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Drax Group plc
(LSE:DRX)
Drax Group plc (DRX) vs. iShares MSCI United Kingdom ETF (EWC)
Drax Group plc Business Overview & Revenue Model
Drax Group plc Earnings Call Summary
Drax Group plc Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.67B | 6.16B | 8.13B | 7.78B | 5.09B | 4.24B |
| Gross Profit | 1.52B | 1.88B | 1.78B | 1.02B | 891.20M | 725.70M |
| EBITDA | 902.40M | 1.10B | 1.14B | 400.10M | 391.50M | 4.50M |
| Net Income | 407.70M | 526.60M | 562.20M | 85.10M | 55.10M | -194.60M |
Balance Sheet | ||||||
| Total Assets | 5.27B | 5.39B | 6.04B | 6.39B | 5.82B | 4.19B |
| Cash, Cash Equivalents and Short-Term Investments | 276.00M | 356.00M | 379.50M | 238.00M | 317.40M | 289.80M |
| Total Debt | 1.30B | 1.29B | 1.56B | 1.59B | 1.49B | 1.10B |
| Total Liabilities | 3.27B | 3.30B | 4.06B | 5.07B | 4.52B | 2.85B |
| Stockholders Equity | 1.99B | 2.08B | 1.97B | 1.31B | 1.29B | 1.34B |
Cash Flow | ||||||
| Free Cash Flow | 517.30M | 472.00M | 394.50M | 33.00M | 96.80M | 131.80M |
| Operating Cash Flow | 848.30M | 859.50M | 835.60M | 207.70M | 306.50M | 306.20M |
| Investing Cash Flow | -338.60M | -389.90M | -451.80M | -180.70M | -228.80M | -171.30M |
| Financing Cash Flow | -469.70M | -491.60M | -237.90M | -111.90M | -50.40M | -249.10M |
Drax Group plc Technical Analysis
Drax Group plc Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | £2.78B | 7.38 | 19.64% | 2.85% | -19.04% | -34.52% | |
76 Outperform | £56.78B | 19.54 | 7.87% | 4.14% | -9.52% | 35.74% | |
74 Outperform | £25.88B | 24.76 | 9.92% | 2.99% | 1.78% | -50.72% | |
71 Outperform | £8.34B | 26.35 | 17.41% | 4.46% | 10.68% | 35.18% | |
67 Neutral | £2.48B | 83.73 | 2.50% | 6.54% | 19.50% | ― | |
66 Neutral | £7.54B | -33.82 | -5.95% | 2.89% | -4.82% | -123.58% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% |
Drax Group plc Corporate Events
Drax Group plc announced the purchase of 72,833 of its ordinary shares as part of its ongoing share buyback program. This transaction, conducted through J.P. Morgan Securities plc, reflects Drax’s strategic initiative to manage its capital structure and potentially enhance shareholder value. The buyback program, initiated on July 31, 2025, has seen the acquisition of a total of 3,800,911 shares, indicating the company’s commitment to this financial strategy. The transaction impacts the total number of shares in issue and voting rights, which stakeholders can use for their interest calculations under regulatory rules.
Drax Group plc has announced the purchase of 72,858 of its ordinary shares as part of its ongoing share buyback programme, which was initiated on 31 July 2025. This transaction is part of a larger effort, with the company having acquired a total of 3,728,078 shares for treasury since the programme’s inception. The buyback initiative is likely aimed at consolidating the company’s share capital and potentially enhancing shareholder value, reflecting Drax’s strategic financial management in the energy sector.
Drax Group plc announced the purchase of 76,241 of its own ordinary shares as part of its ongoing share buyback program initiated in July 2025. This transaction, executed through J.P. Morgan Securities plc, reflects Drax’s strategy to manage its capital structure and potentially enhance shareholder value. Following this purchase, the company now has 432,166,899 ordinary shares in issue, with 90,796,620 held in treasury. The buyback program, which has seen the acquisition of over 3.6 million shares since its announcement, underscores Drax’s commitment to optimizing its financial operations and maintaining a strong market position.
