The capital structure target is a net debt/equity ratio, excluding pension liabilities, below 40%. This together with the self-funding principle in the strategic framework, operating cash flow to fund investments and shareholder distribution underpins the Group’s financial flexibility and its ability to execute on the strategy, while maintaining a strong credit rating.

On 31 December 2023, the net debt/equity ratio, excluding pension liabilities was 13.9% (19.3).