# AstraZeneca (AZN.LSE)

Canonical: https://gigainvestors.com/s/AZN.LSE

Analysis as of: 2026-10-16T07:33:31.683Z. Financial observations: FY1996–FY2026.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 12,698.00 per share; close as of 2026-10-15.

Estimated value: low GBX 4,532.28 per share, central GBX 5,131.94 per share, high GBX 5,930.21 per share. Buy at or below the central value GBX 5,131.94 per share. Valuation as of 2026-10-16T07:33:31.683Z; scenarios are not confidence intervals.

Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.08×

- FY2019: 0.12×

- FY2020: 0.17×

- FY2021: 0.08×

- FY2022: 0.11×

- FY2023: 0.21×

- FY2024: 0.24×

- FY2025: 0.23×

- LTM to Jun 2026: 0.23×

### moat: pass

- ROIC, median of available years: 20.8%

- ROIC, second-lowest year: 12.2%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 74.0%

- Recent gross margin (lower of latest and 3-year median): 75.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.4%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 21.9%

- FY2017: 22.1%

- FY2018: 12.2%

- FY2019: 16.1%

- FY2020: 24.6%

- FY2021: 5.1%

- FY2022: 12.6%

- FY2023: 19.8%

- FY2024: 22.9%

- FY2025: 22.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $32B

- Net income, five-year total: $27B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.5 pp

- Working capital / revenue, change between three-year averages: -10.0 pp

- Working capital / revenue, final three-year average: 17.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 16.52×

- FY2022: 1.76×

- FY2023: 1.23×

- FY2024: 1.03×

- FY2025: 0.96×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 21.9% vs 22.1%

- Per-share earnings: 2.47 to 4.41 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.1%

- Ordinary dilution, 5-year annual growth: 3.5%

- Market cap gain: $211B

- Cumulative retained earnings: $2.8B

- Diluted shares, 10-year annual growth: 2.1%

- Diluted shares, 5-year annual growth: 3.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.5%

- Per-share value change: $1.94

- Per-share value, starting three-year median: $2.47

- Per-share value, ending three-year median: $4.41

- Average buyback yield: 0.4%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $37B

- Cumulative net income, 10 years: $40B

- ROIC, first three-year median: 21.9%

- ROIC, last three-year median: 22.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.51

- FY2017: $2.47

- FY2018: $1.62

- FY2019: $1.02

- FY2020: $2.58

- FY2021: $0.07

- FY2022: $2.10

- FY2023: $3.88

- FY2024: $4.41

- FY2025: $6.54

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.43×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.5%

- FY2017: -0.7%

- FY2018: -0.9%

- FY2019: -2.7%

- FY2020: -2.1%

- FY2021: -5.6%

- FY2022: -6.8%

- FY2023: -4.2%

- FY2024: -4.8%

- FY2025: -3.8%

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.6% a year for ten years · "AstraZeneca Profit, Revenue Lifted by Cancer Drugs" (finance.yahoo.com, Jul 2025) · sales +4.3%

Story as of 2026-10-16T09:59:56.568Z; price observation 2026-10-15.

Price needs cash profits to grow 12.6% a year for ten years

- 2025-07-29: AstraZeneca Stock Rises as US, Cancer Drugs Growth Lifts Q2 Results ([finance.yahoo.com](https://finance.yahoo.com/news/astrazeneca-stock-rises-us-cancer-132235501.html))

- 2025-09-12: AstraZeneca pauses £200m Cambridge expansion amid NHS pricing row ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/astrazeneca-pauses-200m-cambridge-expansion-180527449.html))

- 2025-10-10: AstraZeneca Cuts Discounted Drug Pricing Deal With the White House. The Stock Is Rising. ([finance.yahoo.com](https://finance.yahoo.com/m/f43b8c13-3e25-3db2-bd66-4b3799109936/astrazeneca-cuts-discounted.html))

- 2025-11-06: AstraZeneca beats third-quarter expectations, maintains outlook ([finance.yahoo.com](https://finance.yahoo.com/video/astrazeneca-beats-third-quarter-expectations-093752355.html))

- 2026-02-10: AstraZeneca profits jump by 40% amid strong demand for cancer drugs ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/astrazeneca-profits-jump-40-amid-093131873.html))

- 2026-07-09: AstraZeneca Falls After Wainua Heart Disease Trial Fails ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/astrazeneca-falls-wainua-heart-disease-124057476.html))

### Sales · FY2025–2026

sales +4.3%; source https://filings.xbrl.org/PY6ZZQWO2IZFZC3IOL08/2025-12-31/ESEF/GB/0/PY6ZZQWO2IZFZC3IOL08-2025-12-31/reports/PY6ZZQWO2IZFZC3IOL08-2025-12-31-T01.html; observed 2026-03-04.

