Interim Results 2025/26

Interim Results 2025/26

CONTINUED INVESTMENT IN value, quality and service DRIVING STRONG MARKET SHARE GAINS.

Ken Murphy, Chief Executive:

"I am pleased with our first half performance, which builds on already strong momentum. Our market share gains in the UK are a particular highlight and reflect the decisive action we took at the start of the year to further invest in value, quality and service. The extension of our savings programme is helping offset new operating cost inflation, including increased National Insurance and other regulatory costs. Sales have grown across all our businesses, with customer satisfaction scores improving once again.

The steps we have taken to keep prices down for customers have improved our price position relative to the market. We have continued to enhance quality across all our ranges, including Finest, which is now in its third year of double-digit sales growth. Our summer ranges also benefited from over 470 new products and we continued to deliver market-leading availability. The opening of our new semi-automated distribution centre in Aylesford will further support our core fresh food offer.

We are also continuing to invest in our long-term growth, leveraging technology to drive more personalised engagement through Clubcard and deeper retail media reach across channels and suppliers. Our online business is going from strength-to-strength, enhanced by the recent launch of F&F online and continued growth in Whoosh, our rapid delivery service.

Competitive intensity remains high, and with continued pressure on household budgets, we remain committed to ensuring customers get the best possible value by shopping at Tesco. As we continue to invest, we are creating sustainable value for all our stakeholders. Our colleagues are central to everything we do, and I would like to thank them all for the role they have each played in delivering for our customers."

Strong trading performance with operating profit growth and continued cash generation

Increasing customer satisfaction contributing to further UK market share gains

Continued range innovation with investments in distribution capacity and new AI capabilities

Expanding the reach and breadth of our market leading online offer

Enhancing personalised engagement through Clubcard and expanding the Tesco Media and Insight platform

CAPITAL RETURN PROGRAMME.

Since the commencement of our £1.45bn share buyback programme on 10 April 2025 and up until market close on 1 October 2025, we have bought back £891m worth of our ordinary shares. The balance will be completed by April 2026. Since launching our programme in October 2021, we have bought back a total of £3.7bn worth of ordinary shares.

OUTLOOK.

In April, we noted an increase in the competitive intensity of the UK market and provided guidance that allowed us to take decisive action and invest in every aspect of our customer shopping trip.

Competitive intensity remains elevated. However, in the first half, a better-than-expected customer response to our actions and the benefit of an extended period of good weather have helped offset the cost of our investments.

We are committed to doing everything we can to keep prices down and deliver great quality, service and availability for our customers, and are making good progress towards our c.£500m Save to Invest target, helping to mitigate the impact of increased cost inflation.

We now expect FY 25/26 Group adjusted operating profit between £2.9bn and £3.1bn, an increase from the previous range of between £2.7bn and £3.0bn. We continue to expect free cash flow within our medium-term guidance range of £1.4bn to £1.8bn.

FY 25/26 is a 53-week financial year, but for comparability we will also report our key financial metrics on a 52-week basis. All financial guidance is provided on a 52-week basis.

STRATEGIC PRIORITIES.

Our strategic priorities ensure that we focus on offering great value, quality and convenience whilst rewarding loyalty. Through our colleagues, reach and supplier relationships, we are well-placed to serve our customers wherever, whenever and however they need us. Our strategy puts customers at the heart of everything we do, and guides us to deliver top-line growth, grow profit and generate cash and, in doing so, deliver for all our stakeholders.

1) Magnetic Value for Customers - Re-defining value to become the customer's favourite

2) I Love my Tesco Clubcard - Creating a competitive advantage through our powerful digital capability

3) Easily the Most Convenient - Serving customers wherever, whenever and however they want to be served

4) Save to Invest - Significant opportunities to simplify, become more productive and reduce costs

GROUP REVIEW OF PERFORMANCE.

On a continuing operations basis1

Sales2 increased by 5.1% at constant rates, with growth across all operating segments. Group sales volumes continued to grow, supported by further investments in the customer offer, particularly in response to an increase in competitive intensity in the UK. Revenue increased by 3.7% at constant rates, including a (9.8)% decline in fuel sales, primarily driven by lower fuel retail prices year-on-year.

