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  "documentTitle": "2026 Capital Markets Day Full",
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      "text": "2025 Net Revenues: ~3.6 €B",
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      "text": "Notes: (1) Operating cash flow generation after cash interest expenses and other cash items (cash taxes, IFRS 16 and other). FY23 excess cash gross of deferred taxes",
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      "text": "Unmatched Scale in Europe: ~3.6 €B 2025 Net Revenues, ~1.9 €B 2025 EBITDA, 53% EBITDA margin; Sustainable profitable growth: +4% 2022-2025 Net Revenues CAGR, +9% 2022-2025 Normalised EPS CAGR; Proven excess cash generation: ~2.1 €B 2023-2025 Excess cash, ~800 €M 2025 Excess cash; Significant capital distribution: ~1.1 €B Capital distribution to Shareholders in 2024-2025, ~300 €M Dividends in 2025, ~800 €M Share buy-back program in 2024 and 2025; Strengthened Credit Profile: 2.6x 2025 Net leverage ratio, BBB- Investment Grade status",
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