Question · H1 2025
Usama Tariq of ABN AMRO – ODDO BHF BV asked about the decline in H1 free cash flow and whether there was a risk to the full-year guidance.
Answer
CFO Ed Walker explained that the H1 decline was purely a working capital phasing issue related to the calendar. He reaffirmed confidence in the full-year guidance of at least €1.7 billion, noting that H2 is seasonally stronger and Indonesia does not pose a material risk to cash flow.
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