0)





Total Net Indebtedness



2,356



1,822








Appendix 7: Additional modelling metrics








2025 actuals



2026





Non-core adjustments12



40 M USD
(59 M USD including Operating Fx)



30 - 40 M USD





Effective tax rate13



4.0%15
(20.8% excluding one-time benefit)



~ 20%





Core CAPEX, as a percentage of net sales



2.5%




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