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  "documentTitle": "2025 11 Investor Pack",
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      "text": "FY24: $259m ordinary dividends + $800m buyback = >$1.0bn or 7.1% of opening market cap",
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      "text": "$800m buyback completed in 2024\n7.5m shares repurchased\n4.6% reduction in share count",
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      "text": "Objective of maintaining an investment grade credit rating\n2.5x – 3.0x Net Debt:Adjusted EBITDA under normalised conditions\nAs of 31 December 2024: Net debt¹ $2,782m / Adjusted EBITDA¹ $1,189m = 2.3x",
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      "text": "1. Definitions for non-GAAP measures can be found in the ‘Use of 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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      "text": "Continuing our capital allocation approach to routinely return surplus capital to shareholders – further $900m buyback announced for 2025",
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