RCS - Brit Utd ProvAscBUPA - BUPA Preliminary Results 2025
Today 08:15
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260305:nRSE3994Va&default-theme=true
RNS Number : 3994V British Utd Provident Assoc (BUPA) 05 March 2026
The British United Provident Association Limited (Bupa)
FULL YEAR STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025
Driving growth and supporting more customers than ever before.
Iñaki Ereño, Group CEO, commented:
"This year we served more customers than ever before, making high quality
healthcare accessible to more people. We've made progress on Connected Care 1
(#_ftn1) , our strategy to connect customers in every market to both insurance
and provision (physical or digital), opening over 100 new health provision
sites around the world and increasing the number of customers using Blua, our
digital healthcare solution. Thank you to our colleagues, who are committed to
driving Bupa's new 3x100 Strategy. You are helping us to go further and faster
in delivering Bupa's ambition to be the most customer-centric healthcare
company in the world."
Performance headlines
• Insurance customers increased by 14% to 47.1m, health provision
customers increased 6% to 20.7m and aged care closing occupancy remained high
at 94%.
• As a result of this strong customer growth, revenue increased by
11% to £18.2bn and underlying profit increased by 16% to £1,009m at constant
exchange rates (CER).
• Statutory profit before tax of £970m was flat at actual exchange
rates (AER), as underlying profit growth at CER was offset by foreign exchange
impacts and greater favourable one-off items in the prior year.
• Solvency II capital coverage ratio of 187% is above the top end of
our working range, reflecting our strong capital position underpinned by the
short-duration profile of our insurance liabilities.
Trading performance
FY 2025 FY 2024 (CER) % growth FY 2024 (AER) % growth
(CER) (AER)
Customers 2 (#_ftn2) 67.8m n/a n/a 60.9m 11%
Revenue 3 (#_ftn3) £18.2bn £16.4bn 11% £16.9bn 7%
Underlying profit 4 (#_ftn4) £1,009m £872m 16% £914m 10%
Statutory profit before tax £970m n/a n/a £972m -%
Cash and capital
FY 2025 FY 2024 (AER) % growth
(AER)
Cash generated from operating activities £1,234m £1,268m (3%)
Leverage (excl. IFRS 16) 15.5% 16.0% 0.5ppts
Leverage (incl. IFRS 16) 22.8% 23.1% 0.3ppts
Solvency 187% 176% 11ppts
Strategic progress
• We remain focused on providing a world-class customer experience
while continuing the transformation of Bupa by building our data and digital
capabilities.
• We now serve 68m customers, more than ever before, reflecting the
strong progress behind Bupa's 3x100 strategy launched in January 2025.
• Driven by our ambition to be the world's most customer-centric
healthcare company, we implemented 14,800 customer experience improvements in
2025 driving an NPS 5 (#_ftn5) increase of +5.2pts, reaching a global average
NPS score of 71.9.
• We made progress on Connected Care in every market, adding over
100 health provision sites and increasing registered Blua customers to 8.7
million.
• Our growth and strong financial performance enable us to provide
more and better healthcare for our customers, and allows us to invest in
innovation. This includes reinvesting in strategic projects that align with
our purpose:
◦ We have 52 Mindplace health centres 6 (#_ftn6) open, expanding
fast with 46 launches in 2025, so more people can access high-quality mental
healthcare.
◦ We have launched genomics products in Spain, UK, Poland and
Australia. Through our genomics programme, we have already delivered 28,800
genomic reports providing people with valuable insights and better enabling
preventive and personalised care.
• Our overall people engagement score was 84, exceeding Microsoft
Glint's high-performing (top 10%) external benchmark by three points,
reflecting the significant level of alignment and engagement across the
organisation.
• Under our refreshed sustainability strategy, Better World, we have
supported 7 (#_ftn7) over one million people through our global Healthy
Cities programme, and have reduced our scope 1 and 2 (market-based) emissions
by 62% since 2019.
Outlook
• We are encouraged by the strong growth and performance across the
Group through the first year of our new 3x100 Strategy. While global
macro-economic and geopolitical uncertainty creates challenges, and changes in
governmental and regulatory policy remain one of our top risks, we are
well-positioned to navigate these challenges and take advantage of
opportunities.
Enquiries
Media - Duncan West (Corporate Affairs): duncan.west@bupa.com
Investors - Gareth Evans (Treasury): ir@bupa.com
(Bupa 1025Z LN)
This statement is also available at www.bupa.com/financials/results-centre
About Bupa
Established in 1947, Bupa's purpose is helping people live longer, healthier,
happier lives and making a better world. We are an international healthcare
company serving 68 million customers worldwide. With no shareholders, we
reinvest profits into providing more and better healthcare for the benefit of
current and future customers. Bupa has businesses around the world,
principally in Australia, the UK, Spain, Poland, Chile, Hong Kong SAR, India,
Türkiye, Brazil, Mexico and New Zealand. We also have associate businesses 8
(#_ftn8) in Saudi Arabia.
For our investor overview, visit www.bupa.com/financials/borrowings.
Disclaimer: Cautionary statement concerning forward-looking statements
This document may contain certain 'forward-looking statements'.
Forward-looking statements often use words such as 'intend', 'aim', 'project',
'anticipate', 'estimate', 'plan', 'believe', 'expect', 'forecasts', 'may',
'could', 'should', 'will', 'continue' or other words of similar meaning.
Statements that are not historical facts, including statements about the
beliefs and expectations of The British United Provident Association Limited
(Bupa) and Bupa's directors or management, are forward-looking statements. In
particular, but not exclusively, these may relate to Bupa's plans, current
goals and expectations relating to future financial condition, performance and
results.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend upon future circumstances that may or
may not occur, many of which are beyond Bupa's control and all of which are
solely based on Bupa's current beliefs and expectations about future events.
These circumstances include, among others, global economic and business
conditions, market-related risks such as fluctuations in interest rates and
exchange rates, the policies and actions of governmental and regulatory
authorities, risks arising out of health crises and pandemics, the impact of
competition, the timing, impact and other uncertainties of future mergers or
combinations within relevant industries. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause the actual future condition, results, performance or achievements of
Bupa or its industry to be materially different to those expressed or implied
by such forward-looking statements. Recipients should not place reliance on,
and are cautioned against relying on, any forward-looking statements. Except
as required by any laws and regulations, Bupa expressly disclaims any
obligations or undertakings to release publicly any updates or revisions to
any forward-looking statements to reflect any change in the expectations of
Bupa with regard thereto or any change in events, conditions or circumstances
on which any such statement is based.
