Cash Flow ImprovementProforma financials illustrate near-term cash flow dilution of c35% as restructuring costs and upfront capex weigh heavy, but these should unwind and normalise while synergies accrue to support cash flow inflection and 15% cash flow accretion by year 5.
Emerging Markets GrowthEmerging market assets Turkey and Africa continue to grow in Euro-terms, ahead of inflation.
Strategic OpportunitiesOpportunities in emerging markets with new digital services, with a focus on strong execution.