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  "documentTitle": "2025 12 Capital Markets Day",
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  "notes": "Includes forward-looking estimates for 2025E.",
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      "text": "Business is highly cash generating, ~€1 billion excess liquidity (YE 2025); Successful deleveraging after SimCorp acquisition has restored strategic flexibility; Additional benefits expected from regulatory simplification and pro active capital management; On this basis, we plan to keep investing organically and inorganically while maintaining a strong rating",
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