Forward-looking statements in this document are current only as of the date on
which such statements are made. No statement in this document is intended to
be a profit forecast. Neither the content of Bupa's website nor the content of
any other website accessible from hyperlinks on Bupa's website is incorporated
into, or forms part of, this document.
Group CEO's Review
2025 performance summary
Our strong financial performance and continued growth in underlying profit,
driven by serving more customers than ever before, underlines the successful
transition and momentum carried over from Bupa's 3x6 strategy to the new 3x100
strategy.
Progress against our 3x100 strategy
We launched Bupa's new 3x100 Strategy at the start of 2025 which sets out the
initiatives we are focused on in service of Bupa's purpose. We have three bold
Ambition KPIs which we are striving towards, with progress made against each:
• To have a Customer Net Promoter Score of 100. In 2025, we
increased our NPS score by +5.2pts and achieved an average NPS score of 71.9
across all our business units. This has continued to improve year on year.
• To achieve a 100% Complete Customer Dataset. In 2025 we made great
progress strengthening our customer profile, funding and interaction data,
delivering a 1.6 ppt increase to reach our first 60% goal on data
foundations 9 (#_ftn9) . As part of the 3x100 Strategy, we are now focused on
expanding customer clinical data, the remaining 40% of our ambition.
• To have 100m customers supported by Bupa. In 2025 we served 68
million customers worldwide, more than ever before, and 11.4% more customers
than in 2024.
Other highlights
• Increasing hospital provision: This year, we added four more
hospitals, bringing the total we operate to 28. In Spain, we opened Hospital
Blua Sanitas Valdebebas, a new digital hospital which combines technology,
sustainability and personalised care. We also acquired Hospital Magnus in the
city of Łódź in Poland. In the UK, we acquired two hospitals, New Victoria
Hospital and King Edward VII's Hospital.
• People engagement: Our overall engagement score in our latest
global employee survey in November 2025 was 84, exceeding Microsoft Glint's
high-performing (top 10%) external benchmark by three points. This survey saw
high levels of participation with an 86% response rate.
• Bupa Campus: We launched Bupa Campus, our new learning initiative
with physical sites in Melbourne, Madrid and Staines, and a global digital
learning platform, which is focused on developing Bupa's workforce for the
future, fostering innovation and creating a culture of continuous learning. We
have already had over 12,000 visits to Bupa Campus, with more to come in 2026.
Bupa Campus is our commitment to develop the leadership, skills and future
capabilities that will drive the transformation of healthcare.
• Launching Better World: The strategy is the next step in our
sustainability journey, and is driving real action for People, Communities,
and the Planet. Through our Healthy Cities programme, we've supported over one
million people in more than 50 cities across 24 countries, with a £3m
investment by Bupa in nature-based projects that are transforming urban
environments.
Outlook
We are encouraged by the strong growth and performance across the Group
through the first year of our new 3x100 Strategy and the commitment from our
colleagues.
Continued global macro-economic and geopolitical uncertainty creates
challenges for our business to navigate while changes in governmental and
regulatory policy remain one of our top risks. We remain well-placed to
navigate these challenges and to take advantage of opportunities because of
our underlying financial strength, resilience and diversified business model.
We are confident for the future given there is positive momentum behind our
3x100 Strategy and our ambition to be the world's most customer-centric
healthcare company. There is much to do and we are focused on supporting
people's changing health and wellbeing needs, now and into the future.
FINANCIAL REVIEW
Summary
2025 2024 (CER) % growth 2024 % growth
£m (CER) (AER) (AER)
Bupa Asia Pacific 6,316 5,958 6% 6,277 1%
Europe and Latin America 6,016 5,291 14% 5,427 11%
Bupa Global, India and UK 5,756 5,103 13% 5,151 12%
Other Businesses 10 9 11% 9 11%
Adjustment 10 (#_ftn10) 56 47 19% 60 (7%)
Total Revenue 18,154 16,408 11% 16,924 7%
Bupa Asia Pacific 463 422 10% 446 4%
Europe and Latin America 457 421 9% 442 3%
Bupa Global, India and UK 330 233 42% 228 45%
Other Businesses 84 94 (11%) 97 (13%)
Market Unit Underlying Profit 1,334 1,170 14% 1,213 10%
Group Functions (140) (145) (3%) (145) (3%)
Borrowing Costs (74) (84) (12%) (84) (12%)
Group Investment Fund (111) (69) 61% (70) 59%
Total Underlying Profit 1,009 872 16% 914 10%
Statutory profit before tax 970 n/a n/a 972 -%
Group COR 11 (#_ftn11) 94% n/a n/a 95% 1ppts
Cash generated from operating activities 1,234 n/a n/a 1,268 (3)%
Leverage (excl. IFRS 16) 15.5% n/a n/a 16.0% 0.5ppts
Leverage (incl. IFRS 16) 22.8% n/a n/a 23.1% 0.3ppts
Solvency II ratio 187% n/a n/a 176% 11ppts
All commentary is on a CER basis unless stated otherwise.
Bupa Asia Pacific
Revenue in our Asia Pacific Market Unit increased by 6% to £6.3bn driven by
customer growth and the expansion of our health provision network whilst
occupancy 12 (#_ftn12) levels in our aged care businesses remained high.
Underlying profit increased by 10% to £463m supported by revenue growth and
margin improvement from enhanced operating efficiency.
Australia Health Insurance grew revenue and underlying profit, with domestic
market share closing at 25.56% for the December quarter, marking three
consecutive years of growing market share. On a reported basis, the COR
improved to 92% (2024: 93%) reflecting cost efficiencies which have been
driven by ongoing investment in technology and process improvement.
Australia Health Services revenue and underlying profit increased, driven by
network expansion and growth in customer volumes. During 2025, we accelerated
investment into our Connected Care model adding 27 medical centres to our
network, finishing with 32 across our national footprint.
