Geopolitical uncertainty drives record profit warnings for firms with DB pension schemes – EY
Across all UK-listed companies, 240 profit warnings were issued last year, with 26% coming from firms with DB pension schemes.
Geopolitical and policy uncertainty led to record levels of profit warnings from UK-listed firms with defined benefit (DB) pension schemes in 2025, research from EY found.
Of the 63 profit warnings issued by these firms, 42% cited policy change and geopolitical uncertainty as the main reason.
This was the highest percentage recorded for this cause in over 25 years and up from 7% in 2024.
Contract and order cancellations or delays were also common, referenced in 31% of warnings.
The 63 profit warnings in 2025 included 15 in the final quarter.
This marked a 21% fall from the 80 warnings seen in 2024, and was the lowest number since 2021 when there were 55.
Across all UK-listed companies, 240 profit warnings were issued last year, with 26% coming from firms with DB pension schemes.
Research also found that 27% of all UK-listed companies with these schemes have issued at least one profit warning in the last 12 months.
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