Investor Presentation
Attractive market fundamentals | Leadership and scale | Multiple growth drivers Margin improvement Attractive financial outlook Compelling sustainability story
Core EBITDA margin expansion driving
strong free cash flow uptake
Free cash flow
2021 2028 (illustrative), in USD bn
1.0
0.8
~2.5x
2021
2022
2028
% of EBITDA
53%
48%
-70%
Note: 2021 and 2022 based on unaudited carve-out financials extract. For additional information regarding core results and free cash flow, which are non-IFRS
measures, see "Appendix" starting on slide 31
24
Management Presentation
Attractive cash flow profile
and strong balance sheet
Increasing EBITDA to cash conversion
Working capital optimization
Prudent capital structure
Capital allocation priorities
1 Investment in organic business
2 Return capital to shareholders
3 Deployment into value generating
bolt-on M&A and BD&L
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