In aged care, Australia Villages and Aged Care revenue increased, supported by
higher resident fees, while occupancy remained high at 95% (2024: 95%).
Underlying profit reduced as strong operational performance was offset by an
increase in the provision for employee entitlements following recent court
judgements. In New Zealand Villages and Aged Care revenue grew and underlying
profit increased, driven by strong demand supporting higher average pricing
and care home occupancy reaching a seven-year high of 95% (up from 94% at
2024).
Our Hong Kong business achieved revenue and underlying profit growth, from an
improved loss ratio and customer retention in insurance. The business also saw
an increase in the proportion of insurance customers utilising our Health
Services network.
Europe and Latin America
Revenue in our Europe and Latin America Market Unit grew by 14% to £6.0bn,
driven by customer growth and higher average revenue per customer. Underlying
profit increased by 9% to £457m, driven by revenue growth, partially offset
by a payment still under dispute made in relation to a (now terminated) Public
Private Partnership (PPP) in our Spanish hospitals business.
Sanitas Seguros, our health insurance business in Spain, delivered strong
revenue growth through higher customer volumes, with record sales of 533k new
policies in a year. Underlying profit increased as a result of the higher
volumes whilst margins were broadly stable with a COR of 90% (2024: 90%).
Our dental business in Spain saw revenue and underlying profit increase,
driven by higher customer volumes and new clinics.
In our hospitals business in Spain, we saw very strong customer growth driven
by expansion initiatives. Both revenue and profit declined as a PPP reached
the end of its term in 2024 and we made a payment relating to prior years
under that contract.
Sanitas Mayores, our aged care business in Spain, grew revenues and underlying
profit as a result of expansion and improved margins. Occupancy remained high
at 96% (2024: 95%).
In Poland, LUX MED's revenue and underlying profit increased, driven by margin
improvement and strong growth in the number of health insurance and
subscription customers, generating more activity in our medical centres,
hospitals and dental centres.
In Chile, our business delivered revenue growth and returned to underlying
profitability as the regulator approved higher product pricing in the
Isapre 13 (#_ftn13) , whilst provision volumes and margins improved.
Bupa Acıbadem Sigorta, our health insurance business in Türkiye, reported
growth in revenue and underlying profit as we continue to navigate a
challenging macroeconomic and competitive backdrop. Higher investment returns
drove the increase in underlying profit as interest rates remained high.
Care Plus in Brazil delivered revenue and underlying profit growth from higher
insurance volumes, lower loss ratio and higher investment returns.
Bupa Mexico delivered revenue growth driven by customer growth in insurance.
Underlying profit reduced as the improved business performance was offset by
the impact of new tax legislation denying the recovery of VAT borne on
hospital and medical expenses.
Bupa Global Latin America revenue increased from higher customer volumes.
Underlying profit decreased driven by lower investment returns as interest
rates reduced.
Bupa Global, India and UK
Revenue in our Bupa Global, India and UK market unit increased by 13% to
£5.8bn driven by continued customer growth across the insurance businesses,
particularly in UK Insurance and Niva Bupa, and higher customer volumes in
provision. Underlying profit increased by 42% to £330m driven by revenue
growth, improved margins and the impact of a one-off fair value adjustment in
2024 of £(51)m as we increased shareholding in Niva Bupa.
UK Insurance delivered growth in revenue and underlying profit with the
increased performance driven by higher revenues and improved loss ratio, net
of reduced investment income.
In Bupa Global, our international private medical insurance business, revenue
increased due to higher average premiums. Underlying profit reduced as we
invest in our policy administration technology to support future growth.
The COR for Bupa Insurance Limited, the UK based insurance entity that
underwrites both domestic and international insurance, remained stable at 96%
(2024: 96%).
Niva Bupa, our Indian health insurance business, continues to deliver strong
customer growth amidst increasing awareness of and demand for health
insurance. Revenues grew strongly as a result and the business reported an
underlying profit.
UK Dental continues to deliver against its turnaround strategy with margin
improvement driving growth in underlying profit.
UK Care Services, our aged care business, delivered growth in revenue and
underlying profit through increasing occupancy to 92% (2024: 91%), disciplined
cost management and record property sales in our retirement village business.
UK Health Services delivered growth in revenue and underlying profit. The
increase in profit was driven by higher customer numbers in Clinics and the
Cromwell Hospital.
Other Businesses
Profit from our associate insurance and provision businesses in Saudi Arabia
decreased, primarily due to elevated inflationary pressures that compressed
insurance margins throughout the year.
Central costs
Group functions costs reduced to £(140)m (2024: £(145)m), reflecting lower
project spend and strong functional cost discipline. Group investment funding
of £(111)m (2024: £(69)m) increased as we re-invested profits into
high-impact and strategically important initiatives. This was partially offset
by a reduction in borrowing costs to £(74)m (2024: £(84)m) due to lower
senior debt costs.
Statutory profit before tax
Statutory profit before tax of £970m at AER was flat as the increase in
underlying profit on a CER basis was offset by foreign exchange impacts and
one off items in the prior year where we recognised a £309m fair value gain
on our existing stake in Niva Bupa, partially offset by a payable of £187m
related to the Risk Factor Tables matter in the Isapre in Chile.
The key drivers of the £(39)m loss on non-underlying items in 2025 were
restructuring costs included within other non-underlying items of £(29)m and
a net monetary loss of £(25)m resulting from the application of IAS 29 14
(#_ftn14) included within FX losses of £(19)m. This was partially offset by a
£28m gain on the disposal of a legacy portfolio of individual health
contracts in Brazil included within the net gain on disposal of businesses and
transaction costs on business combinations.
2025 2024
£m £m
Consolidated underlying profit before taxation at CER 1,009 872
Foreign exchange re-translation on 2024 results (CER/AER) - 42
Consolidated underlying profit before taxation at AER 1,009 914
Impairment of intangible assets and goodwill arising on business combinations (8) (2)
Niva Bupa fair value gain on pre-existing shareholding - 309
Chile payment plan payable - (187)
Short-term fluctuation on investment returns 5 (9)
Net gain/(loss) on disposal of businesses and transaction costs on business 16 (26)
combinations
Net property revaluation gains (4) 9
Realised and unrealised foreign exchange (losses)/gains (19) 10
Amortisation of bed licences - (13)
Other non-underlying items (29) (33)
Total non-underlying items (39) 58
Statutory profit before taxation at AER 970 972
Taxation
The Group's effective taxation rate for the period was 25% (2024: 22%), which
is in line with the UK corporation taxation rate of 25%.
