Adjusted EBITDAaL Adjusted EBITDAaL & FCF ⫶ In line with expectations Free cash flow
(€billion)
(€billion)
0.9
Adjusted EBITDAaL (reported) Interest & tax Working capital & other Net dividends (assoc. & JV) Capital additions Adjusted free cash flow Spectrum
€10.9bn €(1.9bn) €0.1bn
(0.1)
(0.1)
(0.4)
€11.1bn
€10.8bn
+2.5% Organic YoY growth 1
€0.3bn
€(6.9bn)
€2.5bn
FY24 EBITDAaL (organic) 1
Direct margin
Net A&R
Europe opex
Other Group opex
FY25 EBITDAaL (organic) 1
€(0.4bn)
€1.9bn Restructuring & integration Free cash flow • Higher capital additions year-on-year: - includes extraordinary 5-year software licence (€0.3bn) - no cash impact, unwinds in working capital €(0.3bn) • €0.1bn lower interest - reflecting reduction in net debt • Net dividends include €0.3bn from Vantage Towers
• Revenue growth supporting direct margin expansion • Customer acquisition & retention costs impacted by MDU investment • Lower energy costs (€0.2bn) and efficiencies across Europe, offset by extra inflation, incremental investment in customer experience, brand, Business and Germany MDU transition
FY25 results ⫶ May 2025
1. Organic Adjusted EBITDAaL presents performance on a comparable basis, excl. the impact of FX rates and hyperinflation adjustments in Türkiye.
14
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