Drax Group plc announced the purchase of 74,094 of its own ordinary shares as part of its ongoing share buyback programme. This transaction, executed through J.P. Morgan Securities plc, is part of a larger initiative that has seen the company repurchase a total of 3,578,979 shares since July 2025. The buyback is intended to optimize the capital structure and return value to shareholders, potentially impacting the company’s market positioning and shareholder interests.
Drax Group plc announced its total voting rights and share capital as of November 30, 2025. The company’s issued share capital consists of 432,166,899 ordinary shares, with 90,646,285 held in treasury, resulting in 341,520,614 voting rights. This information is crucial for shareholders to determine their voting rights interest in compliance with the FCA’s Disclosure and Transparency Rules.
Drax Group plc announced the purchase of 74,934 of its ordinary shares as part of its ongoing share buyback program. This transaction, executed through J.P. Morgan Securities plc, is part of a broader strategy to manage the company’s capital structure and enhance shareholder value. The buyback reflects Drax’s commitment to optimizing its financial operations, potentially impacting its market positioning and offering implications for its shareholders.
Drax Group plc has executed a share buyback program, purchasing 74,934 of its ordinary shares on the London Stock Exchange, as part of a previously announced initiative. This move is part of Drax’s strategy to manage its capital structure and enhance shareholder value, reflecting its confidence in the business’s long-term prospects.
Drax Group plc has executed a share buyback program, purchasing 77,543 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in July 2025, aimed at optimizing capital structure and enhancing shareholder value. The transaction affects the total number of shares in issue and voting rights, with implications for shareholder notifications under regulatory rules.
Drax Group plc has executed a share buyback transaction, purchasing 78,700 of its ordinary shares on the London Stock Exchange as part of its ongoing buyback program announced in July 2025. This move, which involves shares being bought at an average price of 712.4732 pence, is part of Drax’s strategy to manage its capital structure and return value to shareholders, potentially impacting its share price and market perception.
Drax Group plc has executed a share buyback program, purchasing 76,400 ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced earlier in the year, aiming to manage the company’s capital structure and return value to shareholders. Following this transaction, Drax Group’s total shares in issue, including treasury shares, stand at 432,160,937, with 90,415,108 held in treasury. The buyback reflects Drax’s ongoing efforts to optimize its financial operations and enhance shareholder value.
Drax Group plc announced the purchase of 77,199 ordinary shares as part of its share buyback program, with prices ranging from 709.5 to 720.5 pence per share. This transaction reflects Drax’s ongoing efforts to manage its capital structure and enhance shareholder value, impacting the total number of shares in issue and voting rights, which stakeholders can use for regulatory calculations.
Drax Group plc announced the purchase of 78,400 of its ordinary shares as part of its ongoing share buyback program. This transaction is part of a broader strategy to manage the company’s capital structure and potentially enhance shareholder value. The buyback program, initiated in July 2025, has seen Drax Group acquire a total of 3,042,209 shares for treasury, reflecting the company’s commitment to optimizing its financial operations and providing returns to its shareholders.
Drax Group plc has executed a share buyback transaction as part of its ongoing programme, purchasing 76,112 ordinary shares on the London Stock Exchange. This move is part of a broader strategy to manage its capital structure and return value to shareholders, reflecting confidence in its financial health and future prospects.
Drax Group plc announced the purchase of 74,743 of its ordinary shares as part of its ongoing share buyback program. This move, executed through J.P. Morgan Securities plc, is part of a broader strategy to manage capital and enhance shareholder value, reflecting the company’s strong financial position and commitment to returning capital to shareholders.
Drax Group plc has executed a share buyback program, purchasing 75,196 of its ordinary shares on the London Stock Exchange. This transaction is part of a broader initiative announced in July 2025, which has seen the company acquire a total of 2,812,954 shares for treasury purposes. The buyback is likely aimed at optimizing the company’s capital structure and enhancing shareholder value, reflecting Drax’s strategic focus on financial stability and market confidence.
Drax Group plc has applied for the block listing of 260,000 ordinary shares on the London Stock Exchange, associated with its Deferred Share Plan and Long Term Incentive Plan 2020. This move is expected to enhance the company’s share liquidity and support its employee incentive programs, reflecting its commitment to aligning employee interests with company performance.