Group adjusted operating profit2 increased by 1.6% at constant rates, with the growth in sales volumes and our Save to Invest programme offsetting operating cost inflation and allowing us to put even more investment in our customer offer across value, quality and service. Insurance and Money Services performed well, driven by income from the new partnership with Barclays and strong cost control. Group adjusted operating profit margin was down (10)bps reflecting investments in the customer offer.

Statutory operating profit decreased by (0.6)% year-on-year, as the growth in adjusted operating profit was offset by an increase in restructuring and property adjusting items, including the fair value remeasurement of certain residential properties transferred to assets held for sale, and separation costs related to the disposal of the Group's Banking operations. The prior year included adjusting income relating to gains on disposal of surplus properties.

Net finance costs increased by £(79)m year-on-year, largely due to mark-to-market movements on certain derivative financial instruments, with adjusted net finance costs broadly flat year-on-year. The reduced tax charge reflects the decrease in statutory profits, driven by adjusting items.

Adjusted diluted EPS2 grew by 6.8%, driven by higher adjusted operating profit and the continued benefit from a reduction in share count due to our ongoing share buyback programme. We have announced an interim dividend of 4.80 pence per ordinary share, in line with our policy to pay 35% of the prior full-year dividend. 

We generated £1,298m of free cash flow2, including a £408m working capital inflow. Net debt, which at year end included c.£700m from the sale of the Group's Banking operations, increased by £(430)m, reflecting the progress made during the first half in returning the proceeds through share buybacks. The net debt/EBITDA ratio was 2.0 times at the end of the first half.

Further commentary on these metrics can be found below and a full income statement can be found on page 15. 

Operating segment presentation - UK & ROI and Booker  

Following changes to the Group Executive Committee during the period, Booker, which was previously reported as part of the UK & ROI operating segment, now meets the definition of an operating segment in its own right, as set out in IFRS 8 'Operating Segments'. These results are therefore presented on this basis. For comparative purposes and on an equivalent basis, FY 24/25 UK & ROI adjusted operating profit was £2,726m and Booker adjusted operating profit was £290m. There have been no other changes to operating segments since the year end. Further details are included in Note 2 on page 21.

Footnotes: 

1. In line with FY 24/25, the performance of the Banking operations in the prior year is presented as a discontinued operation. The Insurance and Money Services business (IMS) is presented on a continuing operations basis and therefore within the headline performance measures. There are no discontinued operations in the current period.

2. The Group has defined and outlined the purpose of its alternative performance measures, including its performance highlights, in the Glossary starting on page 38.

3. Net debt includes Insurance and Money Services, with the prior year reported on a consistent basis. The impact on H1 24/25 is to reduce Net debt by £154m. Further information on Net debt can be found in Note 19, starting on page 35.

4. Like-for-like (LFL) sales growth is a measure of growth in Group sales from stores that have been open for at least a year and online sales (at constant exchange rates, excluding VAT and fuel). LFL excludes revenue from dunnhumby, Insurance and Money Services and mall rental income as this revenue is not directly linked to the sale of goods.

5. Capex excludes additions arising from business combinations, property buybacks (typically stores) and other store purchases and their associated refit costs. Refer to page 43 for further details.

Segmental review of performance: 

Sales performance:

(exc. VAT, exc. fuel)2,4 

 Further information on sales performance is included in the appendices starting on page 47. 

Adjusted operating profit2 performance:

 Further information on operating profit performance is included in Note 2 starting on page 21. 

UK & ROI OVERVIEW:

In the UK & ROI, like-for-like sales increased by 4.9%. We continued to deliver volume growth in both markets, with continued market share and switching gains in the UK in the half, and ROI gaining share year-on-year consolidating three years of market share outperformance. The strong performance in the UK reflects a positive reaction to our targeted price investments in response to increased competitive intensity, with both markets also benefiting from warmer weather.

UK & ROI adjusted operating profit was £1,468m, up 2.1% at constant rates. Profit growth in the segment was driven by the strong trading performance and ongoing Save to Invest delivery more than offsetting investments in the customer offer and ongoing cost inflation, including increased National Insurance contributions and the new Extended Producer Responsibility (EPR) levy. Insurance and Money Services adjusted operating profit increased from £94m to £100m reflecting income from the new partnership with Barclays, which together with strong cost control, helped to offset £42m of non-recurring benefits recognised in the prior year.

