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In the scheme of things tariffs and other regulations T-21 is fairly small

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For the year ended 31 December 2025 2024 m m Profit from operations 9,997 2,736 Adjusting items 1,575 9,154 Dividends received from associates and joint ventures 369 406 Adjusted profit from operations, inclusive of dividends from associates and joint ventures 11,941 12,296 Adjustments in respect of Canada1 (293) (520) Adjusted profit from operations, inclusive of dividends from associates and joint ventures and as adjusted for Canada1 11,648 11,776 Total Assets 109,290 118,899 Current Liabilities 14,524 18,743 Capital employed at balance sheet date 94,766 100,156 Average capital2 97,461 101,600 Adjusted ROCE +12.3% +12.1% Adjusted ROCE as adjusted for Canada1 +12.0% +11.6% 1

The moisture level occasionally runs drier than premium brands, but a humidity pack resolves that quickly