FY26 guidance ⫶ Expecting to deliver at the upper end of the ranges (€billion) Adjusted EBITDAaL Adjusted FCF Capital Intensity • Broadly maintained market by market
FY25 actual
10.9 (0.3)
2.5
Leverage ratio
Impact of exchange rates
(0.1)
• Lower half of 2.25-2.75x range
Remove Türkiye hyperinflation accounting
0.2
-
FY25 rebased 1,2
10.8
2.4
Expectation for Europe • Expecting to deliver at upper end of €7.5-7.7bn Adj. EBITDAaL range for FY26 (incl. UK merger) Dividend per share • Committing to a progressive dividend policy • 2.5% increase for final FY26 dividend
Growth
0.2-0.5
0.2-0.4 2.6-2.8
FY26 guidance 1,3
11.0-11.3
10-month FY26 UK merger impact
0.3
(0.2)
FY26 guidance (incl. UK merger) 1,3,4
11.3-11.6
2.4-2.6
Expecting to deliver at the upper end of the guidance ranges
H1 FY26 Results ⫶ November 2025
1. Excluding the impact of hyperinflation accounting in Türkiye. 2. FY25 re-based outcome based on FY26 guidance FX rates. 3. FY26 guidance FX rates (to €): ZAR 20.59, TRY 43.42, EGP 56.74, GBP 0.85. 4. The guidance assumes no material change to the structure of the Group and is subject to macro economic conditions.
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