Drax Group plc has announced the purchase of 75,303 of its ordinary shares as part of its ongoing share buyback program, which was initiated on 31 July 2025. This transaction is part of a broader strategy to manage its capital structure, potentially enhancing shareholder value and signaling confidence in the company’s financial health. Following this transaction, Drax Group now holds a total of 432,158,061 ordinary shares, with 89,879,158 held in treasury, affecting the total number of voting rights available to shareholders.
Drax Group plc announced the purchase of 99,568 of its own ordinary shares as part of its ongoing share buyback programme. This transaction is part of the company’s strategy to manage its capital structure and return value to shareholders, with implications for its market positioning and shareholder engagement.
Drax Group plc announced the purchase of 81,122 of its own ordinary shares as part of its ongoing share buyback program, initially announced in July 2025. This move is part of a broader strategy to manage the company’s capital structure and return value to shareholders, reflecting confidence in its financial health and future prospects.
Drax Group plc has executed a share buyback program, purchasing 103,800 of its ordinary shares on the London Stock Exchange. This move, part of a broader initiative announced in July 2025, reflects the company’s strategy to manage its capital structure and potentially enhance shareholder value. The transaction leaves Drax with 432,151,926 ordinary shares in issue, including treasury shares, and 342,528,761 voting rights. This buyback is part of a larger aggregate purchase of 2,481,765 shares since the program’s inception, indicating a significant commitment to this financial strategy.
Drax Group plc announced the purchase of 104,509 of its own ordinary shares as part of its ongoing share buyback programme. This transaction, executed through J.P. Morgan Securities plc, is part of a broader strategy to manage the company’s capital structure and enhance shareholder value. Following this purchase, Drax Group has a total of 432,151,926 ordinary shares in issue, with 89,519,365 held in treasury. This move is indicative of Drax’s commitment to optimizing its financial operations and could impact its market positioning and shareholder relations.
Drax Group plc has executed a share buyback program, purchasing 104,509 ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in July 2025, aimed at optimizing capital structure and returning value to shareholders, reflecting confidence in the company’s financial health and future prospects.
Drax Group plc has executed a share buyback program, purchasing 103,878 ordinary shares on the London Stock Exchange. This action is part of a broader initiative announced in July 2025, which has seen the company acquire over 2.27 million shares in total. The buyback is likely aimed at consolidating ownership and potentially enhancing shareholder value by reducing the number of shares in circulation.
Drax Group plc has executed a share buyback transaction, purchasing 103,590 ordinary shares on the London Stock Exchange as part of its ongoing buyback program initiated in July 2025. This move reflects the company’s strategy to manage its capital structure and potentially enhance shareholder value, with implications for the company’s stock liquidity and market perception.
Drax Group plc has announced the purchase of 103,500 of its ordinary shares as part of its share buyback programme, which was initially announced on 31 July 2025. The shares were purchased at prices ranging from 719.5000 pence to 734.5000 pence, with a volume-weighted average price of 727.9851 pence. This transaction leaves Drax Group with 432,136,666 ordinary shares in issue, including treasury shares, and 342,929,278 voting rights excluding treasury shares. The buyback is part of Drax’s ongoing efforts to manage its capital structure and return value to shareholders.
Drax Group plc announced the purchase of 105,021 of its own ordinary shares as part of its ongoing share buyback program, initially announced in July 2025. This transaction, executed through J.P. Morgan Securities plc, reflects Drax’s strategy to manage its capital structure and potentially enhance shareholder value. Following this purchase, the company has a total of 432,136,666 ordinary shares in issue, with 89,103,888 held in treasury, impacting the total number of voting rights available to shareholders.
Drax Group plc has signed a contract with the UK Government’s Low Carbon Contracts Company to operate its biomass units at Drax Power Station from April 2027 to March 2031 under a low-carbon dispatchable CfD scheme. The agreement, which includes a strike price of £109.90/MWh, aims to support UK energy security and renewable energy rollout, while offering potential savings of up to £3.1 billion over four years. The contract also emphasizes enhanced biomass sustainability requirements, ensuring all biomass is sustainably sourced and verified.
