D
Investing to deliver the UK’s best network Integration and restructuring A CLEAR PATH TO IMPROVED RETURNS & LONG-TERM VALUE CREATION FY27 is a ‘peak’ year for capex and this will moderate over time 70% within the first two years
Opex
Capex
c.£1.4bn
FY26
FY27e
FY28e
FY29e
FY30e
FY26
FY27e
FY34e
On track to invest £11 billion over 10 years
£0.5 billion over 5 years
67
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