- FY2017: $23B 

- FY2018: $21B 

- FY2019: $24B 

- FY2020: $29B 

- FY2021: $37B 

- FY2022: $44B 

- FY2023: $47B 

- FY2024: $53B 

- FY2025: $59B 

- FY2026: $61B 

### Gross margin · FY2025

gross margin 81.9%; source https://filings.xbrl.org/PY6ZZQWO2IZFZC3IOL08/2025-12-31/ESEF/GB/0/PY6ZZQWO2IZFZC3IOL08-2025-12-31/reports/PY6ZZQWO2IZFZC3IOL08-2025-12-31-T01.html; observed 2026-03-04.

- FY2016: 75.8% 

- FY2017: 74.1% 

- FY2018: 71.8% 

- FY2019: 72.4% 

- FY2020: 74.0% 

- FY2021: 60.9% 

- FY2022: 63.4% 

- FY2023: 73.9% 

- FY2024: 75.0% 

- FY2025: 81.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers general; annual sales are USD 58.7 billion.

- Source: https://filings.xbrl.org/PY6ZZQWO2IZFZC3IOL08/2025-12-31/ESEF/GB/0/PY6ZZQWO2IZFZC3IOL08-2025-12-31/reports/PY6ZZQWO2IZFZC3IOL08-2025-12-31-T01.html (filed 2026-03-04); FY2025: revenue 58739000000; grossProfit 48106000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AZN.LSE: AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company offers Imjudo, Datroway, Iressa, Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Crestor, Andexxa, Onglyza, Symlin, XIGDUO XR, Atacand, Atacand HCT, Atacand Plus, Farxiga/Forxiga, Plendil, Modip, Splendil, Munobal, Flodil, Tenormin, Tenormine, Prenormine, Atenol, Zestril, Brilinta/Brilique, Komboglyze, Qtern, Wainua, Byetta, Lokelma, Seloken ZOK, Toprol-XL, Betaloc ZOK, XIGDUO, Accolate, Accoleit, Vanticon, Bricanyl Respules, Eklira Genuair/Tudorza/Bretaris, Pulmicort Turbuhaler, Symbicort Turbuhaler, Airsupra, Bricanyl Turbuhaler, Fasenra, Rhinocort, Tezspire, Bevespi Aerosphere, Daliresp/Daxas, Oxis Turbuhaler, Saphnelo, Breztri Aerosphere, Duaklir Genuair, Pulmicort Respules, and Symbicort pMDI. It also provides Beyfortus, Kavigale, Evusheld, Fluenz/FluMist, Synagis, Kanuma, Ultomiris, Koselugo, Voydeya, Soliris, Strensiq, Nexium, and other medicines. The company offers its products for ocology, cardiovascular, renal and metabolism, respiratory & immunology, vaccines and immune, and therapies for rare diseases. It serves primary and specialty care physicians through distributors and local representative offices in the United Kingdom, the Americas, rest of Europe, Asia, Africa, and Australasia. It has a strategic agreement with Tempus and Pathos to develop the multimodal foundation model in oncology; CSPC Pharmaceutical Group Limited to advance the discovery and development of oral candidates, with the potential to treat diseases across multiple indications; Nucs AI Inc. to develop AI-driven Response Prediction for Therapeutic Radioconjugates; and Carterra, Inc. to advances lab-in-the-loop drug discovery through new scientific research collaboration. The company was formerly known as Zeneca Group PLC and changed its name to AstraZeneca PLC in April 1999. AstraZeneca PLC was incorporated in 1992 and is headquartered in

### Why customers stay

Margins ranged from 73.9% to 81.9% during 2023–25; it earns 20.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 73.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 75%.

- Source: https://filings.xbrl.org/PY6ZZQWO2IZFZC3IOL08/2025-12-31/ESEF/GB/0/PY6ZZQWO2IZFZC3IOL08-2025-12-31/reports/PY6ZZQWO2IZFZC3IOL08-2025-12-31-T01.html (filed 2026-03-04); FY2025: grossProfit / revenue = 81.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.2189576353630481],[2017,0.22109332973404655],[2018,0.12214110644257703],[2019,0.1614327137466324],[2020,0.24622464431564503],[2021,0.05091314942225472],[2022,0.12585355335643245],[2023,0.19799910559548065],[2024,0.22937796508646635],[2025,0.22101646927111454]]; median 0.20847837047926437. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 1.7% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 2314000000; owner earnings 3225663000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 1620000000; owner earnings 3979916327. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 1371000000; owner earnings 3414284143. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 0; upkeep 2460000000; owner earnings 1484956286. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 2606000000; owner earnings 3543929177. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 0; upkeep 2200000000; owner earnings 1814451502. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 0; upkeep 2571000000; owner earnings 5773166000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 0; upkeep 3778000000; owner earnings 7438762000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 0; upkeep 4586000000; owner earnings 7076700000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/PY6ZZQWO2IZFZC3IOL08/2025-12-31/ESEF/GB/0/PY6ZZQWO2IZFZC3IOL08-2025-12-31/reports/PY6ZZQWO2IZFZC3IOL08-2025-12-31-T01.html (filed 2026-03-04); FY2025: growth capex 172000000; upkeep 5733000000; owner earnings 9864400000. Growth capex / owner earnings = 0.01743643810064474.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,3561000000],[2017,3519000000],[2018,3484000000],[2019,3592000000],[2020,3572000000],[2021,3856000000],[2022,4364000000],[2023,4481000000],[2024,4629000000],[2025,4971000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AZN.LSE SharesStats.PercentInsiders = 0.051000000000000004 percentage points; cache date 2026-10-16.

