Wow26 Feb 2026 07:05
Significant progress in 2025 driven by our transformation programme, which has also allowed us to
capture profitable end market growth
– Underlying operating profit of £3.5bn with a margin of 17.3%, reflecting the impact of our strategic
initiatives and commercial optimisation
– Free cash flow of £3.3bn driven by strong operating profit and continued LTSA balance growth, supporting
a net cash balance of £1.9bn at 31 December 2025
– 2026 guidance of £4.0bn-£4.2bn underlying operating profit and £3.6bn-£3.8bn free cash flow
– Upgraded mid-term targets of £4.9bn-£5.2bn underlying operating profit, 18%-20% operating margin,
£5.0bn-£5.3bn free cash flow, and 23%-26% return on capital based on a 2028 timeframe
– Final dividend of 5.0p per share, taking the total dividend for 2025 to 9.5p; a 32% payout ratio of
underlying profit after tax
– £7bn - £9bn multi-year share buyback across 2026-2028 following completion of the £1bn share buyback
in 2025