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  "documentTitle": "2025 Q3 Investor Presentation",
  "authorId": "HBX-Group",
  "authorName": "HBX Group",
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  "notes": "Uses a causal flow diagram (inputs -> outputs) to explain the business model's financial outcomes.",
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      "text": "Flow from Adj. EBITDA and Cash conversion to Strong cash flow generation profile",
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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). 1. Refers to mid-term target. 2. Since HBX Group expects to report a consolidated loss after taxation in FY25, due to various below the line charges related to one-off cash outflows related to the IPO, there is no automatic assumption of a dividend for FY25 to be paid in FY26.",
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      "kind": "list",
      "text": "Drive organic growth: HBX Group will continue to invest to enhance its products and its value proposition, further developing the tech capabilities of its platform",
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      "text": "Robust capital structure through organic deleveraging: Further room for deleveraging as the business continues to scale while producing cash",
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      "text": "Attractive shareholder return: The Group is targeting a dividend pay-out ratio of 20% over the Group's consolidated profit after taxation for FY 2026 to FY 2029",
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      "text": "Selective M&A opportunities: HBX Group will continue exploring partnerships and JVs to support the expansion of the ecosystem and will remain open to pursue M&A opportunities",
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      "text": "Cash conversion: c.100%",
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