VII Net debt, liquidity & total funding obligations
Total funding obligations
Net debt progression (€billion)
H1 FY26 FY25 €m €m (34,059) (36,402)
1.9
1.0
0.6
0.2
0.6
Bonds Bank loans Gross debt
€25.9bn
(0.8)
(1,315) (2,431)
(1,213) (2,345)
€22.4bn FY25 2.0x Net debt/ Adj. EBITDAaL
Other borrowings including spectrum
H1 FY26 2.3x Net debt/ Adj. EBITDAaL
(37,805) (39,960) 7,087 11,001
Cash and cash equivalents Non-current investments in sovereign securities
904 3,773 (78)
913 5,280 1,716
Short-term investments Derivative financial instruments Net collateral / (liabilities)
FY25
Adjusted FCF H1 FY26
Spectrum & restructuring
Dividends
Share buybacks
M&A & Other
Gain on bond buyback
H1 FY26
180 (1,347) (25,939) (22,397)
Net debt (a)
Bond maturity profile (€billion)
Other funding obligations Lease liabilities
(12,335) (10,826)
Current liquidity
Senior
Hybrid
Guarantees over Australia joint ventures loans
(1,407) (165) 3,797
(1,479) (187) 4,081
Pension liabilities Equity content of hybrid bonds Total funding obligations (b)
0.8
3.8
(36,049) (30,808) 11,453 10,932
11.8
Adjusted EBITDAaL (c) 1 Depreciation on right of use assets Adjusted EBITDAaL before leases (d) Interest on leases
11.5
3,376 560
3,205 488
8.0
1.8 0.8
15,389 14,625
0.9 2.2
0.7
1.8
0.9
Ratio of net debt to adjusted EBITDAaL (a/c) Ratio of total funding obligations to adjusted EBITDAaL before leases (b/d)
2.3x 2.3x
2.0x 2.1x
Current liquidity
FY26
FY27
FY28
FY29
FY30
FY31-39
FY40+
100% of bonds fixed. Average life of bonds 13 years
All 3 credit rating agencies at BBB
H1 FY26 Results ⫶ November 2025
1. H1 FY26 ratio is pro forma for 8 months of Three UK’s Adjusted EBITDAaL.
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