### What could break it

An independent External Quality Assessment of GIA is performed every five years and was last performed in 2021.

- Source: https://filings.xbrl.org/PY6ZZQWO2IZFZC3IOL08/2025-12-31/ESEF/GB/0/PY6ZZQWO2IZFZC3IOL08-2025-12-31/reports/PY6ZZQWO2IZFZC3IOL08-2025-12-31-T01.html (filed 2026-03-04); The Committee supports GIA’s efforts to deploy its resources in line with the continuously evolving shape and size of the overall organisation and was satisfied with the quality, experience and expertise of the GIA function. An independent External Quality Assessment of GIA is performed every five years and was last performed in 2021. External audit The Company’s external auditor, PwC, provided quarterly reports to the Committee over key audit and accounting matters, and business processes, internal controls and IT systems.

### What the price says

The price assumes cash profits grow 12.6% yearly over ten years; actual growth was 11%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.16879539795615306. Price 12698; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.2130392687747036 → FY2025 6.311196417146513. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 4,588.00 per share

- 2016-11: GBX 4,149.50 per share

- 2016-12: GBX 4,437.50 per share

- 2017-01: GBX 4,194.00 per share

- 2017-02: GBX 4,644.00 per share

- 2017-03: GBX 4,912.50 per share

- 2017-04: GBX 4,637.50 per share

- 2017-05: GBX 5,234.00 per share

- 2017-06: GBX 5,135.00 per share

- 2017-07: GBX 4,569.00 per share

- 2017-08: GBX 4,541.00 per share

- 2017-09: GBX 4,955.00 per share

- 2017-10: GBX 5,032.00 per share

- 2017-11: GBX 4,777.00 per share

- 2017-12: GBX 5,121.00 per share

- 2018-01: GBX 4,886.50 per share

- 2018-02: GBX 4,775.00 per share

- 2018-03: GBX 4,895.50 per share

- 2018-04: GBX 5,103.00 per share

- 2018-05: GBX 5,466.00 per share

- 2018-06: GBX 5,253.00 per share

- 2018-07: GBX 5,865.00 per share

- 2018-08: GBX 5,795.00 per share

- 2018-09: GBX 5,963.00 per share

- 2018-10: GBX 5,990.00 per share

- 2018-11: GBX 6,117.00 per share

- 2018-12: GBX 5,873.00 per share

- 2019-01: GBX 5,532.00 per share

- 2019-02: GBX 6,139.00 per share

- 2019-03: GBX 6,135.00 per share

- 2019-04: GBX 5,726.00 per share

- 2019-05: GBX 5,833.00 per share

- 2019-06: GBX 6,438.00 per share

- 2019-07: GBX 7,061.00 per share

- 2019-08: GBX 7,318.00 per share

- 2019-09: GBX 7,261.00 per share

- 2019-10: GBX 7,501.00 per share

- 2019-11: GBX 7,458.00 per share

- 2019-12: GBX 7,607.00 per share

- 2020-01: GBX 7,424.00 per share

- 2020-02: GBX 6,794.00 per share

- 2020-03: GBX 7,216.00 per share

- 2020-04: GBX 8,322.00 per share

- 2020-05: GBX 8,580.00 per share

- 2020-06: GBX 8,421.00 per share

- 2020-07: GBX 8,530.00 per share

- 2020-08: GBX 8,340.00 per share

- 2020-09: GBX 8,457.00 per share

- 2020-10: GBX 7,766.00 per share

- 2020-11: GBX 7,805.00 per share

- 2020-12: GBX 7,324.00 per share

- 2021-01: GBX 7,491.00 per share

- 2021-02: GBX 6,945.00 per share

- 2021-03: GBX 7,247.00 per share

- 2021-04: GBX 7,715.00 per share

- 2021-05: GBX 8,046.00 per share

- 2021-06: GBX 8,683.00 per share

- 2021-07: GBX 8,268.00 per share

- 2021-08: GBX 8,514.00 per share

- 2021-09: GBX 8,958.00 per share

- 2021-10: GBX 9,094.00 per share

- 2021-11: GBX 8,276.00 per share

- 2021-12: GBX 8,678.00 per share

