Analyst consensus for year ended 31 December 2025
| Income Statement (£'m) | FY25 Consensus | Low | High | Median | # Analysts |
|---|---|---|---|---|---|
| Total net operating income | 917.6 | 904.3 | 923.8 | 915.2 | 7 |
| Total underlying operating expenses | 681.7 | 675.7 | 688.7 | 681.0 | 7 |
| Underlying PBT | 235.9 | 235.1 | 237.6 | 235.3 | 7 |
| Underlying operating margin | 25.7% | 25.4% | 26.0% | 25.7% | 7 |
| Underlying EPS (pence per share) | 162.7 | 158.1 | 167.4 | 161.2 | 7 |
| Total DPS (pence per share) | 100 | 95 | 107 | 98 | 7 |
| Group FUMA (£’bn) | 113.9 | 111.6 | 116.3 | 113.9 | 7 |
| Total Group net inflow/outflow (£’bn) | -1.6 | -2.3 | 0.0 | -1.8 | 7 |
Analyst consensus for year ended 31 December 2026
| Income Statement (£'m) | FY26 Consensus | Low | High | Median | # Analysts |
|---|---|---|---|---|---|
| Total net operating income | 961.0 | 940.5 | 991.4 | 953.1 | 8 |
| Total underlying operating expenses | 689.2 | 659.2 | 722.6 | 689.2 | 8 |
| Underlying PBT | 269.8 | 259.7 | 284.9 | 268.9 | 8 |
| Underlying operating margin | 28.1% | 27.1% | 29.1% | 28.0% | 8 |
| Underlying EPS (pence per share) | 186.7 | 177.1 | 200.3 | 185.2 | 8 |
| Total DPS (pence per share) | 108 | 97 | 123 | 106 | 8 |
| Group FUMA (£’bn) | 120.7 | 118.1 | 123.7 | 120.1 | 8 |
| Total Group net inflow/outflow (£’bn) | 1.4 | 0.2 | 4.2 | 1.0 | 8 |