{
  "docId": "019dd923-5efe-75c0-8dfe-e352ec05ff6f",
  "docSlug": "0bb82e6bb2352d02",
  "documentTitle": "2026 Capital Markets Day Full",
  "authorId": "Nexi",
  "authorName": "Nexi",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 41,
  "pageCount": 126,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "financial_analysis",
  "function": "quantify_impact",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The slide uses a waterfall-like logic to show how operating and cash leverage drive excess cash.",
  "elementsJson": [
    "headline_text",
    "process_diagram",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5efe-75c0-8dfe-e352ec05ff6f/41",
  "deckHref": "/decks/019dd923-5efe-75c0-8dfe-e352ec05ff6f",
  "deckJsonHref": "/decks/019dd923-5efe-75c0-8dfe-e352ec05ff6f.json",
  "deckAnchorHref": "/decks/019dd923-5efe-75c0-8dfe-e352ec05ff6f#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.72,
        "w": 0.62,
        "x": 0.35,
        "y": 0.18
      },
      "kind": "chart",
      "text": "Excess cash progression (€M)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76cd74df-eab8-4146-8f3b-cf8da78d4d6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.72,
        "w": 0.33,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "diagram",
      "text": "Revenues, Opex, EBITDA, Capex, Non-recurring cash items, Cash taxes, Excess cash",
      "attrs": null,
      "subkind": "process",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "852ada76-68d1-4d2e-82df-b267f82819d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.27,
        "x": 0.09,
        "y": 0.95
      },
      "kind": "disclaimer",
      "text": "Notes: (1) FY23 excess cash gross of deferred taxes",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "877d70b5-29b2-43fe-b4e5-4cb686c624b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Excess cash: 806",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-78b5-733e-8110-8eb6699fda41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.95,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Our long-term cash generation formula: Compounding growth, operating leverage and cash leverage",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f9e060dd-6d23-4fdb-93e9-8b8f4ae1ad69",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "Waterfall / value bridge",
      "slug": null,
      "matchId": "019dea9f-a1cf-73e5-b9fe-273cccad479c",
      "evidence": "Excess cash 2019->2025 build via operating + cash leverage.",
      "confidence": 75
    }
  ],
  "arcBeats": [
    {
      "to": 54,
      "from": 38,
      "beatId": "019dea9f-91a0-7470-bdb5-19ef479b7254",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": null,
      "evidence": "FY25 results, waterfalls, cash bridges and 2026-2028 guidance p.38-54.",
      "position": 4,
      "confidence": 78,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 54,
      "from": 19,
      "beatId": "019dea9f-923c-7122-b125-537a63885135",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Implications (So What)",
      "beatSlug": null,
      "evidence": "Vision and financial implications: cash generation thesis, guidance.",
      "position": 2,
      "confidence": 55,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 42,
      "from": 38,
      "name": "Build Up",
      "slug": "33-build-up",
      "bestFor": "Pricing justification, cost estimation, market sizing",
      "matchId": "019dea9f-93cd-7483-8060-ba85a97e88e4",
      "evidence": "p.38 KPI recap, p.39 waterfall to pro-forma, p.41-42 cash and GDP+ build.",
      "position": 9,
      "objective": "Build up FY25 baseline financials and growth trajectory",
      "structure": "The Base -> Add Component A -> Add Component B -> Add Component C -> The Total",
      "confidence": 70,
      "description": "Start from zero and add components to arrive at a total"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}