tween 4-8%. The outlook for FY25 reflects our current assessment of inflation and other macroeconomic conditions.

(ii) Net Finance Costs:Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY25 to be approximately 4%.

(iii) Effective Tax Rate (ETR):We expect the normalized ETR in FY25 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.

(iv) Net Capital Expenditure:We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY25.






Figure 1. Consolidated performance





in USD Mio, except EPS in USD per share and Volumes in thousand hls





3Q24


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