Drax Group plc has executed a share buyback program, purchasing 103,455 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in July 2025, which has seen the company acquire a total of 1,857,467 shares for treasury. The buyback aims to optimize the capital structure and potentially enhance shareholder value, reflecting Drax’s commitment to strategic financial management.
Drax Group plc announced its total voting rights and share capital as of October 31, 2025. The company has 432,099,751 ordinary shares issued, with 88,895,412 held in treasury, resulting in 343,204,339 voting rights. This information is crucial for shareholders to determine their voting rights interests under the FCA’s Disclosure and Transparency Rules.
Drax Group plc has executed a share buyback program, purchasing 100,200 of its ordinary shares on the London Stock Exchange. This move is part of a larger strategy announced in July 2025, where the company has acquired a total of 1,754,012 shares for treasury. The buyback is expected to impact the company’s share capital structure, potentially enhancing shareholder value and reflecting confidence in its financial health.
Drax Group plc has executed a share buyback program, purchasing 100,559 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in July 2025, aimed at consolidating its shares and potentially enhancing shareholder value. The transaction leaves Drax with 432,098,677 shares in issue, with 88,795,212 held in treasury, impacting the total voting rights available to shareholders.
Drax Group plc has executed a share buyback program, purchasing 103,613 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in July 2025, aimed at optimizing capital structure and returning value to shareholders, reflecting confidence in the company’s financial health and future prospects.
Drax Group plc has announced the acquisition of three battery energy storage system projects from Apatura Limited, totaling 260MW, with a payment of £157.2 million. This acquisition marks Drax’s first investment in short duration storage, enhancing its FlexGen portfolio and supporting the UK’s energy security and clean power system. The projects, located in Scotland and England, are expected to commence construction in 2026, with the first site operational in 2027. This strategic move aligns with the UK’s increasing reliance on intermittent renewables and the need for dispatchable power, offering Drax significant long-term earnings opportunities and value creation.
Drax Group plc has executed a share buyback transaction as part of its ongoing programme announced in July 2025. The company repurchased 103,300 ordinary shares on the London Stock Exchange, with prices ranging from 712 to 727 pence per share. This transaction leaves Drax with 432,098,677 ordinary shares in issue, including treasury shares, and a total of 343,507,637 voting rights. The buyback is part of Drax’s strategy to manage its capital structure and return value to shareholders.
Drax Group plc announced the purchase of 98,535 of its own ordinary shares as part of its ongoing share buyback programme. This move is part of a larger strategy to manage its capital structure and potentially enhance shareholder value, reflecting the company’s focus on financial optimization and market confidence.
Drax Group plc has executed a share buyback program, purchasing 103,000 of its ordinary shares on the London Stock Exchange. The buyback, part of a program announced in July 2025, aims to manage the company’s capital structure and return value to shareholders. This move reflects Drax’s ongoing commitment to optimizing its financial strategy and enhancing shareholder value.
Drax Group plc has executed a share buyback program, purchasing 103,300 of its ordinary shares on the London Stock Exchange, with prices ranging between 724.5 and 733 pence per share. This move is part of a larger strategy announced in July 2025, which has seen the company acquire a total of 1,144,805 shares for treasury, potentially enhancing shareholder value and adjusting the company’s capital structure.
Drax Group plc has executed a share buyback transaction as part of its ongoing program announced in July 2025. The company purchased 105,800 ordinary shares on the London Stock Exchange, with prices ranging from 715.5 to 728.5 pence per share. This transaction is part of a larger strategy to manage its share capital, with implications for shareholder value and market perception. Following this purchase, Drax Group now has 432,096,816 ordinary shares in issue, with 88,182,905 held in treasury, impacting the total voting rights available to shareholders.
Drax Group plc has announced the purchase of 105,444 of its own ordinary shares as part of its ongoing share buyback program, which was initiated on 31 July 2025. This transaction, executed through J.P. Morgan Securities plc, is part of a broader strategy to manage the company’s capital structure and enhance shareholder value. The buyback program reflects Drax’s commitment to returning value to shareholders while maintaining a strong balance sheet, and it may influence the company’s stock liquidity and market perception.