UK - A continued focus on value, quality and service driving further volume and market share growth:

Like-for-like sales grew 4.9%, with growth across all channels. Overall market share grew by +77bps year-on-year to 28.4%, with market outperformance across large, convenience and online. We have now delivered 28 consecutive four-week periods of market share gains and 31 consecutive four-week periods of switching gains. Overall brand perception outperformed the market, with strong year-on-year growth in satisfaction (+263bps) and value (+89bps), and a further improvement in quality (+13bps). 

Food like-for-like sales grew by 5.7%, with a strong volume performance from fresh food, driven by ongoing range development, focused on product quality and innovation. We launched over 470 new products and improved a further 560. Finest sales continued to grow strongly, with sales up 16% year-on-year and 33% over two years.

We remain committed to ensuring customers get the best value for money by shopping at Tesco and have maintained our strong price positioning relative to the market, reducing the price of over 6,500 products versus last year, with an average reduction of around 9%.

Clothing saw strong like-for-like sales growth of 7.8%, as customers responded well to our Spring / Summer ranges, particularly in womenswear and childrenswear, with volumes also supported by good weather. The recent launch of F&F online has allowed more of our customers to access a much fuller range of clothing and complements our broader Tesco Marketplace proposition which now includes over 600,000 products.

Home like-for-like sales declined by (2.1)%, which includes a (5.2)ppts drag from the transition to our partnership with The Entertainer, which completed in the second half last year. The partnership, which offers customers an even better range of toys in our stores, means we no longer recognise toy sales, and instead earn commission income. Excluding this impact, Home like-for-like sales grew by 3.1% with the F&F home lifestyle range continuing to perform strongly post-launch in the second half of last year.

Like-for-like sales grew across both our large and convenience store formats with our net promoter score showing improvement in the half across all measures, with the greatest improvement across reputation and quality. Large store like-for-like sales grew by 4.5%, as we maintained our market-leading availability and customers responded well to our investments in the customer offer and shopping experience. Convenience like-for-like sales, which include sales from our One Stop stores, grew by 1.4%. Within this, Tesco Express like-for-like sales were up 1.8%, including a particularly strong performance in fresh food volumes.

Online sales grew by 11.4%, driven primarily by volume growth, including a c.2ppts contribution from Tesco Whoosh, our rapid delivery service. Overall average orders per week grew 12.1% year-on-year as we introduced over 70,000 additional weekly delivery slots and rolled out further improvements to our website and substitution algorithms. The number of Delivery Saver subscribers increased by 9.3% to 788,000. Tesco Whoosh generated double-digit growth, with growth across both basket sizes and number of active customers.

ROI - New store openings complement like-for-like volume growth, driven by Food: 

Like-for-like sales grew by 4.8%, with volume growth driven by the continued roll out of our 'fresh first' store refresh programme and helped by warmer weather year-on-year. Total sales grew by 6.5% at constant rates, including a 1.3ppt contribution from three new stores in the half and the full year effect of prior year store openings.

Food like-for-like sales grew by 5.1%, with fresh food like-for-like sales up 6.3% as we continued to invest in product quality and innovation across the range. These investments helped support a five-point improvement in our net promoter score, with quality perception up +3ppts year-on-year.

Like-for-like sales grew across all channels. Online sales performed strongly with growth of 18.8%, supported by the launch of same day delivery last year.

Non-food like-for-like sales declined by (1.8)%, which includes a (3.8)ppts impact from the transition to the partnership with The Entertainer. Excluding toys, non-food sales grew by 2.0% supported by volume growth in clothing. 

Overall market share grew by +11bps year-on-year to 23.7%, consolidating three years of consistent market share gains.

BOOKER OVERVIEW - Strong growth across core retail and catering offsetting ongoing tobacco industry decline: 

*Includes sales to small businesses and sales from Venus Wine and Spirit Merchants PLC, which was acquired in June 2024 and is included in LFL growth from June 2025. 

Overall like-for-like sales grew by 1.7%, with strong growth in core retail and catering offset by the continuing decline in the tobacco market. Best Food Logistics grew by 1.3% despite ongoing weakness in parts of the fast-food market it serves.

Core retail like-for-like sales increased by 4.1% year-on-year, driven by a strong growth in our symbol brands (Premier, Londis, Budgens and Family Shopper), with a further 275 net new retail partners acquired in the half. Booker retail customer satisfaction levels continued to improve, with gains year-on-year.