Group COR
Under IFRS 17 we are required to report an insurance service result which
comprises: insurance revenue, less insurance service expenses. This result
excludes financial income and expenses. For 2025 the Group insurance service
result increased to £798m (2024: £622m at AER) driven by customer growth and
improved margins across the majority of our insurance business units,
resulting in a Group COR of 94% (2024: 95%).
Net cash generated from operating activities
Net cash generated from operating activities remained strong at £1,234m
(2024: £1,268m at AER). The marginal year-on-year decline was driven by
business growth being offset by the timing of a payment associated with the
PPP in our Spanish hospitals business which remains under dispute.
Funding
We manage our funding prudently to ensure a strong platform for continued
growth. Bupa's policy is to maintain investment grade access to both the
senior and subordinated bond markets. There were no rating movements in the 12
months to 31 December 2025.
We continue to hold a good level of Group liquidity. At 31 December 2025, our
£900m Revolving Credit Facility (RCF) was undrawn (FY 2024: undrawn).
Coverage of financial covenants within the facility remains strong. In
November £400m 6.625% Tier 2 notes due 2045 were issued and at the same time
a £400m buy back completed across the £400m 2026 Tier 2 and £300m 2027
senior notes. Following completion of the buy back, £108m of the 2026 Tier 2
notes and £192m of the 2027 senior notes remains.
We focus on managing our leverage in line with our credit rating objectives.
Leverage excluding IFRS 16 leases was down to 15.5% (FY 2024: 16.0%) with the
reduction driven by an increase in net assets in the period.
Solvency
Our Solvency II capital coverage ratio of 187% 15 (#_ftn15) is above the top
end of our 140-170% working range, reflecting our strong capital position
underpinned by the short-duration profile of our insurance liabilities.
Solvency Position 2025 2024 % growth
Own Funds £6.2bn £5.4bn 15%
Solvency Capital Requirement £3.3bn £3.1bn 6%
Solvency Coverage Ratio 187% 176% 11ppts
Risk Sensitivities 16 (#_ftn16) Solvency II coverage ratio
Solvency coverage ratio 187%
Property values -10% 177%
Loss ratio worsening by 2% 179%
Sterling depreciates by 20% 180%
Group Specific Parameter (GSP) +0.2% 184%
Credit spreads +100bps (no credit transition) 185%
Interest rate +/-100bps 187%
Equity markets -20% 187%
Pension risk +10% 187%
A movement in the value of our owned properties remains the most significant
sensitivity. Most of the Group's property portfolio relates to our provision
businesses, where valuations are driven by sector-specific earnings
assumptions. Exposure to wider commercial property market trends is limited to
a relatively small amount of office properties. Bupa's property risk
sensitivity therefore primarily reflects the risk of property devaluation
arising from sustained deterioration in profitability expectations across the
provision sectors in which its assets operate rather than volatility from
commercial property market valuations.
BUSINESS RISKS
We describe our main risks in the Risk section of the Annual Report and
Accounts 2025, which will be published later in March and made available on
www.bupa.com. The Group's principal risks remain broadly consistent with those
reported in the prior year. However, we have introduced a new principal risk,
reputation risk, reflecting the increasing importance of maintaining trust in
our brand as we continue to innovate and expand our services to deliver high
quality healthcare to more people than ever before. The Annual Report and
Accounts 2025 includes risks related to Environmental, Social and Governance
(ESG) factors, as well as key climate-related risks for the short, medium and
long term.
Strategic and financial risks impacting our ability to deliver for our
customers:
The geopolitical and macroeconomic environment continues to be challenging in
most markets we operate in. This could lead to more widespread economic,
market and supply chain uncertainty and could result in increased medical
inflation impacting claims costs and healthcare access, impacting customer
purchasing decisions. We also continue to observe strategic challenges
associated with workforce availability, particularly medical professionals,
which may impact our ability to deliver services. The launch of Bupa Campus
(as set out on page 4) is one of the ways in which we are addressing this.
Our approach to managing the key areas of risk that could impact on the
financial strength and resilience of the Group ensures that reporting and
monitoring mechanisms are in place, including clearly defined risk appetites,
so these are managed and prompt actions are taken if needed. We continue to
maintain a strong capital position, a resilient business model and a prudently
managed liquidity position.
Government, legal and regulatory policy risks:
Changes in governmental, legal and regulatory policy remains a principal risk
given the nature of our businesses. We continue to engage governments and
regulators in the markets we operate in to understand and monitor potential
changes to ensure we are able to continue to deliver quality and value for our
customers.
Despite ongoing global conflicts, trade protectionism - including the
implications of trade tariffs and geopolitical tensions at elevated levels, we
have not yet experienced material immediate impacts on our businesses.
However, we are monitoring developments, particularly any potential premium
increase restrictions or changes in government funding levels, to position
ourselves to manage these risks and identify potential opportunities.
Operational risks:
The Group continues to be exposed to a wide range of operational risks
including strategy execution and clinical risks. We are actively managing the
implementation of our strategy and the ongoing clinical risks facing the
Group. In addition, we continue to invest in information security, technology,
operational resilience and third-party risk management to uplift capability
and capacity across the Group.
Managing the risks associated with third parties is increasingly important as
our business grows and their potential impact on our resilience increases. As
customer and regulatory expectations rise, we remain committed to improving
systems and processes to effectively manage our conduct risk as we strive for
operational excellence and continue to prioritise good customer outcomes for
our customers. While progress has been made in these areas, investment
continues and is necessary to make sure we remain as prepared as possible in
challenging environments
Our approach to risk management:
We have a well-established process for identifying and managing business
risks. Monitoring and managing our risks is key to ensuring that we achieve
our strategic objectives, and meet the evolving expectations of our
stakeholders, including customers, people, bondholders and regulators. Our
approach to managing risk, including the operation of our 'three lines model'
also ensures that we establish, operate and continually improve the
effectiveness of our internal controls.