Drax Group plc has executed a share buyback program, purchasing 102,757 of its ordinary shares on the London Stock Exchange. This move, part of a larger program announced in July 2025, aims to optimize the company’s capital structure and potentially enhance shareholder value. Following this transaction, Drax Group’s total number of voting rights, excluding treasury shares, stands at 344,224,587, which is crucial for stakeholders monitoring their interests in the company.
Drax Group plc has executed a share buyback program, purchasing 105,000 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in July 2025, reflecting the company’s commitment to optimizing its capital structure and enhancing shareholder value. The transaction impacts the total number of shares in issue and voting rights, which stakeholders can use for transparency and disclosure obligations.
Drax Group plc has executed a share buyback program, purchasing 105,039 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced earlier in the year, aimed at optimizing the company’s capital structure and returning value to shareholders. The buyback reflects Drax’s confidence in its financial health and future growth prospects, potentially enhancing shareholder value and market positioning.
Drax Group plc has announced the purchase of 104,523 of its ordinary shares as part of its ongoing share buyback programme, which was initiated on 31 July 2025. This transaction, executed through J.P. Morgan Securities plc, reflects Drax Group’s strategic financial management efforts to optimize its capital structure and potentially enhance shareholder value. The buyback activity indicates a continued commitment to returning capital to shareholders and may influence the company’s stock liquidity and market perception.
Drax Group plc has executed a share buyback program, purchasing 105,350 of its ordinary shares on the London Stock Exchange, with prices ranging from 708.5p to 714.5p per share. This move, part of a broader strategy announced in July 2025, reflects the company’s efforts to manage its capital structure and potentially enhance shareholder value, impacting the total number of shares in issue and voting rights.
Drax Group plc has executed a share buyback program, purchasing 104,719 of its ordinary shares on the London Stock Exchange. This move is part of a previously announced program and affects the total number of shares in issue and voting rights, potentially impacting shareholder interests and market perceptions.
Drax Group plc has executed a share buyback program, purchasing 61,199 ordinary shares on the London Stock Exchange. This transaction is part of a broader initiative announced in August 2024, aimed at consolidating the company’s share capital and potentially enhancing shareholder value. Following this purchase, the total number of voting rights in Drax Group, excluding treasury shares, stands at 344,936,270.
Drax Group plc has completed a £300 million share buyback program and is initiating a £450 million extension to this program, aiming to reduce its share capital. This move is part of Drax’s strategic financial management, potentially enhancing shareholder value and reflecting confidence in its financial health, while also impacting its market positioning by adjusting its capital structure.
Drax Group plc has executed a share buyback program, purchasing 110,500 of its ordinary shares on the London Stock Exchange. This transaction is part of a larger buyback initiative announced in August 2024, with the company having acquired a total of 47,123,240 shares for treasury since then. The buyback program is a strategic move to manage the company’s capital structure and potentially enhance shareholder value.
Drax Group plc has announced the purchase of 110,010 of its ordinary shares as part of its ongoing share buyback program initiated in August 2024. This transaction, conducted through J.P. Morgan Securities plc, reflects Drax’s strategic focus on optimizing its capital structure and potentially enhancing shareholder value, while maintaining a strong market presence.
Drax Group plc has executed a share buyback program, purchasing 112,400 of its ordinary shares on the London Stock Exchange. This move is part of a larger program announced in August 2024, aimed at consolidating shares and potentially enhancing shareholder value, reflecting the company’s strategic financial management and commitment to optimizing its capital structure.
Drax Group plc has executed a share buyback transaction, purchasing 109,583 of its ordinary shares on the London Stock Exchange as part of its ongoing buyback program initiated in August 2024. This move reduces the number of shares in circulation, potentially increasing the value of remaining shares and signaling confidence in the company’s financial health, which could positively impact shareholder value and market perception.
Drax Group plc announced that as of 30 September 2025, its issued share capital consisted of 432,046,489 ordinary shares, with 86,518,469 held in treasury. This results in a total of 345,528,020 voting rights, which shareholders can use to determine their voting rights interest under the FCA’s Disclosure and Transparency Rules.
