Excellence in Integrated Reporting 2026

The integrated report demonstrates a strong future-focused perspective and excellent connectivity between its various content elements, resulting in a high level of integration throughout the document. The six capitals serve as a consistent thread across the report, reinforcing the organisation’s integrated thinking and approach to value creation. A comprehensive explanation of the materiality determination process provides valuable insight into how the group identifies and prioritises the matters most relevant to its stakeholders and long-term success. The report also offers a useful explanation of the evolution of the group’s strategy, illustrating how it has adapted over time in response to changing circumstances. In addition, it provides meaningful discussion of how various emerging and topical issues are influencing the group’s operating context, supported by a detailed analysis of the forces shaping its macro-environment. The report further strengthens its strategic narrative through an explicit explanation of how the six capitals influence the group’s purpose and strategy, alongside comprehensive coverage of each capital. Finally, the group’s strategic ambition is clearly articulated and supported by well-defined short-, medium- and long-term priorities, providing stakeholders with a clear understanding of the organisation’s direction and objectives.

The integrated report is easy to navigate and immediately provides readers with a clear understanding of the business through the early presentation of the group’s value creation model. It effectively demonstrates the group’s contribution to the Sustainable Development Goals by presenting them alongside the outcomes achieved, while also providing detailed insight into each stakeholder group and the organisation’s relationship with them. The report includes a concise, one-page introduction to the group’s strategy, making the strategic direction accessible and easy to understand. Strong connectivity is evident through the clear linkage between each material matter and the related outlook, strategy and risk considerations, supported by useful “key takeaways” that highlight the most important information. The report further strengthens accountability through the disclosure of board activities relating to each material matter and provides detailed explanations of the group’s key opportunities. In addition, performance metrics are explicitly linked to remuneration outcomes, enabling stakeholders to better understand how performance influences executive rewards and supports the achievement of strategic objectives.

The integrated report places a strong emphasis on future value creation while maintaining a concise format that provides sufficient detail to support meaningful stakeholder understanding. The report includes an effective infographic that links the reporting suite to materiality considerations and target audiences, helping readers navigate the information most relevant to them. A clear roadmap illustrates how the group delivers sustainable value creation over time, complemented by a detailed capital allocation framework infographic that provides insight into resource prioritisation and strategic decision-making. The report further enhances its strategic narrative by explaining why each strategic objective is important and how it contributes to long-term success. A comprehensive business model infographic clearly demonstrates the group's value creation process, while explicit disclosures regarding the availability, quality and affordability of the various capitals provide valuable context for understanding the organisation’s operating environment. In addition, the report offers a thoughtful discussion of the short-, medium- and long-term operating outlook and provides comprehensive coverage of all six capitals, reinforcing the group’s integrated approach to strategy, performance and value creation.

The integrated report achieves an appropriate balance between forward-looking information and performance reporting, providing stakeholders with both a clear understanding of past achievements and the group’s future value creation prospects. The use of a dedicated icon to signpost integrated thinking throughout the decision-making process is particularly effective, helping readers identify the connections between strategy, governance and performance. Assurance is seamlessly integrated into the report, reinforcing the credibility and reliability of the disclosures. The report also features a compelling infographic that clearly communicates the group’s value creation story, while providing a comprehensive explanation of the organisation’s material matters. Importantly, the materiality assessment is grounded in stakeholder reality, demonstrating a strong understanding of the issues most relevant to key stakeholder groups. Detailed information is provided for each of the group’s strategic pillars, supported by performance dashboards that allow readers to readily assess progress and outcomes. The report further distinguishes itself through its extensive and explicit discussion of the outlook for value creation and its strong linkage between governance activities and the creation, preservation and protection of value over the short, medium and long term.