- 2022-01: GBX 8,617.00 per share

- 2022-02: GBX 9,059.00 per share

- 2022-03: GBX 10,132.00 per share

- 2022-04: GBX 10,688.00 per share

- 2022-05: GBX 10,454.00 per share

- 2022-06: GBX 10,800.00 per share

- 2022-07: GBX 10,844.00 per share

- 2022-08: GBX 10,644.00 per share

- 2022-09: GBX 9,944.00 per share

- 2022-10: GBX 10,254.00 per share

- 2022-11: GBX 11,166.00 per share

- 2022-12: GBX 11,218.00 per share

- 2023-01: GBX 10,590.00 per share

- 2023-02: GBX 10,880.00 per share

- 2023-03: GBX 11,232.00 per share

- 2023-04: GBX 11,746.00 per share

- 2023-05: GBX 11,660.00 per share

- 2023-06: GBX 11,276.00 per share

- 2023-07: GBX 11,186.00 per share

- 2023-08: GBX 10,662.00 per share

- 2023-09: GBX 11,102.00 per share

- 2023-10: GBX 10,250.00 per share

- 2023-11: GBX 10,126.00 per share

- 2023-12: GBX 10,600.00 per share

- 2024-01: GBX 10,500.00 per share

- 2024-02: GBX 9,983.00 per share

- 2024-03: GBX 10,678.00 per share

- 2024-04: GBX 12,062.00 per share

- 2024-05: GBX 12,190.00 per share

- 2024-06: GBX 12,356.00 per share

- 2024-07: GBX 12,368.00 per share

- 2024-08: GBX 13,274.00 per share

- 2024-09: GBX 11,588.00 per share

- 2024-10: GBX 11,042.00 per share

- 2024-11: GBX 10,612.00 per share

- 2024-12: GBX 10,468.00 per share

- 2025-01: GBX 11,344.00 per share

- 2025-02: GBX 11,968.00 per share

- 2025-03: GBX 11,254.00 per share

- 2025-04: GBX 10,728.00 per share

- 2025-05: GBX 10,720.00 per share

- 2025-06: GBX 10,120.00 per share

- 2025-07: GBX 11,324.00 per share

- 2025-08: GBX 11,790.00 per share

- 2025-09: GBX 11,182.00 per share

- 2025-10: GBX 12,470.00 per share

- 2025-11: GBX 13,974.00 per share

- 2025-12: GBX 13,790.00 per share

- 2026-01: GBX 13,600.00 per share

- 2026-02: GBX 15,542.00 per share

- 2026-03: GBX 14,690.00 per share

- 2026-04: GBX 13,948.00 per share

- 2026-05: GBX 13,802.00 per share

- 2026-06: GBX 14,100.00 per share

- 2026-07: GBX 12,632.00 per share

- 2026-08: GBX 11,970.00 per share

- 2026-09: GBX 12,280.00 per share

- 2026-10: GBX 11,896.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 1,943.51 per share, central GBX 2,167.22 per share, high GBX 2,465.03 per share

- FY2017: low GBX 2,060.14 per share, central GBX 2,310.69 per share, high GBX 2,644.24 per share

- FY2018: low GBX 2,410.79 per share, central GBX 2,700.75 per share, high GBX 3,086.76 per share

- FY2019: low GBX 2,699.93 per share, central GBX 3,026.85 per share, high GBX 3,462.04 per share

- FY2020: low GBX 3,253.38 per share, central GBX 3,643.66 per share, high GBX 4,163.20 per share

- FY2021: low GBX 2,666.09 per share, central GBX 2,995.87 per share, high GBX 3,434.89 per share

- FY2022: low GBX 3,089.51 per share, central GBX 3,479.79 per share, high GBX 3,999.32 per share

- FY2023: low GBX 3,216.12 per share, central GBX 3,626.41 per share, high GBX 4,172.60 per share

- FY2024: low GBX 3,863.15 per share, central GBX 4,365.27 per share, high GBX 5,033.70 per share

- FY2025: low GBX 4,357.20 per share, central GBX 4,927.61 per share, high GBX 5,686.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:17.586Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/PY6ZZQWO2IZFZC3IOL08/2025-12-31/ESEF/GB/0/PY6ZZQWO2IZFZC3IOL08-2025-12-31/reports/PY6ZZQWO2IZFZC3IOL08-2025-12-31-T01.html); period 2025-12-31, filed 2026-03-04.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.