In line with the Principles set out in the UK Corporate Governance Code, the
Board completed an annual review of the Group's systems of risk management and
internal controls in 2025, covering the Group's material controls including
financial, operational and compliance. Following the Board's review on 4 March
2026, the Directors concluded the Company has maintained, overall, a sound
risk management and internal control framework during 2025, underpinned by an
established three lines model, and remains committed to strengthening risk
management and internal control where opportunities are identified, including
responding to evolving risks, regulatory requirements, and business changes.
BUPA GROUP
Preliminary Announcement
Financial Information
Year ended 31 December 2025
The British United Provident Association Limited
Consolidated Income Statement
for the year ended 31 December 2025
2025 2024
£m £m
Insurance revenue 13,102 12,233
Insurance service expenses (12,272) (11,600)
Insurance service result before reinsurance contracts held 830 633
Net expense from reinsurance contracts held (32) (11)
Insurance service result 798 622
Care, health and other customer contract revenue 4,950 4,589
Other revenue 102 102
Total non-insurance revenue 5,052 4,691
Share of post-taxation results of equity-accounted investments 82 94
Impairment of goodwill and intangible assets (17) (11)
Other operating expenses (5,148) (4,960)
Other income and charges 42 331
Total other expenses, income and charges (5,041) (4,546)
Profit before financial income and expense 809 767
Financial income and expense
Financial income 515 509
Financial expense (204) (197)
Net financial expense from insurance contracts issued (105) (70)
Net monetary loss (30) (16)
Net impairment on financial assets (15) (21)
Net financial income 161 205
Profit before taxation expense 970 972
Taxation expense (245) (212)
Profit for the year 725 760
Attributable to:
Bupa 713 772
Non-controlling interests 12 (12)
Profit for the year 725 760
The British United Provident Association Limited
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2025
2025 2024
£m £m
Profit for the year 725 760
Other comprehensive income/(expense)
Items that will not be reclassified to the Income Statement
Unrealised gain on revaluation of property 70 123
Remeasurement loss on pension schemes (18) (65)
Taxation charge on income and expenses recognised directly in other (10) (18)
comprehensive income
Items that may be reclassified subsequently to the Income Statement
Foreign exchange translation differences on goodwill (39) (99)
Other foreign exchange translation differences (73) (274)
Net gain on hedge of net investment in overseas subsidiaries 5 79
Share of other comprehensive expense of equity-accounted investments (6) (2)
Change in fair value of financial investments through other comprehensive 1 11
income
Change in expected credit losses (ECL) of financial investments through other 2 5
comprehensive income
Realised loss on disposal of financial investments at fair value through other (2) -
comprehensive income
Change in cash flow hedge reserve (1) 7
Release of foreign exchange translation reserve on derecognition of - 11
equity-accounted investments and subsidiaries
Taxation charge on income and expenses recognised directly in other - (3)
comprehensive income
Total other comprehensive expense (71) (225)
Comprehensive income for the year 654 535
Attributable to:
Bupa 655 547
Non-controlling interests (1) (12)
Comprehensive income for the year 654 535
The British United Provident Association Limited
Consolidated Statement of Financial Position
for the year ended 31 December 2025
2025 2024
£m £m
Assets
Goodwill and intangible assets 3,212 3,178
Property, plant and equipment 4,174 3,737
Investment property 781 756
Equity-accounted investments 1,008 1,016
Post-employment benefit net assets 327 333
Deferred taxation assets 218 193
Restricted assets 167 137
Financial investments 5,362 4,693
Derivative assets 52 65
Reinsurance contract assets 130 90
Current taxation assets 19 19
Inventories 73 67
Trade and other receivables 945 822
Assets held for sale 19 28
Cash and cash equivalents 2,011 1,992
Total assets 18,498 17,126
Liabilities
Subordinated liabilities (872) (772)
Other interest-bearing liabilities (723) (759)
Post-employment benefit net liabilities (42) (46)
Lease liabilities (974) (884)
Deferred taxation liabilities (190) (195)
Share purchase liabilities (10) (6)
Derivative liabilities (33) (40)
Provisions for liabilities and charges (358) (345)
Insurance contract liabilities (3,329) (3,064)
Current taxation liabilities (80) (68)
Trade and other payables (3,201) (2,869)
Liabilities associated with assets held for sale (2) (39)
Total liabilities (9,814) (9,087)
Net assets 8,684 8,039
Equity
Foreign exchange translation reserve (74) 21
Property revaluation reserve 724 668
Cash flow hedge reserve (1) -
Income and expenditure reserve 7,604 6,918
Equity attributable to the Company 8,253 7,607
Restricted Tier 1 notes 297 297
Non-controlling interests 134 135
Total equity 8,684 8,039
The British United Provident Association Limited
Consolidated Statement of Cash Flows
for the year ended 31 December 2025
2025 2024
£m £m
Cash flow from operating activities
Profit before taxation expense 970 972
Adjustments for:
Net financial income (296) (291)
Net monetary loss 30 16
Depreciation, amortisation and impairment 529 509
Other non-cash items¹ (227) (526)
Changes in working capital and provisions:
Increase in insurance contract liabilities 383 336
Increase in reinsurance contract assets (48) (8)
Funded pension scheme employer contributions (2) (3)
Increase in trade and other receivables, and other assets (127) (51)
Increase in trade and other payables, and other liabilities 269 513
Cash generated from operations 1,481 1,467
Income taxation paid (249) (201)
Decrease in cash held in restricted assets 2 2
Net cash generated from operating activities 1,234 1,268
Cash flow from investing activities
Acquisition of subsidiaries and businesses, net of cash acquired (64) (268)
Investment in equity-accounted investments (20) (6)
Dividends received from equity-accounted investments 38 47
Disposal of subsidiaries and other businesses, net of cash disposed of (1) 69
Purchase of intangible assets (175) (170)
Purchase of property, plant and equipment (415) (311)
Proceeds from sale of property, plant and equipment 9 5
Purchase of investment property (35) (30)
Disposal of investment property 2 -
Purchases of financial investments, excluding deposits with credit (3,668) (2,778)
institutions
Proceeds from sale and maturities of financial investments, excluding deposits 3,041 2,037
with credit institutions
Net investments into deposits with credit institutions (119) (18)
Interest received 457 440
Net cash used in investing activities (950) (983)
Cash flow from financing activities
Payment of Restricted Tier 1 coupon (12) (12)
Proceeds from issue of interest-bearing liabilities and drawdowns on other 392 -
borrowings
Repayment of interest-bearing liabilities and other borrowings (449) (318)
Principal repayment of lease liabilities (143) (138)
Payment of interest on lease liabilities (54) (49)
Acquisition of non-controlling interests in subsidiary company (1) -
Capital contributions from non-controlling interests in subsidiary 5 72
Interest paid (66) (72)
Net receipts on settlement of hedging instruments 50 55
Dividends paid to non-controlling interests (4) (3)
Net cash used in financing activities (282) (465)
Net increase/(decrease) in cash and cash equivalents 2 (180)
Cash and cash equivalents at beginning of year² 2,095 2,362
Effect of exchange rate changes (10) (87)
Cash and cash equivalents at end of year² 2,087 2,095
1. 2024 includes a £309m gain as a result of the Group's existing stake in Niva
Bupa, prior to the majority stake acquisition, having been remeasured to fair
value.