Core catering like-for-like sales increased by 5.7%, with volume growth supported by good weather. We continue to be competitive on price and have seen continued improvements in customer satisfaction levels, with gains year-on-year.

We continue to make good progress in integrating Venus, a specialist wine and spirit merchant which we acquired in June last year, extending its coverage with the addition of new fulfilment space within our network.

Booker delivered adjusted operating profit of £162m, up +0.6% year-on-year. A strong trading performance across core retail and catering, supported by favourable weather and savings generated through our Save to Invest programme, helped to offset significant operating cost inflation, including the new EPR levy.

CENTRAL EUROPE OVERVIEW - Sales growth amid challenging regulatory and competitive pressures:

Like-for-like sales grew by 3.4%, with growth across all countries. Food like-for-like sales grew by 4.0% year-on-year, with fresh food like-for-like sales up 7.0%. Our targeted price investments have enabled us to remain competitive across all markets and contributed to an improvement in our customer net promoter scores.

Non-food like-for-like sales were down (0.8)%, impacted by subdued consumer confidence and poor weather, with volumes lower across both home and clothing.

Central Europe adjusted operating profit was £44m, a decrease of £(5)m year-on-year. The decline reflects a reduction in mall income following the sale of mall properties in H2 24/25, increased competition, particularly in Slovakia, and ongoing regulatory pressure. This has been partially offset by the ongoing success of our Save to Invest initiatives.

Adjusting items: 

Adjusting items are excluded from our adjusted operating profit performance by virtue of their size and nature, to provide a helpful perspective of the year-on-year performance of our ongoing business. Total adjusting items in statutory operating profit from continuing operations resulted in a net charge of £(71)m, compared to a net charge of £(37)m in the prior period.

We continue to present amortisation of acquired intangible assets, principally relating to the merger with Booker, as an adjusting item. The amortisation of acquired intangible assets was £(38)m, in line with the prior year.  

We incurred £(13)m (H1 24/25: £(3)m) in separation costs relating to the disposal of our Banking operations.

Restructuring and property costs relate to our Save to Invest programme and rationalisation of property assets in the UK and Central Europe, including the fair value remeasurement of certain residential properties transferred to assets held for sale. The prior year included adjusting income relating to gains on disposal of surplus properties. 

Adjusting items in net finance (costs) / income and tax are set out below. Adjusting items included within discontinued operations in the prior year primarily related to fair value remeasurement of assets of the disposal group, associated with the sale of our Banking operations to Barclays in November 2024. 

Further detail on adjusting items can be found in Note 4, starting on page 23. 

Net finance costs: 

Adjusted net finance costs of £263m are broadly flat year-on-year, reflecting the impact of refinancing partially offset by lower interest income. Within adjusting items, the £(26)m net cost for fair value remeasurements of financial instruments principally relates to the change in the fair value of index-linked swaps associated with certain rental payments. The cost reflects a decrease in long term UK inflation expectations since the start of the period. In the prior year, inflation expectations had increased, and hence the derivative fair value increased.

Net pension costs decreased by £7m, driven by a reduction in the opening position of the defined benefit pension plan deficit.

Further detail on finance income and costs can be found in Note 5 on page 24, as well as further detail on the adjusting items in Note 4, starting on page 23. 

Group tax:  

Tax on adjusted Group profit was £(379)m, slightly higher than last year reflecting an increase in adjusted Group profit, with the adjusted effective tax rate broadly flat at 26.9% (H1 24/25: 26.7%). The adjusted effective tax rate is higher than the UK statutory rate of 25%, primarily due to the depreciation of assets which do not qualify for tax relief. We continue to expect our adjusted effective tax rate to be around 27% in the current year. 

The current year £24m adjusting credit in tax primarily relates to the tax effect of amortisation of acquired intangible assets, fair value remeasurements on derivative financial instruments and separation costs associated with the disposal last year of the Group's Banking operations.

Earnings per share:

Adjusted diluted EPS was 15.43p, 6.8% higher year-on-year, primarily driven by a reduction in the number of shares in issue from our ongoing share buyback programme and growth in adjusted operating profit. 

Statutory diluted EPS was 14.22p, (2.7)% lower year-on-year, driven by adjusting items, including the impact of fair value remeasurements of certain financial instruments.

