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  "documentTitle": "2025 H1 Results Presentation",
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      "text": "Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs). Mid-term is based on FY'27 and annual growth based on average annual growth from FY '24-FY '27. In the medium-term, HBX Group also expects an underlying tax rate (i.e. relating to ongoing business operations and excluding impacts of amortisation and non-underlying items) in the mid 20%, other costs to trend down and approximately 50% of R&D expenditure to be capitalised.",
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      "text": "Adjusted EBITDA: €430 - €450m",
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      "text": "Delivering profitable growth on strong financial foundations",
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