2. Includes restricted cash of £136m (2024: £103m) which are considered cash
and cash equivalents and bank overdrafts of £60m (2024: £nil) which are not
included in cash and cash equivalents.
The British United Provident Association Limited
Consolidated Statement of Changes in Equity
for the year ended 31 December 2025
Foreign exchange translation reserve Property revaluation reserve Cash flow hedge reserve Income and expenditure reserve Total attributable to the Company Restricted Tier 1 notes Non-controlling interests Total equity
£m £m £m £m £m £m £m £m
2025
Balance as at 1 January 2025 21 668 - 6,918 7,607 297 135 8,039
Profit for the year - - - 713 713 - 12 725
Other comprehensive income/(expense)
Unrealised gain on revaluation of property - 70 - - 70 - - 70
Realised revaluation profit on disposal of property - (5) - 5 - - - -
Remeasurement loss on pension schemes - - - (18) (18) - - (18)
Foreign exchange translation differences on goodwill (39) - - - (39) - - (39)
Other foreign exchange translation differences (62) 6 - (2) (58) - (15) (73)
Net gain on hedge of net investment in overseas subsidiaries 5 - - - 5 - - 5
Share of other comprehensive expense of equity-accounted investments - - - (6) (6) - - (6)
Change in fair value of financial investments through other comprehensive - - - (1) (1) - 2 1
income
Change in ECL of financial investments through other comprehensive income - - - 2 2 - - 2
Realised loss on disposal of financial investments at fair value through other - - - (2) (2) - - (2)
comprehensive income
Change in cash flow hedge reserve - - (1) - (1) - - (1)
Taxation credit/(charge) on income and expense recognised directly in other 1 (15) - 4 (10) - - (10)
comprehensive income
Other comprehensive (expense)/income for the year, net of taxation (95) 56 (1) (18) (58) - (13) (71)
Total comprehensive (expense)/income for the year (95) 56 (1) 695 655 - (1) 654
Payment of Restricted Tier 1 coupon, net of taxation - - - (9) (9) - - (9)
Recognition of share purchase liability - - - (3) (3) - - (3)
Gain on disposal/dilution of shares - - - 2 2 - - 2
Changes in non-controlling interests - - - 1 1 - 4 5
Dividends paid to non-controlling interests - - - - - - (4) (4)
Balance as at 31 December 2025 (74) 724 (1) 7,604 8,253 297 134 8,684
The British United Provident Association Limited
Consolidated Statement of Changes in Equity (continued)
for the year ended 31 December 2025
Foreign exchange translation reserve Property revaluation reserve Cash flow hedge reserve Income and expenditure reserve Total attributable to the Company Restricted Tier 1 notes Non-controlling interests Total equity
£m £m £m £m £m £m £m £m
2024
Balance as at 1 January 2024 241 601 (7) 6,163 6,998 297 18 7,313
Profit/(loss) for the year - - - 772 772 - (12) 760
Other comprehensive income/(expense)
Unrealised gain on revaluation of property - 123 - - 123 - - 123
Realised revaluation profit on disposal of property - (9) - 9 - - - -
Remeasurement loss on pension schemes - - - (65) (65) - - (65)
Foreign exchange translation differences on goodwill (99) - - - (99) - - (99)
Other foreign exchange translation differences (212) (22) - (36) (270) - (4) (274)
Net gain on hedge of net investment in overseas subsidiaries 79 - - - 79 - - 79
Share of other comprehensive income of equity-accounted investments - - - (2) (2) - - (2)
Change in fair value of financial investments through other comprehensive - - - 7 7 - 4 11
income
Change in ECL of financial investments through other comprehensive income - - - 4 4 - 1 5
Change in cash flow hedge reserve - - 7 - 7 - - 7
Release of foreign exchange translation reserve on derecognition of 11 - - - 11 - - 11
equity-accounted investments and subsidiaries
Taxation credit/(charge) on income and expense recognised directly in other 1 (25) - 4 (20) - (1) (21)
comprehensive income
Other comprehensive (expense)/income for the year, net of taxation (220) 67 7 (79) (225) - - (225)
Total comprehensive (expense)/income for the year (220) 67 7 693 547 - (12) 535
Payment of Restricted Tier 1 coupon, net of taxation - - - (9) (9) - - (9)
Recognition of share purchase liability - - - (111) (111) - - (111)
Release of share purchase liability - - - 120 120 - - 120
Gain on disposal/dilution of shares - - - 62 62 - - 62
Changes in non-controlling interests - - - - - - 132 132
Dividends paid to non-controlling interests - - - - - - (3) (3)
Balance as at 31 December 2024 21 668 - 6,918 7,607 297 135 8,039
The British United Provident Association Limited
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
Segmental Information
The organisational structure of the Group is managed through three Market
Units based on geographic locations and customers: Bupa Asia Pacific; Europe
and Latin America; and Bupa Global, India and UK. Management monitors the
operating results of the Market Units separately to assess performance and
make decisions about the allocation of resources. The segmental disclosures
below are reported consistently with the way the business is managed and
reported internally.
