Adjusted EBITDAaL & FCF ⫶ In line with expectations
Free cash flow
Adjusted EBITDAaL
(€billion)
(€billion)
0.6
0.0
Adjusted EBITDAaL (reported)
€5.4bn
(0.1)
Interest & tax
€5.5bn
(0.3)
€(0.9bn)
€5.3bn
Working capital & other
€(2.6bn)
Net dividends (assoc. & JV)
+3.8% Organic YoY growth 1
€0.1bn
Capital additions
€(3.0bn)
Adjusted free cash flow
€(1.0bn)
H1 FY24 EBITDAaL (organic)
Direct margin
Net A&R
Europe opex
Other Group opex
H1 FY25 EBITDAaL (organic)
Spectrum
€(0.0bn)
1
1
Restructuring & integration
€(0.1bn)
Free cash flow
€(1.1bn)
• Revenue growth supporting direct margin expansion • Customer acquisition & retention costs impacted by MDU investment • Lower energy costs across Europe providing €0.1bn benefit, offset by €0.1bn underlying investment in customer care, brand, Business & Germany MDU transition
• H1 cash outflow reflecting usual in-year working capital phasing − c.55% of capital expenditure spend in H2 − handset receivables timing in Q4 • Dividends now include €0.2bn from Vantage Towers
1. Organic Adjusted EBITDAaL presents performance on a comparable basis, excl. the impact of FX rates, M&A and the hyperinflation adjustment in Turkey.
H1 FY25 results ⫶ November 2024
11
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