Lloyds Banking Group (LYG) details £140.3bn capitalisation and £92.4bn debt snapshot

Rhea-AI Filing Summary

Lloyds Banking Group plc provides an updated view of its capital structure as at 31 December 2025. The Group reports ordinary shareholders’ equity of £41,721 million, other equity instruments of £5,947 million and non-controlling interests of £199 million, giving total equity of £47,867 million.

Total indebtedness is £92,408 million, including subordinated liabilities of £9,894 million and total debt securities of £82,514 million. Overall capitalisation and indebtedness stand at £140,275 million. Most indebtedness is unsecured, apart from £17.6 billion of securitisation notes and covered bonds and £0.7 billion of debt securities issued by asset-backed conduits.

The Group notes it is due to redeem CHF 215 million of debt securities on 2 February 2026, and that there have been no issuances or redemptions of debt securities, subordinated liabilities or other equity instruments since 31 December 2025, with no material change in the capitalisation figures.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

29 January 2026

Commission File number 001-15246

LLOYDS BANKING GROUP plc

(Translation of registrant’s name into English)

33 Old Broad Street

London

EC2N 1HZ

United Kingdom

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒    Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1) ________.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7) ________.

This report on Form 6-K shall be deemed incorporated by reference into the company’s Registration Statement on Form F-3
(File No. 333-287829) and to be a part thereof from the date on which this report is filed to the extent not superseded by
documents or reports subsequently filed or furnished.

EXPLANATORY NOTE

Lloyds Banking Group plc hereby incorporates by reference the following exhibit to this report on Form 6-K into its Registration Statement on Form F-3 (File No. 333-287829):

Exhibit						Document
99.1						Capitalisation table as at 31 December 2025

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

			LLOYDS BANKING GROUP plc
			By:			/s/ William Chalmers
			Name:			William Chalmers
			Title:			Chief Financial Officer
			Dated:			29 January 2026

EXHIBIT 99.1

CAPITALISATION

The following table shows the capitalisation and indebtedness of Lloyds Banking Group plc together with its subsidiaries (the Group) on a consolidated basis as at 31 December 2025. In accordance with IFRS, certain preference shares are classified as debt and are included in subordinated liabilities in the table below.

Capitalisation			At 31 Dec 2025 £m
Equity
Ordinary shareholders’ equity			41,721
Other equity instruments			5,947
Non-controlling interests			199
Total equity			47,867
Indebtedness
Subordinated liabilities			9,894
Debt securities
Debt securities in issue at amortised cost			78,271
Liabilities designated at fair value through profit or loss			4,243
Total debt securities			82,514
Total indebtedness			92,408
Total capitalisation and indebtedness			140,275

Excluding indebtedness issued under government-guaranteed funding programmes, none of the indebtedness set forth above is guaranteed by persons other than members of the Group. As of 31 December 2025, all indebtedness was unsecured except for £17.6 billion of securitisation notes and covered bonds and £0.7 billion of debt securities issued by the Group’s asset-backed conduits.

On 2 February 2026, the Group is due to redeem CHF 215 million of debt securities. There have been no issuances of debt securities since 31 December 2025.

There have been no issuances or redemptions of subordinated liabilities since 31 December 2025.

There have been no issuances or redemptions of other equity instruments since 31 December 2025.

There has been no material change in the information set forth in the table above since 31 December 2025.

FAQ

What does Lloyds Banking Group (LYG) disclose in this 6-K filing?

Lloyds Banking Group discloses its consolidated capitalisation and indebtedness as at 31 December 2025. It provides detailed figures for equity, subordinated liabilities and debt securities, supporting its existing Form F-3 shelf registration for potential future securities offerings.

What is Lloyds Banking Group (LYG)’s total capitalisation and indebtedness?

Total capitalisation and indebtedness are reported at £140,275 million as at 31 December 2025. This combines total equity of £47,867 million with total indebtedness of £92,408 million, giving investors a consolidated snapshot of the Group’s balance sheet structure.

How much debt does Lloyds Banking Group (LYG) report as at 31 December 2025?

The Group reports total indebtedness of £92,408 million as at 31 December 2025. This includes £9,894 million of subordinated liabilities and £82,514 million of total debt securities across amortised cost and fair value through profit or loss categories.

How much equity does Lloyds Banking Group (LYG) report in this capitalisation table?

Lloyds Banking Group reports total equity of £47,867 million as at 31 December 2025. This consists of £41,721 million in ordinary shareholders’ equity, £5,947 million in other equity instruments and £199 million in non-controlling interests.

What portion of Lloyds Banking Group (LYG)’s debt is secured versus unsecured?

As of 31 December 2025, all indebtedness is unsecured except for £17.6 billion of securitisation notes and covered bonds and £0.7 billion of debt securities issued by asset-backed conduits. This highlights that only a defined portion of its debt is secured.

Does Lloyds Banking Group (LYG) plan any near-term debt redemptions?

Yes. The Group states it is due to redeem CHF 215 million of debt securities on 2 February 2026. It also confirms there have been no new issuances of debt securities, subordinated liabilities or other equity instruments since 31 December 2025.

Has Lloyds Banking Group (LYG)’s capitalisation changed since 31 December 2025?

The Group states there has been no material change in the capitalisation and indebtedness information since 31 December 2025. It further notes no issuances or redemptions of debt securities, subordinated liabilities or other equity instruments over that period.