Reportable segments Service and products
Bupa Asia Bupa Health Insurance: Health insurance, international health cover in
Australia.
Pacific
Bupa Health Services: Health provision business, comprising dental, optical,
audiology, medical assessment services, health centres and healthcare for the
Australian Defence Force.
Bupa Villages and Aged Care Australia: Nursing, residential, respite care and
residential villages.
Bupa Villages and Aged Care New Zealand: Nursing, residential, respite care
and residential villages.
Bupa Hong Kong: Domestic health insurance, primary healthcare and day care
clinics including diagnostics.
Europe and Sanitas Seguros: Health insurance and related products in Spain and Portugal.
Latin America Sanitas Dental: Insurance and dental services through clinics and third-party
networks in Spain, and the management and operation of a dental clinic in
Portugal.
Sanitas Hospitales (Prior to 2025: Sanitas Hospitales and New Services):
Management and operation of hospitals, rehabilitation centres and health
clinics in Spain.
Sanitas Mayores: Nursing, residential and respite care in care homes and day
centres in Spain.
LUX MED: Medical subscriptions, health insurance, and the management and
operation of diagnostics, health clinics and hospitals in Poland.
Bupa Acıbadem Sigorta: Domestic health insurance, related products and dental
services through clinics in Türkiye.
Bupa Chile: Domestic health funding and the management and operation of health
clinics and hospitals in Chile.
Care Plus: Domestic health insurance, dental services through clinics and a
vaccination centre in Brazil.
Bupa Mexico: Health insurance and the management and operation of a hospital
in Mexico.
Bupa Global Latin America: Health clinics in Peru and international health
insurance.
Bupa Global, India Bupa UK Insurance: Domestic health insurance, and administration services for
Bupa health trusts.
and UK
Bupa Dental Care UK: Dental services and related products.
Bupa Care Services: Nursing, residential, respite care and care villages.
Bupa Health Services: Clinical services, health assessment related products
and management and operation of three private hospitals.
Bupa Global: International health insurance to individuals, small businesses
and corporate customers.
Niva Bupa (India): Health insurance and related products in India.
Associate: Highway to Health, Inc. (United States of America) (operating as
Blue Cross Blue Shield Global Solutions (Prior to 2025: Geoblue)).
Other Associate: Bupa Arabia (Kingdom of Saudi Arabia).
businesses
A key performance measure of operating segments utilised by the Group is
underlying profit. Underlying profit is used to distinguish business
performance from other constituents of the IFRS reported profit before
taxation not directly related to the trading performance of the business.
Underlying profit
The following items are excluded from underlying profit:
- Impairment of intangible assets and goodwill arising on business combinations
- these impairments are considered to be one-off and not reflective of the
in-year trading performance of the business.
- Short-term fluctuations on investment return - underlying profit is based on
an expected long-term investment return over the period for return-seeking
financial assets. Any variance between the total investment return (including
realised and unrealised gains) and the expected return over the period is
disclosed separately outside underlying profit, in short-term fluctuations.
These fluctuations are not considered to be directly related to underlying
trading performance.
- Net gains/losses on disposal of businesses and transaction costs on business
combinations - gains/losses on disposal of businesses that are material and
one-off in nature to the reportable segment are not considered part of the
continuing business. Transaction costs that relate to material acquisitions or
disposals are not related to the ongoing trading performance of the business.
- Net property revaluation gains/losses - short-term fluctuations which do not
reflect underlying trading performance. This includes deficit/surplus on the
revaluation of freehold properties and property impairment losses.
- Realised and unrealised foreign exchange gains/losses - fluctuations outside
of management control, which do not reflect underlying trading performance.
This includes the net impact of applying hyperinflationary accounting.
- Amortisation of bed licences (2024 only) - Following the Australian
Government's announcement of the deregulation of bed licences from 1 July
2024, the amortisation term was reviewed and updated from having an indefinite
useful life to amortising over the period to 1 July 2024. The amortisation
term was extended to 1 July 2025, when the Australian Government announced
that the deregulation was delayed to that date. In November 2024, the
remaining carrying value of bed licences was impaired as part of the external
care home valuation process. The impact of the amortisation of bed licences
was not considered reflective of the trading performance of the business.
- Other Market Unit/Group non-underlying items - includes items that are
considered material to the reportable segment or Group and are not reflective
of ongoing trading performance. This includes items such as restructuring
costs and profit or loss amounts related to changes to strategic investments.
The total underlying profit of the reportable segments is reconciled below to
the profit before taxation expense in the Consolidated Income Statement.
(i) Revenues
Bupa Asia Pacific Europe and Latin America Bupa Global, India and UK Other businesses Group Functions Adjustment¹ Total
2025 £m £m £m £m £m £m £m
Insurance revenue 4,789 3,914 4,347 - - 52 13,102
Inter-Market Unit revenue (73) - 73 - - - -
Insurance revenue for reportable segments 4,716 3,914 4,420 - - 52 13,102
Care, health and other customer contract revenue 1,541 2,075 1,334 - - - 4,950
Other revenue 59 27 2 10 - 4 102
Non-insurance revenue for reportable segments 1,600 2,102 1,336 10 - 4 5,052
Total revenue for reportable segments 6,316 6,016 5,756 10 - 56 18,154
1 Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies
for Türkiye.
Bupa Asia Pacific Europe and Latin America Bupa Global, India and UK Other businesses Group Functions Adjustment¹ Total
2024 £m £m £m £m £m £m £m
Insurance revenue 4,776 3,575 3,823 - - 59 12,233
Inter-Market Unit revenue (65) - 65 - - - -
Insurance revenue for reportable segments 4,711 3,575 3,888 - - 59 12,233
Care, health and other customer contract revenue 1,496 1,832 1,261 - - - 4,589
Other revenue 70 20 2 9 - 1 102
Non-insurance revenue for reportable segments 1,566 1,852 1,263 9 - 1 4,691
Total revenue for reportable segments 6,277 5,427 5,151 9 - 60 16,924
1. Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies
for Türkiye.
