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Section D: Notes to the THT and TIL financial statements for the year ended 30 June 2026
D11 Financial risk management and derivative financial instruments (continued) Borrowings in fair value hedges The table below shows the cumulative amount of fair value hedge adjustments that are included in the carrying amount of borrowings in the balance sheet. 2026 2025 $M $M Principal value 975 485 Capitalised borrowing costs — (2) Amortised cost 975 483 Cumulative fair value hedge adjustments 15 3 Carrying amount 990 486 During FY26, the net amount recognised in the profit and loss within net finance costs relating to borrowings in fair value hedges was a loss of $12 million (2025: $3 million). This was offset by a gain on associated derivative financial instruments of $9 million (2025: $3 million). Market risk Foreign exchange risk Exposure Exposure to foreign currency risk after hedging at the reporting date, denominated in the currency in which the risk arises, are as follows: THT THT TIL 2026 2025 2026 2025 2026 2025 USD USD CHF CHF AUD AUD $M $M $M $M $M $M Receivables 139 1,140 — — 492 314 Payables (106) (1,106) — — (47) (34) Borrowings (1,988) (2,143) (485) (685) — — Cross-currency interest rate swaps 1,988 2,143 485 685 — — Net exposure 33 34 — — 445 280
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