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  "notes": "Slide 30 of IHG HY 2025 Financial Review deck.",
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      "text": "This creates opportunity for compound growth in adjusted EPS of 12-15% annually on average over the medium to long term, driven by the combination of the above",
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      "text": "High-single digit percentage growth in fee revenue annually on average over the medium to long term, driven by the combination of RevPAR growth and net system size growth; 100-150bps annual improvement in fee margin; ~100% conversion of adjusted earnings into adjusted free cash flow; Sustainably growing the ordinary dividend; Returning additional capital to shareholders",
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      "text": "Capital expenditure: Key money & maintenance capex expected to be $200-250m annually (FY24: $237m) and net capex to be similar (FY24: $253m) as recyclable and System Fund investments have broadly neutral impact over time",
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      "text": "Interest expense: Adjusted interest expense is expected to increase in FY25 to $195m-$205m (FY24: $165m) given increase in average net debt and higher blended cost of borrowing",
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      "text": "Tax rate: Effective adjusted tax rate is expected to be ~27% in FY25 and for the near term (FY24: 27%), based on assumptions for geographic mix of profits and corporate income tax rates currently enacted",
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      "text": "1. Definitions for non-GAAP measures can be found in the ‘Key performance measures and non-GAAP measures’ section of the results announcement, along with reconciliations of these measures to the most directly comparable line items within the Financial Statements.",
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