Capital allocation ⫶ € 4bn capital return programme Disciplined capital investment • Current country-level capital intensity broadly maintained
• New leverage policy of 2.25x – 2.75x Net debt to Adjusted EBITDAaL • Targeting to be in bottom half of the range
Maintain robust balance sheet
• FY24 total ordinary dividend maintained at 9c • FY25 total ordinary dividend rebased to 4.5c • Ambition to grow dividend over time
Rebased ordinary dividend
• € 2 billion buybacks upon completion of sale of Spain (FY25) • € 2 billion buybacks upon completion of sale of Italy (FY26) • Subsequent review of potential for further capital return
Capital returns
FY24 results ⫶ May 2024
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