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According to the classification by Heatherton et al

As at 31 December 2025 2024 Change m m % Borrowings (including lease liabilities) (35,070) (36,950) -5.1 % Derivatives in respect of net debt 12 (113) -111 % Cash and cash equivalents 3,827 5,297 -27.8 % Current investments held at fair value 16 513 -96.9 % Net debt (31,215) (31,253) -0.1 % Maturity profile of net debt: Net debt due within one year 492 1,545 -68.2 % Net debt due beyond one year (31,707) (32,798) -3.3 % Net debt (31,215) (31,253) -0.1 % The movement in net debt includes the free cash outflow, after payment of dividends to shareholders, of 1,190 million (2024: 2,688 million inflow), as described on page 54