Dividend: 

The interim dividend has been set at 4.80 pence per ordinary share, in line with our policy of setting the interim dividend at 35% of the prior full year dividend.

The interim dividend will be paid on 21 November 2025 to shareholders who are on the register of members at close of business on 10 October 2025 (the Record Date). Shareholders may elect to reinvest their dividend in the Dividend Reinvestment Plan (DRIP). The last date for receipt of DRIP elections and revocations will be 31 October 2025. 

Summary of Net debt: 

Net debt was £(9,884)m, an increase of £(430)m from year end. The year end Net debt position included c.£700m from the sale of the Group's Banking operations, ahead of returning the proceeds to shareholders. We generated free cash flow of £1,298m in the half, which was more than offset by cash outflows relating to total share buybacks of £(773)m and the payment of last year's final dividend of £(627)m. Lease liabilities increased by £(75)m driven by rent reviews and new store openings.

We had strong levels of liquidity at the end of the first half, including £3.4bn of cash and highly liquid short-term deposits and money market investments. In addition, our £2.5bn committed revolving credit facility remained undrawn and is in place until at least the end of October 2027. 

Our Net debt to EBITDA ratio was 2.0 times at the end of the first half, below our target range of 2.8 to 2.3 times. 

Fixed charge cover was 4.3 times at the end of the first half versus 4.2 times at the end of FY 24/25.

Defined benefit pension schemes: 

Net of tax, the net IAS 19 pension deficit has reduced from £(180)m to £(112)m, principally reflecting the impact of higher discount rates and updated demographic assumptions. The principal defined benefit pension plan within the Group is the Tesco PLC Pension Scheme (the Scheme), a UK scheme that has been closed to future accrual since 2015.

During H1, together with the Scheme trustee, we agreed the 31 March 2025 triennial funding valuation for the Scheme. This showed that the actuarial position of the Scheme for funding purposes was in surplus, with a funding level of 106% (versus 104% at 31 March 2022). As a result, it was agreed with the Scheme trustee that no pension deficit contributions would be required from the Group.

Further detail on post-employment benefits can be found in Note 17, starting on page 32.  

Summary free cash flow: 

The following table reconciles Group adjusted operating profit to free cash flow. Further details are included in Note 2, starting on page 21.

We delivered free cash flow of £1,298m, with cash generated from operations improving by £283m year-on-year driven by growth in operating profit and working capital inflows. Free cash flow was £37m higher than last year, with the increase in cash generated from operations partly offset by the earlier phasing of capital expenditure and own shares purchased for employee share schemes.

The working capital inflow of £408m largely reflects trade seasonality, with the year-on-year improvement driven by our strong sales performance (leading to higher trade balances) and a new c.£90m payable from the EPR levy, the majority of which will be settled in the second half.  

Net interest paid was £(24)m higher year-on-year, principally due to the timing of bond coupons and associated derivatives, lower rates on cash deposits and higher lease interest.

Tax paid was £(50)m higher year-on-year, mainly driven by the end of historical tax deductions and phasing of tax payments.

Dividends received were £50m higher, reflecting dividends received from Insurance and Money Services in relation to the prior year. 

Within the memo lines shown, the net £(11)m acquisitions and disposals outflow primarily relates to settlement of deferred consideration on Booker's acquisition of Venus Wine and Spirit Merchants PLC. The £(11)m net outflow relating to property transactions relates to the buyback of three stores in the UK, net of the sale of a number of residential units above our stores. The cash impact of adjusting items of £(71)m relates to Save to Invest restructuring costs provided for at the end of the prior financial year, separation costs relating to the disposal of the Group's Banking operations last year and a property transaction in the UK.

Capital expenditure and space:

 Space in the above table is defined as net space in store adjusted to exclude checkouts, space behind checkouts, customer service desks and customer toilets. The data above excludes space relating to franchise stores.

Capital expenditure shown in the table above reflects expenditure on ongoing business activities across the Group, excluding property buybacks, and other store purchases along with their associated refit costs.

Our capital expenditure in the first half was £667m, an increase of £137m compared with last year, reflecting a more even shape to this year's investments. We expect total capital expenditure this year of c.£1.5bn. This includes the first phase of investment in our new distribution centre at DP World London Gateway. The site is expected to open in 2029 and will leverage the latest technology to enhance our supply chain and support future growth.

Statutory capital expenditure has seen an increase of £144m to £699m.

