRS net revenue growth
- 29.7%
IFRS operating margin
- 352.8p
Adjusted total EPS diluted
- 467.2p
IFRS total EPS diluted
- 212.2p
Full-year dividend
- £2.3bn
Cash returned to shareholders
- +1.1%
Adjusted diluted earnings per share growth
Social and environmental impact
- 73%
Reduction in absolute greenhouse gas (GHG) emissions from operations
- 38mn
people positively impacted by social impact programmes since 2020
- 37.9%
of net revenue from more sustainable products
Case studies
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Strategic Report
Chair Statement
Chief Executive Statement
Governance Report
Directors' Remuneration Report
Financial Statements
Full Annual Report 2025
Full Annual Report 2025
KPMG assurance
Our UK Gender Pay Gap 2025 reporting methodology supports the UK figures published in the annual report. Gender pay data (mean, median pay and bonus measures) have been independently assured by KPMG.






