“Maintenance capex first, then debottlenecking, then anything new.”
35Operations
Regulatory horizon
The 2027 restriction threshold is on their own roadmap slide, dated.
27Portfolio
Exit programme — progress to date
Commitment extracted
“Two thirds of the portfolio work is behind us. What remains is the harder two thirds of the value.”
29 slides read and set aside · Agenda, disclaimers, financial appendix and segment boilerplate. Nothing in them changed a play, a signal or a commitment.