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disclosed starting accounts; low to medium on forward cost responsiveness and service growth.", "basis_notes": [ "FY1/27 combines reported H1 with a separate H2 forecast. Displayed CFO and capex are full fiscal-year amounts.", "Basic EPS includes known reported H1. Recurring_basic_eps separately removes the identified parent net one-off4.962m at assumed tax31.5%; no speculative NCI normalization.", "Future group tax rate31.5% plus assumed nondeductible goodwill. No new loss-tax-credit benefit.", "Management business figures are rounded and not statutory segments; a separate scope/reconciliation line is retained.", "Rent expense remains in observed operating costs. Forecasts use a comparable after-rent basis; issuer expects new lease accounting from FY1/29 but has not quantified its effect.", "Cash is consolidated, including regulated/guarantee businesses, and is not wholly distributable. Cash conversion, reserves and NCI sensitivities remain material.", "ROCE=OP/average(assetsāˆ’current liabilities), on the modeled comparable basis. Opening source balances and retained earnings/SBC/noncurrent debt roll forward; other noncurrent balances/OCI are held flat.", "Full identified option overhang is an economic sensitivity, not GAAP diluted EPS. No exercise cash or unannounced M&A/buyback is credited." ] }