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1 March 2026
and AME 2,3 Reported profit from operations up 265% (with reported operating margin up 28.4 ppts to 39.0%), largely due to the movement in the Canadian settlement provision Adjusted profit from operations 1,2,3 up 2.3%, adjusted operating margin 1,2,3 at 44.0% (flat vs FY24) Reported diluted EPS up 157% to 349.1p, with adjusted diluted EPS 1, 2,3 up 3.4% Confident in sustainably delivering mid-term growth algorithm, 2026 performance expected at the lower end of the range On track to reduce leverage 3 to within 2.0-2.5x by end 2026, supported by continued strong cash conversion Dividend growth of 2.0% to 245.04p and a 1.3 billion share buy-back in 2026 Change in Group Revenue: Change in Profit from Operations: Change in Group diluted EPS: Notes 1
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As no man can practise the virtues necessary for the welfare of his tribe without self-sacrifice, self-command, and the power of endurance, these qualities have been at all times highly and most justly valued
