FULL OWNERSHIP ⫶ EARLIER THAN EXPECTED OPPORTUNITY A strong first year of execution – providing even greater visibility & certainty on value creation opportunity Incremental cost opportunities Balance sheet capacity Attractive valuation
100% control for
Able to consider an early buyout
Clear line of sight to deliver
annual cost and capex target by FY32 (£0.8 billion by FY30)
Enterprise Value
impact on Group leverage
vs £16.5 billion in put/call framework
Returning to ‘bottom half’ of 2.25-2.75x Group leverage range by end of FY27
vs. Original £0.7 billion target by FY30
Enabling us to move at an even faster pace and unlock more savings 7
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