Strong Cash GenerationConsistent high operating and free cash flow provides durable internal funding for capex, buybacks and debt reduction. Over multiple years this supports capital allocation flexibility, funds growth projects without heavy external financing and underpins resilience through price cycles.
Improving Leverage And LiquidityLow net leverage versus target and sizeable cash/committed facilities increase balance sheet optionality. This durable financial strength reduces refinancing risk, enables disciplined M&A and capex, and supports shareholder returns while the business transitions to new operating regimes.
Secured Post‑2027 Low‑carbon CfDA long-dated CfD creates predictable, contracted cash flows and underpins generation reprofile to high-value periods. Structurally, this reduces merchant exposure, supports planning for asset investment and improves visibility of medium-term free cash flow for growth and returns.