(ii) Segmental result
Bupa Asia Pacific Europe and Latin America Bupa Global, India and UK Other businesses Group Functions Adjustment¹ Total
2025 £m £m £m £m £m £m £m
Underlying profit 463 457 333 84 (140) - 1,197
Borrowing costs - - (3) - (74) - (77)
Group investment funding - - - - (111) - (111)
Consolidated underlying profit before taxation expense 463 457 330 84 (325) - 1,009
Non-underlying items:
Impairments of intangible assets and goodwill arising on business combinations - (8) - - - - (8)
Short-term fluctuation on investment returns - (1) 6 - - - 5
Net (loss)/gain on disposal of businesses and transaction costs on business (4) 28 (7) (1) - - 16
combinations
Net property revaluation (loss)/gain (5) - 1 - - - (4)
Realised and unrealised FX (loss)/gain (1) (4) (5) - 16 (25) (19)
Other non-underlying items (13) (3) (13) - - - (29)
Total non-underlying items (39)
Consolidated profit before taxation expense 970
1. Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies
for Türkiye.
Bupa Asia Pacific Europe and Latin America¹ Bupa Global, India and UK Other businesses² Group Functions Adjustment³ Total
2024 £m £m £m £m £m £m £m
Underlying profit 446 442 230 97 (145) - 1,070
Borrowing costs - - (2) - (84) - (86)
Group investment funding - - - - (70) - (70)
Consolidated underlying profit before taxation expense 446 442 228 97 (299) - 914
Non-underlying items:
Impairments of intangible assets and goodwill arising on business combinations (2) - - - - - (2)
Short-term fluctuation on investment returns (1) - (8) - - - (9)
Net (loss)/gain on disposal of businesses and transaction costs on business (8) 1 (12) (1) (6) - (26)
combinations
Net property revaluation gain 3 1 5 - - - 9
Realised and unrealised FX (loss)/gain - (2) 23 - 1 (12) 10
Amortisation of bed licences (13) - - - - - (13)
Other non-underlying items¹,² (1) (199) (20) 309 - - 89
Total non-underlying items 58
Consolidated profit before taxation expense 972
1. Europe and Latin America includes the impact of recognising a £187m provision
in relation to Isapre Cruz Blanca in Chile and the retrospective liability
relating to statutory Risk Factor Tables. This is excluded from underlying
profit as it is considered a one-off material retrospective matter which is
not reflective of on-going trading performance.
2. Other businesses includes a £309m gain as a result of the Group's existing
stake in Niva Bupa, prior to the majority stake acquisition, having been
remeasured to fair value.
3. Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies
for Türkiye.
General information
The information in this announcement does not constitute the Group's statutory
accounts as defined in section 434 of the Companies Act 2006 for the years
ended 31 December 2025 or 2024. Statutory accounts for the year ended
31 December 2024 have been delivered to the Registrar of Companies, and those
for the year ended 31 December 2025 will be delivered in due course. The
report of the auditor on those accounts is unqualified and did not draw
attention to matters by way of emphasis.
1 (#_ftnref1) Connected Care is our strategy which links health funding and
both digital and physical provision together to provide one seamless customer
journey.
2 (#_ftnref2) Our customer definition has been updated to align with our
3x100 Strategy. Customers (which includes 100% of the customers of our
Associate Businesses) are defined as the number of Bupa products or services
that an individual chooses to access, whether funded personally, by their
employer or other affinity - where they have the option to choose a non-Bupa
alternative. The difference between the previous and current definition is not
materially different in total.
3 (#_ftnref3) Revenue calculated based on the aggregation of 'insurance
revenue' and 'total non-insurance revenue' as shown in the Consolidated Income
Statement. For Constant exchange rate (CER), financials are the retranslation
of the prior year Actual Exchange Rates (AER) financials based on the current
financial year's average rate.
4 (#_ftnref4) Underlying profit is a Non-GAAP financial measure. A
reconciliation to statutory profit before taxation can be found in the notes
to the financial statements.
5 (#_ftnref5) Based on business unit average.
6 (#_ftnref6) Our mental health centres are branded as Harmonia clinics in
Poland.
7 (#_ftnref7) We count all KPIs towards the one million people supported
using a B4SI-aligned methodology. "Supported" means individuals who have
actively engaged, participated, or benefited from Bupa-led or Bupa-supported
initiatives that improve people and planet health.
8 (#_ftnref8) Refers to Bupa Arabia and My Clinic.
9 (#_ftnref9) Data Foundations refers to three types of customer data
captured across Bupa's businesses: i) customer profile & contact
information, ii) funding data, and iii) Bupa interaction data.
10 (#_ftnref10) Impact of applying IAS 29 Financial Reporting in
Hyperinflationary Economies for Türkiye.
11 (#_ftnref11) Combined Operating Ratio (COR) for our fully consolidated
businesses is calculated based on "Insurance service expense" plus "Net
expense from reinsurance contracts held" divided by "Insurance revenue" as
shown in the Consolidated Income Statement.
12 (#_ftnref12) Closing Occupancy
13 (#_ftnref13) Loss before tax for the Isapre in 2025 was £26k (2024:
£203m loss AER when including impacts of the risk factor table payable of
£187m included in non-underlying items).
14 (#_ftnref14) Türkiye has been classified as a hyperinflationary economy
since 2022, leading to the application of IAS 29
15 (#_ftnref15) The 2025 Solvency II capital coverage ratio is an estimate
and unaudited. The Group holds capital to cover its Solvency Capital
Requirement (SCR), calculated on a Standard Formula basis, considering all our
risks, including those related to non-insurance businesses. We include a Group
Specific Parameter (GSP) in respect of the insurance risk parameter in the
Standard Formula, reflecting the Group's loss experience.
16 (#_ftnref16) We perform an analysis of the relative sensitivity of our
solvency coverage ratio to changes in market conditions and underwriting
performance. Each sensitivity is an independent stress of a single risk and
before any management actions.
This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END NRAEAFDLEFAKEAA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Microsoft
See all newsREG - Stock Exch Notice - Admission to ISM - 05/03/2026
AnnouncementRCS - Brit Utd ProvAscBUPA - BUPA Preliminary Results 2025
AnnouncementRCS - Preservica Inc. - British Library Selects Preservica
AnnouncementREG - Stock Exch Notice - Admission to ISM - 02/03/2026
AnnouncementREG - Stock Exch Notice - Admission to Trading - 02/03/2026
Announcement