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  "documentTitle": "2025 11 Investor Pack",
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  "notes": "The slide presents a grid of 8 key performance indicators with associated growth rates or values.",
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      "text": "1. cash conversion is adjusted earnings conversion into adjusted free cash flow for 2015 to 2023; 2. ordinary dividends CAGR is 2003 to 2019; 3. total capital returned is cumulative for 2003 to 2023.",
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      "text": "Adjusted EPS: +11.4%",
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      "text": "RevPAR +3.9% p.a., Net unit growth +3.2% p.a., Fee margin expansion +130bps p.a., Adjusted EPS +11.4% CAGR, Cash conversion >100%, Ordinary dividends +11.0% CAGR, Total capital returned to shareholders $15.4bn, Recent share buybacks 5-6%",
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