The integrated report demonstrates a strong strategic focus, providing stakeholders with a clear understanding of the group’s long-term direction and priorities. Sufficient depth is dedicated to discussing the outlook, offering meaningful insight into future opportunities, challenges and value creation prospects. The report also brings real texture and credibility to the group’s statement of purpose by clearly linking it to strategic actions and business outcomes. A particularly effective feature is the business model infographic, which incorporates both revenue and cost drivers, helping readers understand how the organisation generates and sustains value. Governance disclosures are strengthened through the explicit identification of key board focus areas, while comprehensive coverage of the group’s material matters provides transparency regarding the issues most significant to the business and its stakeholders. For each material matter, the report clearly articulates the relevant context and the strategic response, demonstrating how the group is addressing key challenges and opportunities. Risks and opportunities are discussed in detail and are well integrated with other content elements, reinforcing the report’s connectivity and strategic coherence. Furthermore, detailed strategies are presented for each strategic pillar, enabling readers to assess how strategic objectives will be achieved, while the financial statements are enhanced by clear explanations of key line items, improving the overall usefulness and accessibility of the financial information presented.

The integrated report is concise yet highly informative, incorporating a range of innovative disclosures that enhance stakeholder understanding and engagement. A continuous value creation narrative is maintained throughout the report, supported by effective cross-referencing that strengthens connectivity between content elements. Commentary is clearly linked to key financial statement line items, enabling readers to better understand the relationship between financial performance and the underlying business activities. The report also provides detailed context for each geographical market in which the group operates, offering valuable insight into regional dynamics and performance drivers. A concise summary of the group’s outlook, supported by cross-references to more detailed discussions, allows stakeholders to quickly grasp the key themes shaping future performance. The report further explains how each of the capitals supports the group’s strategic priorities, reinforcing the organisation’s integrated approach to value creation. An especially noteworthy feature is the disclosure of the extent to which each material matter reflects financial materiality, impact materiality, or both, providing greater transparency into the group’s materiality assessment process. Strategic responses and related opportunities are clearly presented for each material matter, while detailed disclosures regarding the quality of stakeholder relationships demonstrate the group's commitment to stakeholder engagement. In addition, the report provides significant depth in its discussion of risks and opportunities, offering a comprehensive view of the factors that could influence the group’s ability to create sustainable value over time.

The integrated report places a strong emphasis on value creation, providing stakeholders with a clear understanding of how the group generates and sustains value over time. The report offers a thorough explanation of the group’s approach to reporting, enhancing transparency and demonstrating a commitment to meaningful communication with stakeholders. Material matters are disclosed in detail and are effectively linked to associated risks, opportunities and relevant sustainability topics, illustrating the interconnections between key business issues and long-term value creation. The report also provides comprehensive explanations of how the group manages its capitals and makes strategic trade-offs, offering insight into the considerations that underpin decision-making. Good detail is provided for each strategic objective, with sustainability considerations clearly integrated into the group’s strategy rather than treated as a standalone topic. Risks and opportunities are discussed in a highly integrated and in-depth manner, reinforcing the report’s connectivity and strategic focus. In addition, performance and outlook information is clearly presented for each strategic objective, enabling readers to assess both current progress and future priorities. The report further enhances understanding through the level of granularity provided for each business segment, while the governance section effectively demonstrates how governance structures and processes support the execution of strategy and the achievement of long-term objectives.

The integrated report uses language that is clear, concise and accessible, making it easy for stakeholders to understand the group’s key messages and performance. It avoids generic disclosures by providing meaningful, entity-specific information that reflects the group’s unique circumstances and strategic priorities. The report includes a clear explanation of the group’s approach to value creation, supported by explicit disclosure of the metrics used to measure the value created for stakeholders. A useful discussion of the group’s approach to sustainability further enhances the report’s relevance, while a comprehensive and clearly articulated business model provides insight into how the organisation generates and preserves value over time. The report also demonstrates strong integration through its discussion of material issues, risks and opportunities, highlighting the interrelationships between these key matters and their implications for the business. An appropriate balance is achieved between backward-looking performance information and forward-looking insights, enabling stakeholders to assess both past achievements and future prospects. Importantly, the report openly discloses challenges encountered during the year, contributing to its credibility and transparency. Finally, comprehensive disclosure of board deliberations provides valuable insight into governance processes and the key considerations that informed strategic decision-making throughout the reporting period.