Drax Group plc has executed a share buyback program, purchasing 109,899 ordinary shares on the London Stock Exchange through J.P. Morgan Securities plc. This transaction is part of a larger program announced in August 2024, aimed at optimizing the company’s capital structure and returning value to shareholders. Following this purchase, Drax Group now has 432,046,489 ordinary shares in issue, with 86,518,469 held in treasury. The buyback reflects Drax’s strategic focus on enhancing shareholder value and maintaining a robust financial position.
Drax Group plc has executed a share buyback program, purchasing 110,632 of its ordinary shares on the London Stock Exchange. This move, part of a broader initiative announced in August 2024, aims to optimize the company’s capital structure and potentially enhance shareholder value by reducing the number of shares in circulation.
Drax Group plc has announced the purchase of 113,181 of its ordinary shares as part of its ongoing share buyback program, initiated in August 2024. This move is part of a broader strategy to manage capital efficiently and potentially enhance shareholder value, reflecting confidence in the company’s financial health and future prospects.
Drax Group plc has executed a share buyback program, purchasing 114,000 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in August 2024, aimed at consolidating its share capital and potentially enhancing shareholder value. The transaction reduces the number of shares available in the market, which could impact the company’s stock liquidity and market perception.
Drax Group plc has executed a share buyback, purchasing 111,569 ordinary shares on the London Stock Exchange as part of its ongoing buyback programme initiated in August 2024. This action is part of Drax’s strategy to manage its capital structure and return value to shareholders, reflecting confidence in its financial health and future prospects.
Drax Group plc has executed a share buyback program, purchasing 114,863 of its ordinary shares on the London Stock Exchange at an average price of 684.9060 pence per share. This transaction is part of a broader initiative announced in August 2024, aimed at consolidating the company’s share capital and potentially enhancing shareholder value. Following this purchase, Drax Group’s total number of shares in issue stands at 432,046,489, with 85,959,188 held in treasury, impacting the total voting rights and shareholding calculations for stakeholders.
Drax Group plc has executed a share buyback program, purchasing 116,300 of its ordinary shares on the London Stock Exchange at an average price of 676.3372 pence per share. This transaction is part of a larger initiative announced in August 2024, through which Drax has acquired a total of 45,887,364 shares for treasury, aiming to optimize its capital structure and potentially enhance shareholder value.
Drax Group plc announced a recent transaction under its share buyback program, purchasing 116,100 of its ordinary shares on the London Stock Exchange. This move is part of a larger initiative that began in August 2024, which has seen the company buy back over 45 million shares in total. The buyback program is aimed at optimizing the company’s capital structure and potentially enhancing shareholder value.
Drax Group plc announced the purchase of 113,085 of its ordinary shares as part of a share buyback programme initiated in August 2024. This move is part of Drax’s strategy to manage its capital structure and return value to shareholders, reflecting confidence in its financial health and future prospects.
Drax Group plc has announced the purchase of 116,418 of its own ordinary shares on the London Stock Exchange as part of its ongoing share buyback programme initiated in August 2024. This move is part of a broader strategy to manage its capital structure and enhance shareholder value, reflecting the company’s confidence in its financial health and future prospects.
Drax Group plc has executed a share buyback program, purchasing 115,923 ordinary shares on the London Stock Exchange as part of its ongoing initiative announced in August 2024. This transaction is part of a broader strategy to manage the company’s share capital and enhance shareholder value, reflecting Drax’s commitment to optimizing its financial structure and maintaining a strong market position.
Drax Group plc has announced a recent transaction as part of its ongoing share buyback programme, purchasing 119,400 ordinary shares on the London Stock Exchange. This move is part of a broader strategy to manage its capital structure, potentially enhancing shareholder value and solidifying its market position. The transaction affects the total number of shares and voting rights, which stakeholders may need to consider for regulatory compliance.
Drax Group plc has executed a share buyback program, purchasing 120,635 of its ordinary shares on the London Stock Exchange. This move is part of a broader strategy announced in August 2024, with the company having acquired over 45 million shares in total for treasury. This action is likely aimed at optimizing the company’s capital structure and potentially enhancing shareholder value.