Analyst consensus for year ended 31 December 2025
| Income Statement (£'m) |
FY25 Consensus |
Low |
High |
Median |
# Analysts* |
| Total net operating income |
908.2 |
902.7 |
920.2 |
906.8 |
8 |
| Total underlying operating expenses |
676.8 |
670.9 |
687.5 |
676.3 |
8 |
| Underlying PBT |
231.4 |
227.8 |
233.4 |
232.1 |
8 |
| Underlying operating margin |
25.5% |
25.2% |
25.7% |
25.5% |
8 |
| Underlying EPS (pence per share) |
159.5 |
154.9 |
164.2 |
159.0 |
8 |
| Total DPS (pence per share) |
99 |
95 |
106 |
98 |
8 |
| Group FUMA (£’bn) |
110.9 |
108.5 |
115.8 |
110.1 |
8 |
| Total Group net inflow/outflow (£’bn) |
-0.6 |
-1.4 |
0.2 |
-0.7 |
8 |
Analyst consensus for year ended 31 December 2026
| Income Statement (£'m) |
FY26 Consensus |
Low |
High |
Median |
# Analysts* |
| Total net operating income |
949.5 |
916.7 |
1002.9 |
941.4 |
8 |
| Total underlying operating expenses |
684.1 |
659.2 |
726.5 |
681.0 |
8 |
| Underlying PBT |
265.4 |
252.5 |
279.4 |
262.3 |
8 |
| Underlying operating margin |
27.9% |
27.1% |
28.7% |
27.9% |
8 |
| Underlying EPS (pence per share) |
182.5 |
170.5 |
196.5 |
180.5 |
8 |
| Total DPS (pence per share) |
107 |
97 |
127 |
104 |
8 |
| Group FUMA (£’bn) |
117.8 |
114.1 |
125.6 |
117.5 |
8 |
| Total Group net inflow/outflow (£’bn) |
2.1 |
1.1 |
4.0 |
1.9 |
8 |
* Access the details of each analyst
