Our strategy and business model

Our strategy is based on:

Strong positions in markets with long-term growth characteristics.

Core geographic focus on existing markets near term, new geographies longer term.

Federated operating model – local execution, using Group capabilities across markets.

Customer focus on trade – providing the products and solutions they want when they need it.

What sets us apart:

Strong, experienced business leaders in each market

Resilience through geographic diversification.

Highly cash generative businesses, an underlying strength.

Financial discipline: investment grade credit rating (max leverage of 2.0x Net Debt/EBITDA).

Our structured approach to capital allocation:

(1) Fund organic growth and existing estate.

(2) Dividend cover: 2-3 times earnings.

(3) Inorganic growth.

(4) Return surplus capital to shareholders.