Adjusted EBITDAaL Adjusted EBITDAaL & FCF ⫶ Slightly ahead of expectations Free cash flow
Adjusted EBITDAaL (reporte d) Interest & tax Working capital & other Dividends (assoc. & JV) Capital additions Adjusted free cash flow Spectrum
€ 11.0bn
1.3
(0.2)
€ (2.0)bn
(0.4)
(0.5)
€ 11.1bn
€ 10.9bn
€ (0.3)bn
€ 0.2bn
+0.6% Organic YoY growth
+2.2% Organic YoY growth
€ (6.3)bn
€ 2.6bn
FY23 EBITDAaL (organic)
Direct margin
Net A&R
Europe energy & extra inflation
Non-Europe opex
FY24 EBITDAaL (organic)
€ (0.5)bn
€ 1.8bn Restructuring & integration Free cash flow • Lower tax year-over-year due to lower profitability & prior year tax refund in Germany • Working capital includes initial MDU impact (- € 0.2bn) & unwind of € (0.3)bn
• Good revenue growth supporting direct margin expansion • Customer acquisition & retention costs increased due to channel mix improvement & MDU investment • Energy costs (- € 0.2bn) & other inflationary pressures increased in Europe as anticipated • Underlying Europe opex flat year-over-year despite higher brand, customer care & MDU investment
non-cash gains from Vantage Towers disposal • Dividends include € 0.2bn from Vantage Towers
FY24 results ⫶ May 2024
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