D
A CLEAR PATH TO IMPROVED RETURNS & LONG-TERM VALUE CREATION Upgraded annual cost & capex target Driving Adj. EBITDAaL growth
%
£1.0bn
£0.7bn
£1.6bn
Mid-to-high single digit CAGR
Additional c.£0.3bn
Sustainable long-term value creation
FY32 target
Original FY30 target
Benefits of Group ownership
Network savings + rationalisation
FY25
FY32e
ROCE 1 > cost of capital by FY32
Delivering strong Operating FCF growth 1
Over 3x
Good returns
Cost of capital
£0.5bn
FY26
FY32e
FY34e
FY25
FY32e
1. Adjusted EBITDAaL less capital additions 2. Pre-tax Return on Capital Employed (including goodwill)
68
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