Analyst consensus for year ended 31 December 2025
| Income Statement (£'m) | FY25 Consensus | Low | High | Median | # Analysts |
|---|---|---|---|---|---|
| Total net operating income | 914.8 | 904.3 | 923.8 | 914.0 | 10 |
| Total underlying operating expenses | 680.7 | 675.0 | 688.7 | 681.0 | 10 |
| Underlying PBT | 234.1 | 227.8 | 237.6 | 235.1 | 10 |
| Underlying operating margin | 25.6% | 25.0% | 26.0% | 25.7% | 10 |
| Underlying EPS (pence per share) | 161.6 | 156.8 | 165.3 | 161.0 | 8 |
| Total DPS (pence per share) | 99 | 95 | 107 | 98 | 10 |
| Group FUMA (£’bn) | 113.3 | 109.2 | 116.3 | 113.7 | 10 |
| Total Group net inflow/outflow (£’bn) | -1.5 | -2.3 | 0.0 | -1.6 | 10 |
Analyst consensus for year ended 31 December 2026
| Income Statement (£'m) | FY26 Consensus | Low | High | Median | # Analysts |
|---|---|---|---|---|---|
| Total net operating income | 955.7 | 927.0 | 991.4 | 952.8 | 10 |
| Total underlying operating expenses | 687.4 | 659.2 | 722.6 | 688.1 | 10 |
| Underlying PBT | 266.8 | 254.4 | 284.9 | 266.5 | 10 |
| Underlying operating margin | 27.9% | 27.0% | 29.1% | 27.8% | 10 |
| Underlying EPS (pence per share) | 184.7 | 177.1 | 196.1 | 184.7 | 8 |
| Total DPS (pence per share) | 107 | 97 | 123 | 106 | 10 |
| Group FUMA (£’bn) | 120.1 | 114.0 | 123.7 | 120.1 | 10 |
| Total Group net inflow/outflow (£’bn) | 1.0 | -1.7 | 4.2 | 0.8 | 10 |