We continue to prioritise investments in high returning areas, including automation in parts of our distribution network and developing our digital platforms, in addition to continued investment to improve the customer experience in our store estate. 

In the first half, we opened a total of 38 stores across the Group and refreshed a further 112 stores. In the UK, we opened one large store, 24 Tesco Express stores and seven One Stop stores and in ROI we opened two new large stores and one Tesco Express. In Central Europe, we opened two new large stores and one new convenience store. 

Further details of current space can be found in the appendices starting on page 47. 

Contacts.

This document is available at www.tescoplc.com/interims2526. 

A webcast including a Q&A will be held today at 9.00am for investors and analysts and will be available on our website at www.tescoplc.com/interims2526. This will be available for playback after the event. All presentation materials, including a transcript, will be made available on our website.

We will release our Q3 & Christmas Trading Statement on 8 January 2026.

Sources.

Additional Disclosures. 

Principal Risks and Uncertainties.

The principal risks and uncertainties faced by the Group remain those as set out on pages 40 to 47 of our Annual Report and Financial Statements 2025: cyber security; data privacy; climate change; geopolitics and other global events; technology; responsible sourcing; health and safety; product safety and food integrity; people; macroeconomic exposures; customer, competition and markets; regulatory and compliance; and security of supply.

Statement of Directors' Responsibilities.

The Directors are responsible for preparing the Interim Results for the 26-week period ended 23 August 2025 in accordance with applicable law, regulations and accounting standards. Each of the Directors confirm that to the best of their knowledge the condensed consolidated interim financial statements have been prepared in accordance with IAS 34: 'Interim Financial Reporting', as adopted by the European Union and that the interim management report includes a true and fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely:

· an indication of the important events that have occurred during the first 26 weeks of the financial year and their impact on the condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the remainder of the financial year; and

· material related party transactions in the first 26 weeks of the year and any material changes in the related party transactions described in the last annual report.

The Directors of Tesco PLC are listed on pages 56 to 58 of the Tesco PLC Annual Report and Financial Statements 2025.

A list of current directors is maintained on the Tesco PLC website at: www.tescoplc.com.

By order of the Board Directors

Gerry Murphy - Non-executive Chairman

Ken Murphy - Group Chief Executive

Imran Nawaz - Chief Financial Officer

Dame Carolyn Fairbairn*

Melissa Bethell*

Bertrand Bodson*

Thierry Garnier*

Stewart Gilliland*

Chris Kennedy*

Caroline Silver*

Karen Whitworth*

*Independent Non-executive Directors

1 October 2025

Disclaimer.

Certain statements made in this document are forward-looking statements. For example, statements regarding future financial performance, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "should", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are based on current expectations and assumptions and are subject to a number of known and unknown risks, uncertainties and other important factors that could cause actual results or events to differ materially from what is expressed or implied by those statements. Many factors may cause actual results, performance or achievements of Tesco to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of Tesco to differ materially from the expectations of Tesco include, among other things, general business and economic conditions globally, industry trends, competition, changes in government and other regulation and policy, including in relation to the environment, health and safety and taxation, labour relations and work stoppages, interest rates and currency fluctuations, changes in its business strategy, political and economic uncertainty, including as a result of global pandemics. As such, undue reliance should not be placed on forward-looking statements. Any forward-looking statement is based on information available to Tesco as of the date of the statement. All written or oral forward-looking statements attributable to Tesco are qualified by this caution. Other than in accordance with legal and regulatory obligations, Tesco undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Group income statement

* Insurance revenue, insurance service expenses and net expenses from reinsurance contracts held relate to the motor and home insurance policies underwritten by the Group's subsidiary, Tesco Underwriting Limited. Refer to Note 1 of the Annual Report and Financial Statements 2025 for further details.

The notes on pages 20 to 37 form part of this condensed consolidated financial information.

Group statement of comprehensive income/(loss)

The notes on pages 20 to 37 form part of this condensed consolidated financial information.

Group balance sheet

The notes on pages 20 to 37 form part of this condensed consolidated financial information.

These unaudited condensed consolidated interim financial statements for the 26 weeks ended 23 August 2025 were approved by the Board on 1 October 2025.

Group statement of changes in equity

The notes on pages 20 to 37 form part of this condensed consolidated financial information.

Group cash flow statement